As the financial year 2019/2020 comes to an end, government entities and MDAs including Local Authorities (LAs) are expected to produce year end final accounts which becomes the basis of auditing by Auditor General.

NLGFC, through the Directorate of Finance embarked on financial supervisory and monitoring visits to all local governments. The exercise is intended to enhance compliance and adherence to accounting policies, regulations and reporting in readiness for the preparation of 2019/2020 financial statement.

NLGFC Director of Finance, Kondwani Santhe said that the activity has come at the right time and a reminder to councils for them to have up-to-date financial transactions, bank reconciliations and improved documentation for the financial year 2019/2020.

Santhe also said that as a financial regulator for local governments, NLGFC is responsible for the development and implementation of sound financial management policies and procedures for LAs to ensure prudent utilization and timely availability of financial resources for the implementation of various social services and economic development needs.

During the exercise, councils were supervised and advised to comply and adhere to financial compliance and adherence to financial regulatory frameworks at all times.

Monthly bank reconciliations and financial reports were also reviewed. Further, critical areas of improvement in financial reporting, documentation and IFMIS were also discussed.                                                                                        
"Activities of such kind are important to local governments as they ensure accurate, completeness and timely submission of financial statements and improves accountability, financial performance and reporting in preparation of year end final accounts," said Santhe.

He added that the exercise was critical as it will facilitate timely submission of LAs 2019/2020 final accounts.