Ogun State House of Assembly has directed the State Property and Investment Corporation (OPIC) to comply with the directive indicated in the State Audit Report 2018, by adopting and implementing the International Public Sector Accounting Standards (IPSAS), as required by law in achieving transparency and accountability in its financial report.
The Assembly through its Committee on Public Account and Anti-corruption, led by Hon. Musefiu Lamidi, gave the charge at the ongoing consideration of the 2018/2019 Audit report of some of the Ministries, Departments and Agencies in the State, including OPIC, led by the representative of the Managing Director, Olumide Olaiya at the Assembly Complex, observing that the Corporation had a low return on investment in shares and equity and kept record on retail income only at its Head Office.
The Committee Chairman, in company of other Lawmakers tasked the management team to improve on their financial recording by putting in place measures, including monthly audit checks on its estates, which should be included in the corporation’s internal audit report.
They directed OPIC team to avail the Assembly and the Office of the Auditor-General with management representation letters from 2016 to 2019 and the 2019 appropriated budget of the agency and other detailed records of the Corporation’s activities by Tuesday, July 21, 2020.
Head, Information Unit, OGHA