Award to raise the bar on financial reporting
From left: World Bank Group senior securities market specialist head Evans Osano, NSE's head of markets and product development Donald Ouma and Moody’s Investors Services limited vice president Constantinos Kypreos at a past function. PHOTO | FILE |
What you need to know:
- FiRe Awards is organised by the Capital Markets Authority, the Institute of Certified Public Accountants of Kenya (ICPAK) and the Nairobi Securities Exchange (NSE).
- Low participation by the public sector and saccos has reduced the number of entries to 123 this year from 153 last year.
Financial reporting standards for the public sector, county governments and saccos will soon be introduced to raise transparency and rid the sectors of corruption.
The Financial Reporting (FiRe) Awards team is drawing up the guidelines to help the sectors keep up with global reporting standards and excel in reporting.
FiRe Awards is organised by the Capital Markets Authority, the Institute of Certified Public Accountants of Kenya (ICPAK) and the Nairobi Securities Exchange (NSE).
Ahead of 2014 FiRe Awards slated for October 24, Mr Donald Ouma, Head of Markets and Product Development at NSE, said saccos in East Africa made only 17 entries towards the competition compared to 27 last year. The public sector made only one compared to five last year.
“In the face of increasing local and international investments in the country, the two declining sectors need to be prompted to open their books for scrutiny,” said Mr Ouma.
Low participation by the public sector and saccos has reduced the number of entries to 123 this year from 153 last year.
ICPAK said that saccos, for instance, are grappling with lack of qualified and experienced accountants to keep their financial records; this has affected the quality of reporting in the sector.
“They face great challenges despite being under a regulatory authority, the Sacco Societies Regulatory Authority,” said ICPAK chair Benson Okundi.
He said the call on public sector to participate in awards will help introduce internal control mechanisms in public finance management.
“Investor confidence in a country is built through prompt and good financial reporting; this will also bring compliance with public procurement rules,” said Mr Okundi. Other sectors that are in the competition include banks, insurance firms, small and medium enterprises and private companies.
