ACCOUNTS DEPARTMENT - Institute of Agricultural Research and Training (I.A.R&T)

INTRODUCTION:

The Accounts Department of the Institute of Agricultural Research and Training (IAR&T), Ibadan operates as the Institute’s central pillar of financial stewardship, entrusted with safeguarding public resources in strict compliance with the Financial Regulations of the Federal Republic of Nigeria, as well as the oversight requirements of the Office of the Accountant-General of the Federation (OAGF) and the Office of the Auditor-General for the Federation (OAuGF).

Its mandate is to ensure that every financial activity is conducted with integrity, transparency, accountability and due process, thereby reinforcing public trust and institutional credibility.

To ensure that all funds of the Institute are properly managed and utilized for approved purposes including Donor funds from Externally Funded Projects

To maintain complete, accurate and up-to-date financial records of all transactions

To assist in the preparation, implementation and monitoring of the Institute's budget to ensure expenditure remains within approved limits

To ensure prompt collection, recording and remittance of revenues generated by the Institute, such as fees, grants, donations and other income

To process payments for staff, suppliers, contractors and service providers accurately and in a timely manner

To prepare periodic financial reports and statements that support management decision-making and meet statutory requirements

To establish and maintain effective internal controls that safeguard assets, prevent fraud and ensure compliance with University regulations and financial policies

To provide accurate financial information and documentation for internal and external audit exercises

To provide financial advice and guidance to management on budgeting, expenditure control, revenue generation and financial planning

To promote accountability, transparency and prudent use of public and institutional resources

OUR ACTIVITIES IN THE DEPARTMENT

In fulfilling our focus, the Department undertakes key functions. These activities are executed in line with approved budgets, Treasury Circulars and established internal control frameworks. These are;

Financial Advisory Services to the Institute’s Management in accordance with University financial regulations and Federal Government Financial Statutory Bodies i.e. Office of the Auditor-General of the Federation, Accountant-General of the Federation

Statutory Remittance of Revenue Collected

Bank Reconciliation

Timely preparation and maintenance of Financial Records in accordance to Financial Regulations

Liaison with the University Bursary Department and Financial Institutions such as the Central Bank of Nigeria (CBN), REMITA etc

Payroll and Personnel-Related Activities

Expenditure Control and Compliance Monitoring

Financial Reporting on Externally Funded Projects domiciled in the Institute to the Donors

Audit Support Activities

Management and Retirement of Imprests and Cash Advances

FOCUS

At its core, the Accounts Department exists to guarantee prudent financial management, accurate accounting records, effective budget implementation, reliable financial reporting and full regulatory compliance in support of the Institute’s academic and administrative mission. It serves not only as a record-keeping unit but as a strategic enabler of sound financial governance and decision-making

PAST ACHIEVEMENTS

The Accounts Department has successfully maintained sound financial management practices through effective budget administration, accurate financial reporting of Externally Funded Projects to the Donors, revenue accountability, expenditure control and compliance with University financial regulations. The Department has consistently supported audit exercises, facilitated timely payments, improved financial record management and provided financial advisory services that contributed to the achievement of the Institute's academic and administrative goals

COMMITMENT TO EXCELLENCE

The Accounts Department being a custodian of fiscal discipline is committed to continuous improvement in financial management practices by ensuring transparency, accountability and efficiency through modernization of its operations in all financial operations. The Department will strengthen internal controls, enhance budget monitoring systems, improve revenue generation and collection processes and ensure timely and accurate financial reporting in line with University policies and statutory regulations.to keep reflecting the true and fair position of the Institute and sustain the financial integrity upon which institutional growth and public confidence are built.