Public and private companies have begun submitting their entries for this year’s Financial Reporting (FiRe) Awards, the most prestigious and coveted trophy in financial reporting in East Africa.
Private sector firms are expected to submit their financial reports for evaluation by 4th September 2020 while those in the public sector by Friday, 7th October 2020.
The promoters of this years’ FiRe awards are namely; the Institute of Certified Public Accountants of Kenya (ICPAK), the Nairobi Securities Exchange (NSE), Capital Markets Authority (CMA) and the Public Sector Accounting Standards Board (PSASB), have indicated that the FiRe Award ceremony will be held in the first quarter of next year.
This year’s FiRe awards is focused on how vagaries of COVID-19 have affected businesses and livelihoods.
The edition will also document key lessons on coping strategies being employed by organizations to remain afloat, despite the constrained business environment and reduced incomes.
The theme of this year’s award is “Financial Reporting Excellence in a Disruptive Environment”.
“We are confident that our members will continue to discharge their responsibility with vigour and commitment to ensure public finances are safeguarded by those entrusted with public resources,” said ICPAK Chief Executive Edwin Makori.
The Capital Markets Authority Acting Chief Executive, Wyckliffe Shamiah, observed that good reporting and corporate governance practices are vital to Kenya as an ideal destination of choice for investors and firms in Africa. He added that a robust reporting and disclosure framework ensures that investment decisions rely on accurate and timely data.
The overall winner of FiRe awards last year was CRDB Bank Plc, Tanzania.
Notable Kenyan firms that featured prominently in various categories included NIC Bank, Equity Bank, Safaricom, Bamburi Cement, UAP Insurance, KenGen, KTDA, Stima Sacco and Kenya Bankers Association.