503 Entities Participate in FiRe Award 2018
Nairobi 05 November, 2018…. Enhanced transparency in financial reporting is expected in Kenya’s public sector, following increased participation in the Excellence in Financial Report Awards (Fire Award) this year. The annual Award is organized 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).
The PSASB Chairman, Mr Bernard Ndung’u, who is also the Director General of Accounting and Quality Assurance Services at the National Treasury, said 408 public sector entries participating in 2018, is a clear indication that the decision to adopt the International Public Sector Accounting Standards in 2014, as the reporting framework, is bearing fruit. The public Institutions include; Ministries, Departments and Agencies, State Corporations and Semi-Autonomous Government Agencies, and the County Governments.
In addition to the 408 public sector entries, there are another 95 entries from across East Africa in the financial services sector, industrial, commercial and services sector, public benefits organizations, pension schemes and learning institutions, bringing the total entries to 503 in 2018 compared to 456 in 2017.
Mr Ndung’u said; ‘’Increased participation by the public sector underpins the commitment to more open accountability in the use of public funds and offers the entities an opportunity to be assessed against global standards’’.
The ICPAK Chief Executive, Mr. Edwin Makori, observed; ‘’the entry of public sector in the FiRe Award creates expectations of enhanced disclosures of financial and non-financial information by public sector entities and contributes significantly to buttressing the informative value of public sector financial reporting as envisaged in the Public Financial Management Act, 2012’’.
The award focus on voluntary disclosure of relevant information in annual reports that go significantly beyond the minimum legal and regulatory requirements. The awards continue to be important for stakeholders and are expected to embed a stronger financial reporting culture in Kenya.
Participating entities benefit from an evaluation feedback which helps them to improve their reporting year in year. Entry for Fire Award is open to all entities and no charges are levied.
CPA Obadiah Biraro, Auditor General, Rwanda is the Guest of Honour during the Fire Award Gala Dinner and Award Ceremony on 16 November 2018 at Carnivore Grounds, while His Excellency Hon Koli Nanok, Governor of Turkana County is the Chief Guest the Conference on 15 November 2018 at Safari Park Hotel. The theme for Fire Award this year is, “Leveraging improved financial reporting and corporate governance for economic growth and development in the East African region’’.
BACKGROUND INFORMATION ON THE FIRE AWARD
The Financial Reporting (FiRe) Award is the most prestigious and coveted Award in East Africa for financial reporting. The Award is presented annually, during a colorful, gala evening hosted by the joint promoters; the Public Sector Accounting Standards Board (PSASB), Capital Markets Authority (CMA), the Nairobi Securities Exchange (NSE) and the Institute of Certified Public Accountants of Kenya (ICPAK). For the last fourteen (14) years, the FiRe Award has recognized and awarded the best reporting entities in East Africa. The Award is aimed at promoting integrated reporting through enhancing accountability, transparency and integrity in compliance with appropriate financial reporting framework and other disclosures on governance, social and environmental reporting by private, public and other entities domiciled in East Africa.
PUBLIC SECTOR ACCOUNTING STANDARDS BOARD (PSASB): The PSASB is a statutory body established under Section 192 of the Public Finance Management Act (PFM) No. 18 of 2012. The Board is mandated to provide frameworks and set generally accepted standards for the development and management of accounting and financial systems by all state organs and public entities.
ICPAK: The Institute of Certified Public Accountants of Kenya (ICPAK) is a statutory body that regulates the profession of accountancy in Kenya. The Institute has achieved recognition as a professional body for its contribution in finance and accounting education, governance, professional development, maintenance of high accounting, auditing and ethical standards.
As a professional body concerned with protection of public interest, ICPAK is one of the most active thought leaders in governance and economic matters in the country and the region.
NSE: The Nairobi Securities Exchange (NSE) is the principal securities exchange of Kenya. Besides equity securities, the NSE offers a platform for the issuance and trading of debt securities. The NSE is a member of the African Securities Exchanges Association (ASEA) and the East African Securities Exchanges Association (EASEA). It is an affiliate member of the World Federation of Exchanges (WFE), an associate member of the Association of Futures Markets (AFM) and a partner Exchange in the United Nations Sustainable Stock Exchanges Initiative (SSE). NSE is also a signatory to the UN Global Compact.
CMA: The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest.
For more information, visit our website: https://www.fireaward.org