Over 120 firms set to compete for FiRe awards

Over 120 corporate organisations from East Africa are set to compete for excellence in financial transparency and accountability on Friday next week in Nairobi.

The FiRe Award team is focused on rewarding corporates to help them build their brands and position them to tap local and international investments.

Themed “Enhancing your Brand through Integrated Reporting’’, this year’s awards are slated for October 24 at Safari Park Hotel.

“The awards have attracted high profile guests;  among them Bernard Ndung’u, Accountant General, and Institute Of Chartered Accountants In England and Wales (ICAEW) director for the Middle East, Africa and South Asia, Mr Michael Armstrong,” said Institute of Certified Public Accountants of Kenya (ICPAK) CEO, Patrick Ngumi.

Kenya will be represented by 108 corporates, while Uganda and Tanzania have five entries and Rwanda four. Last year, a total of 136 entries by corporates in the entire region were made.

The reduction in the number of entrants this year has been attributed to fewer entries made by the public sector and Saccos.

The team has now created a public sector category for the 2015 edition of the Financial Reporting Award. This will compel the sector to compete effectively in the coming edition.

According to NSE acting chief executive, Mr Andrew Wachira, firms listed on the stock market also need to observe good governance.

“The awards are thorough; they promote transparency, integrity, and accountability in financial reporting. They comply with International Financial Reporting Standards (IFRS), Capital Markets Authority (CMA) Guidelines on corporate governance, and promote disclosures on social and environmental initiatives,” added Mr Ngumi.

The team wants all sectors to keep up with global reporting trends, which keep changing.

Mr Paul Muthaura, acting chief executive of the CMA, said the awards play an important role in developing East Africa as a viable investment market.