[ad_1]
The FCT Administration has commenced the auditing of payroll remittances on statutory and non-statutory deductions of FCTA liabilities to its third party beneficiaries.
These remittances include statutory deductions such as taxes, pensions, and insurance, as well as non-statutory deductions like employee contributions to cooperative societies and various welfare programmes.
To this end, the FCTA engaged an audit consultanting firm, M/S G.E. Osagie and Co, to audit the payroll of the FCTA from 2010 to 2022, to among other objectives, establish the total statutory deductions for National Housing Funds, FCT Health Insurance Scheme, Contributory Pension Scheme, Pay as You Earn, PAYE.
The firm is also expected to look into other non-statutory deductions like cooperative dues made, as well as to establish deductions and payments made on behalf of each FCTA staff for National Housing Fund, FCT Health Insurance Scheme, PAYE, all from 2010 to 2022.
Flagging off the exercise, Permanent Secretary, FCTA, Olusade Adesola, said the auditing of the payroll remittances signifies FCTA’s unwavering dedication to a robust and meticulous financial system as it allows it to validate that the amounts deducted from its employees’ salaries are promptly remitted to the rightful beneficiaries.
Adesola noted that payroll remittance play a pivotal role in maintaining the welfare of staff of administration who tirelessly work for the betterment of the society.
He said throughout the auditing process, the FCTA will leave no stone unturned in ensuring accuracy, fairness, and compliance with all relevant regulations and policies.
He added that the FCTA understands the significance of timely remittances for third-party beneficiaries, as it directly impacts their operations and ability to deliver essential services to the citizens of the FCT.
While pledging to expedite the resolution of any discrepancies uncovered during the auditing process, the Permanent Secretary, implored all staff of Human Resources and Treasury Departments to give the consultant maximum cooperation and support in assisting them to execute their assignment.
He also called on the consultant to carry out its assignment in compliance with the terms of engagement, scope and responsibility as stipulated in the Contract Agreement.
Speaking on behalf of the FCTA staff, the Chairman, FCT Joint Unions Action Committee, JUAC, Korede Matilukoro, who described the initiative as a welcome development, however charged the consulting firm to be professional in the discharge of its assignment, in order to achieve the much desired objective.
Korede, who commended the FCTA leadership for commencing the process and choice of a competent firm to carry out the exercise, also pledged the support of the entire FCTA workforce, to ensure its success.
On his part, the Managing Partner/CEO, G. E. Osagie & Co. Chartered Accountants, Mr. Godwin Osagie, assured that the company will maintain open lines of communication with the FCTA, throughout the process.
He added that their findings will be presented in a clear, comprehensive, and actionable manner, ensuring that the administration can make informed decisions to optimise financial processes.
“With the level of cooperation we have received so far from
your team on this assignment, coupled with our level of experience and professionalism on similar engagements, we are confident to deliver on this engagement in good time’, he assured.
[ad_2]
Source link
