IGAD is Compliant to International Standards in Financial Reporting

Sept. 3, 2019 (NAIROBI, Kenya): The Executive Secretary of the Intergovernmental Authority on Development (IGAD), Amb. (Eng) Mahboub Maalim, today signed the IGAD Annual Report and Financial Statement 2018, the first to be in full compliance with the International Public Sector Accounting Standards (IPSAS).

‘This is a key achievement in standardisation of our financial reporting and compliance with international standards’, the Executive said as he was signing the first IPSAS compliant IGAD financial statement.

‘I am delighted IGAD raised its administrative and financial systems to international standards, thereby improving its efficiency, value for money and accountability to its member states and development partners’, Amb Maalim noted.

He acknowledged the financial support provided by the European Union, as well as Sweden, Denmark, Finland and Norway through the Joint Financing Agreement these countries have with IGAD within the framework of the IGAD Institutional Strengthening and Action Plan (JFA/ISAP). The Executive Secretary also congratulated the staff under the leadership of the Director of the Administration and Finance Division of IGAD, Mr. Josephat Onyari, for the tireless efforts and thorough process that led to the successful completion of the task.

In order to improve efficiency and achieve this key milestone, between 2014 and 2017 IGAD conducted the below assessments with technical support from world class audit private firms:

• IGAD Systems Audit and IPSAS Compliance Review;
• Capacity survey for IGAD by the New Partnership for Africa’s Development (NEPAD)
• Internal Self-assessment;
• Performance Evaluation of the Effectiveness and Sustainability of USAID-supported activities;
• ISAP I and ISAP II Review, GIZ Programme Review;
• USAID Programme Review;
• European Union Seven-pillar Assessment; and
• IPSAS Gap Analysis (financial and systems).