The promoters of the financial reporting (FiRe) awards launched the 2018 edition on August 10 at a time when corporate governance is a key concern in Kenya.
FiRe awards seek to reward public sector entities in line with accountability, transparency and best reporting practices and will culminate with a gala on November 16 in Nairobi.
The award is open to entries from Ministries, Departments and Agencies, State Corporations, Semi-Autonomous Government Agencies, and the County Governments.
Last year, Sameer Africa Limited won in the overall category reclaiming their 2015 title from Barclays Kenya who were the top dogs in 2016.
FiRe awards is jointly promoted by the Public Sector Accounting Standards Board (PSASB), Capital Markets Authority (CMA), Nairobi Securities Exchange (NSE), and the Institute of Certified Public Accountants of Kenya (ICPAK).
During the launch of the awards, PSASB Chairman, Mr Bernard Ndung’u said, “evaluation of public sector entities in Fire Award is an opportunity for feedback on how excellence in financial reporting and corporate governance can be enhanced. The assessment is benchmarked against global standards through the International Public Sector Accounting Standards’’.
The Fire Award @FiReAwardEA conference and Gala dinner will be held on 15th and 16th November 2018 respectively. The promoters of the award are the Public Sector Accounting Standards Board (PSASB), @CMAKenya @NSE_PLC @ICPAK_Kenya. #FiReAward2018 pic.twitter.com/O9w3Na1Ca5
— FiRe Award (@FiReAwardEA) August 10, 2018
Mr. Geoffrey Odundo, Chief Executive, NSE said the promotion of sound financial reporting in the public sector is beneficial to the country. “Corporate governance is now a key concern for investors in the public markets as it has been demonstrated that companies with sound corporate governance practices tend to attract high profile investors.
ICPAK Acting Chief Executive, Mr. Edwin Makori said promoting financial reporting excellence was a good way of monitoring corporate governance trends. “Weak corporate governance and financial reporting may lead to missed opportunities to address concerns which should have been flagged earlier.”
Sound reporting and disclosure framework ensures investment decisions are based on accurate and timely information which enhances confidence in the capital markets while also lowering barriers to access to capital for issuers, added CMA CEO Mr. Paul Muthaura.