National Training

Agency
Finance & Corporate Services
Department Overview

Introduction

The NTA is funded through the system of Parliamentary

Appropriation under the Ministry of Tertiary Education & Skills

Training (MTEST)
Approved funds are identified towards the Agency and
distributed in the form of releases and warrants by the
Ministry of Finance.
The Finance department of the NTA is charged with the role &
responsibility for the effective management of the NTA/OJT
financial and accounting operations.

Finance Strategic Perspective

To ensure that the National Training Agency has the adequate Financial
Resources and administrative support to perform its operations to meet
the Strategic objectives of the Company.
To ensure that the Agency abides by the General Accepted Accounting
Practices (GAAP) and those set out by International Financial Reporting
Standards (IFRS).
To establish and maintain cost effective controls that ensure the proper
governance of the Agencies resources.
To assist in the establishment of a performance measurement system,
through the timely provision of management accounting information.
To develop and maintain partnerships with internal and external
stakeholders
Assisting the Agency by generating supplementary revenue to defray its
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operational costs.

Statement of Income (Gov't Sub.) & Expenses ($M)

60,000
53,400
50,000

48,874

40,000
30,000

51,260
48,124

38,100
37,801

28,052

VALUE

50,000

36,883

27,973
22,735

20,000

18,334

8,977

10,000
3,149

4,374

4,800
1,213

1,736

Other Income

INC / GOV'T SUB.

OPERATING EXPENSES

Financial YE Comparison

Critical Success Factors

Availability of government funding
Human Resource Planning
Efficient and effective systems of Control
Documented Policies & Procedures
Use of current technology

Departmental Structure

Highlights - Achievements

Establishment of Procurement Unit and

implementation of Procurement Policy.

Installation of Inventory Software.
Re - establishment of an Accounts Receivable
Unit.
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Operational Challenges

Outdated accounting software ( Sage 2011).

Lack of documented accounting policies and
procedures.
Lack of budgetary process ,monitoring and
controls (Responsibility Accounting).
Lack of relevant staff training and
development.
Lack of a robust / enhanced Financial
Reporting structure.

Implementation Strategies
Establishing and maintaining a sound accounting system where:

Financial data is accurately captured, recorded and filed

Establishing levels of authority for the dispensation of resources
Obtain an Accounting Software that is reliable and meets the demands of the Agency.
Obtain a Payroll package that is reliable and meets the growing needs of the Agency.

Ensuring adequate and competent staffing

Evaluation of job descriptions with an aim of clearly defining the roles of each

person
Establishing a Management Accounting Framework where cost at varied levels of
the organization can be clearly identifiable, data captured and analyze. This will
also help in identifying a monetary value to the products offered by the NTA
Establishing and maintaining an accurate inventory system.
Annual audit reviews of the financial books of the NTA by a recognized external
auditing firm.
Periodic facilities audit, inclusive of health and safety needs
Establishing an efficient filling system.
Assisting the NTA to obtain intellectual property rights and ownership for its
products and databases

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