{"id":7008,"date":"2021-07-12T12:52:13","date_gmt":"2021-07-12T12:52:13","guid":{"rendered":"https:\/\/www.casewareafrica.com\/lr\/blog\/the-future-of-financial-reporting-in-the-public-sector\/"},"modified":"2026-07-08T19:36:27","modified_gmt":"2026-07-08T19:36:27","slug":"the-future-of-financial-reporting-in-the-public-sector","status":"publish","type":"post","link":"https:\/\/www.casewareafrica.com\/lr\/blog\/the-future-of-financial-reporting-in-the-public-sector\/","title":{"rendered":"The Future of Financial Reporting in the Public Sector"},"content":{"rendered":"\n
\n
\n
\n
\n
\n

Proposed amendments to Kenya\u2019s Public Finance Management (PFM) Act, giving Chief Financial Officers only one month to submit their Annual Financial Statements to the Auditor General after the end of the financial year, are sending shockwaves through the public sector accounting community in Kenya, reports international auditing and financial reporting software company, Caseware Africa.\u00a0<\/span><\/p>\n

CPA Rexon Wachira, a public sector consultant at Caseware Africa\u2019s Nairobi office, says the process of compiling and reviewing these entities\u2019 Annual Financial Statements typically takes public sector financial professionals three months or longer, challenged by the fact that in the fourth quarter in a year, reports must be submitted in the same period as well. \u201cThere is grave concern that it may not be possible to produce Annual Financial Statements so quickly,\u201d he says.\u00a0<\/span><\/p>\n

Stephan van der Merwe (CA) SA, Specialist in Public Sector Solutions at Caseware Africa, notes that audit opinion is typically used to measure the entity\u2019s performance. \u201cThe better your audit opinion is, the better the assessment of your entity\u2019s performance, which is another reason why these Annual Financial Statements can take a long time to prepare; every entity wants to be very thorough to ensure they get a good audit opinion. Now with the proposed tighter deadlines, this could pose a huge risk for entities, and therefore, introducing efficiency into the process is now more important than ever before,\u201d he says.\u00a0<\/span><\/p>\n

While the amendment is still in the pipeline, Caseware Africa says now is the time for public sector entities to review their processes and do away with time-consuming and error-prone manual systems to ensure that their reporting is more efficient, accurate and compliant.\u00a0<\/span><\/p>\n

Caseware\u2019s IPSAS and IFRS Financial Statement solutions enable public sector finance professionals to automate the preparation of compliant financial statements on either International Public Sector Accounting Standards (IPSAS) or International Financial Reporting Standards (IFRS), whichever is required. This includes flexible lead sheets and a centralised document manager to organise all working paper collateral. Both these solutions simplify collaboration, consolidation and assure preparers of compliance with international standards.\u00a0<\/span><\/p>\n

Mr. van der Merwe notes: \u201cIn the East African public sector, several entities have successfully implemented either Caseware Africa\u2019s IPSAS or IFRS Financial Statements solutions for process efficiency, data integrity and compliance. In the past, the focus among Kenya\u2019s public sector customers was mainly on harnessing Caseware Africa to reduce manual processing, but we now see a sharp surge in interest in using our solutions to achieve compliance in terms of both international standards and reporting deadlines.\u201d\u00a0<\/span><\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

Proposed amendments to Kenya\u2019s Public Finance Management (PFM) Act, giving Chief Financial Officers only one month to submit their Annual Financial Statements to the Auditor General after the end of the financial year, are sending shockwaves through the public sector accounting community in Kenya, reports international auditing and financial reporting software company, Caseware Africa.\u00a0 CPA […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[110],"tags":[73],"class_list":["post-7008","post","type-post","status-publish","format-standard","hentry","category-news","tag-the-future-of-financial-reporting-in-the-public-sector"],"_links":{"self":[{"href":"https:\/\/www.casewareafrica.com\/lr\/wp-json\/wp\/v2\/posts\/7008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.casewareafrica.com\/lr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casewareafrica.com\/lr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casewareafrica.com\/lr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casewareafrica.com\/lr\/wp-json\/wp\/v2\/comments?post=7008"}],"version-history":[{"count":0,"href":"https:\/\/www.casewareafrica.com\/lr\/wp-json\/wp\/v2\/posts\/7008\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.casewareafrica.com\/lr\/wp-json\/wp\/v2\/media?parent=7008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casewareafrica.com\/lr\/wp-json\/wp\/v2\/categories?post=7008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casewareafrica.com\/lr\/wp-json\/wp\/v2\/tags?post=7008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}