Twitter Facebook Youtube

Finance


 

The Department minds the treasury and financial resources of ECOWAS. Following the expansion of the number of Departments in the Commission, the Finance Directorate which was formerly located within the Administration & Finance Department, has since become autonomous.Largely, the functions of the Finance Department include the financial management of funds, preparation of the budget, arrangement for annual financial audit services, budget monitoring and compliance, preparation of financial statements, forecasting as well as other decision making processes.

There also exist Divisions within the Department effective operations. The first is the Budget & External Funds Division which is responsible for the preparation and implementation of annual budget and financial management of external or donor funds.

The second is the Financial Reporting & Treasury which is responsible for the collation, analysis, summarization and presentation of the financial statement. It also maintains a reliable financial management and both internal and external reporting system for the financial operations of the commission.

The Department also has the responsibility of supporting and disseminating accurate financial information on the Commission while maintaining financial policies in collaboration with the Community. It communicates all major financial procedures while responding to issues raised by other departments within established timelines. The unit is responsible for custody and disbursement of the commission’s funds. It also manages the Commission’s investment portfolio and collection of community levy. You can find its financial management operations on the Microsoft Dynamics Solomon software.

 DEFINED FUNCTIONS AT A GLANCE

In fulfilment of its statutory responsibilities as a Service organ, the Department:

  • Processes payments and transactions through approved standards and procedures in the financial system
  • Prepares the annual financial statements and undertakes all external financial reporting.
  • Prepares or assists in preparation of institutional budgets for servicing missions, programmes and statutory obligations, and approves and processes budget and journal entries based on published guidelines
  • Manages financial systems and implementation and monitoring of related internal controls
  • Performs post audits on financial transactions to ensure compliance directs the maintenance of institutional chart of accounts in accordance with policy on chart of accounts administration.
  • Collaborates with community institutions for systematically recording transactions throughout the year in accordance with system policies and procedures.
  • Reviews accounting and other financial data for accuracy and coordinating external audit of financial statements at the institutional level.
  • Provides all reports and analyses as needed (for both external and internal purposes) that pertain to the financial status and activity of the institution.As currently constituted, the department is supervised by the Commissioner for Finance while the Directorate is headed by the Director of Finance and supported by 41 staff.
  • The Department is implementing the SAP ERP solution as an ECOWAS business applications platform. When full go-live is achieved in 2015, the SAP system will integrate various departments and functions across ECOWAS to a single database and thus facilitate flow of information. The system is designed to save processing time and enhance reporting. It will also ensure visibility and transparency of transactions in all ECOWAS Institutions and Agencies.


Share on :
Twitter Facebook Google Plus Linkedin Youtube Instgram