Abuja, 29^th March 2019. The Commission of the Economic Community of West African States (ECOWAS) is holding its first session of the Community Financial Reporting Consolidating Team retreat as part of efforts aimed at creating a healthier financial reporting system for the Regional Institutions and Agencies.

The 10-Day retreat is also meant to help prepare both individual and consolidated financial statements that are compliant with the International Public Sector Accounting standard (IPSAS).

Addressing participants in an interactive session during the retreat’s formal opening on the 29^th of March 2019 in Abuja, Nigeria, the ECOWAS Commission’s Commissioner for Finance Mrs. Halima Ahmed stressed the importance of the retreat for auditing of books and the general financial and administrative processes.

Commissioner Ahmed entertained questions, feedbacks and contributions from the representatives of different Institutions, Agencies and ECOWAS Commission’s officials on some of the salient points raised as well as procedural matters having to do with how to improve the processes already put in place.

Technical issues relating to best practices and the way forward were roundly discussed with Commissioner Ahmed by participants, just as the engaged consultants shared views bordering on customization, among others.

The retreat is also featuring a review of the elements that a financial report should contain. Also being reviewed are similar reports from other international organisations using the Country Strategic Framework (CSF) as a guide.

The exercise will also enable the emergence of a consolidated financial report leading a Management Report which arises from the existing financial and other activities report, ECOWAS ECOLINK project as well as some consultants have been charged with the task of customizing the Reports in the system.

The community Financial Reporting Consolidating Team was established by Article 147 of the financial Regulation of the ECOWAS Institutions.

Apart from the ECOWAS Commission, the participating Institutions and Agencies at the retreat include the ECOWAS Parliament, West African Health Organisation (WAHO), the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), ECOWAS Gender Development Centre (EGDC), ECOWAS Court of Justice, ECOWAS Regional Electricity Regulatory Authority (ERERA), as well as the Regional Agency for Agriculture and Food (ARAA).