The adoption of integrated reporting by accountants in public service will help them better create value and address the challenges they face, Governor Babajide Sanwo-Olu of Lagos State, has said.
Sanwo-Olu spoke at the 13th annual public lecture organised by the Lagos Public Service Chapter of ICAN on Thursday, themed “Value creation in public service, driven by trust, accountability and sustainability.”
Represented at the event by Abiodun Muritala, permanent secretary and accountant-general, Lagos State, Sanwo-Olu noted that accountants have a role to play in the value addition of public service.
According to him, public sector organisations need ways of broadening conversations about the services they deliver and the value they create not to meet short term demand but for the longer term.
“Integrated reporting will give all the public sector stakeholders an insight into how the public sector creates value and what resources are needed to contribute to current and future success,” he said.
“Championing the adoption of integrated reporting in the public sector can help MDAs better address the challenges they face and gain greater understanding of the ways in which they can create value for the public,” he added.
Abiodun Bamgboye, a retired permanent secretary in Lagos State, in his presentation, said value was multifaceted and had different types. He stated that there was no value creation without emphasising the role of sustainability.
He said there were three principles individuals must possess to create value. He listed these to include value gap, creation of products or services that provide more value to the customer and creation of products that are easy to use and cost effective.
He stated that accountants must understand the structure of the public service ecosystem to be able to deliver.
“You must be selfless to create value by disengaging all silos and be able to undertake a wide range of roles to create value,” he said.
He defined trust as transparency, responsibility, users focus, sustainability and technology.
Taofeek Adeyanju, chairman of ICAN, Lagos public service chapter, described the theme of the lecture as apt, most especially at a time the Lagos State governor was kick-starting a second term in office with a renewed hope and vision.