Press – FiRe Award

November 9, 2021

CALL FOR ENTRIES 2021-FiRe AWARD 2021

FiRe AWARD 2021

“Promoting Financial Reporting Excellence In Uncertain Global Economy”

CALL FOR ENTRIES 2021

The Financial Reporting (FiRe) Award is the most prestigious and coveted Award in East Africa for financial reporting. The award is held annually by the joint Promoters; the Capital Markets Authority (CMA) Kenya, the Institute of Certified Public Accountants of Kenya (ICPAK), the Nairobi Securities Exchange (NSE),the Public Sector Accounting Standards Board-Kenya (PSASB), and the Retirement Benefits Authority (RBA) The Award is aimed at promoting integrated reporting through enhancing accountability, transparency and integrity in compliance with appropriate financial reporting frameworks and other disclosures on governance, social and environmental reporting by private, public and other entities domiciled in East Africa.

The period for holding the FiRe Award 2021 is here with us and this year’s event is focusing on how vagaries of COVID 19 have affected businesses and livelihoods. The edition will also document key lessons on coping strategies being employed by organisations to remain afloat, despite a constrained business environment, reduced incomes and the effect on financial reporting. The theme of this year’s Award is “Promoting Financial Reporting Excellence In Uncertain Global Economy”

Submission of Entries

Submission of entries for this year will be in soft copy, with the deadline for Private sector entities being Friday, 12^th November 2021. Participating entities should avail a softcopy version of their latest Annual Report and Audited Financial Statements to fireaward@icpak.com and complete the Participant’s entry form which can be accessed on the FiRe Award website: https://www.fireaward.org/

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November 7, 2019

Public sector bodies to participate in upcoming financial reporting contest

Press Release
Public sector bodies to participate in upcoming financial reporting contest
Nairobi 7th November, 2019….

Public sector entities have been urged to take advantage of the upcoming Financial Reporting (FiRe) award scheduled to be held in November to boost integrated reporting through enhanced accountability, transparency and integrity. The guiding theme for this year’s Award is Enhancing Corporate Value through Excellence in Financial Reporting for Cross-Border Trade and Investment Facilitation in East Africa and Beyond.
The award is jointly promoted by Public-Sector Accounting Standards Board-Kenya (PSASB), the Capital Markets Authority (CMA), the Institute of Certified Public Accountants of Kenya (ICPAK), and the Nairobi Securities Exchange (NSE).
The Award has received submissions from national, county government and private sector entities. The award seeks to promote and recognise excellence in financial reporting, sound corporate governance practices and environmental reporting for both public and private sector entities in Kenya and within the larger East African region.
According to the Public Sector Accounting Standards Board (PSASB) Chief Executive Officer, Fredrick Riaga, participation in the Award has resulted in improved financial reports and disclosures given that evaluation panelists provide participants with a formal feedback loop, highlighting areas of improvement are identified. Read more…

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November 21, 2018

FiRe award aimed to strengthen financial markets

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November 21, 2018

Sameer tops financial reporting awards for second year

MONDAY, NOVEMBER 19, 2018 20:3

Sameer Africa has been named the best firm in financial reporting in East Africa for the second year in a row in an annual fete aimed at enhancing accountability, transparency and integrity among public and private firms.

The Nairobi Securities Exchange (NSE)-listed firm – which has interests in sectors such as manufacturing, agriculture and transport – emerged tops among the 503 companies that participated in the 2018 FiRe (excellence in financial reporting) awards.

Entries into this year’s competition were higher than 456 in 2017.

Public sector firms dominated the entries with a total 408 compared to last year’s 362, while participation by private sector rose marginally to 95 from 92 in 2017.

“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,” Rwanda’s Auditor-General Obadiah Biraro, the chief guest at the gala night, said in a press statement.

The event, now in its 17th edition, is jointly organised by the Capital Markets Authority (CMA), the Institute of Certified Public Accountants of Kenya (ICPAK), Public Sector Accounting Standards Board (PSASB), and the Nairobi Securities Exchange (NSE).

Sameer Africa retained its pole position in industrial, commercial and services as well as listed firms’ category, propelling it to top position in Kenya and East Africa.

Diamond Trust Bank (DTB) was named the winner in banking category, CIC Insurance Group (insurance), Kenya Tea Development Holdings Limited (agriculture), Faulu (microfinance), UN Sacco (Saccos) and Kenya Power Pension Fund Defined Contribution in the not-for-profit category.

Other winners were NIC Bank in governance category, Stanbic Bank of Uganda (Environmental and Social Reporting) and Stanbic Bank Kenya (integrated reporting).

Source: Business Daily – https://www.businessdailyafrica.com/corporate/companies/Sameer-tops-financial-reporting-awards/4003102-4859416-u53sjs/index.html

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November 19, 2018

FiRe Award Winner 2018 Unveiled

FiRe award Winner Unveiled

Sameer Africa are the winners of 2018 FiRe Award. This was revealed yesterday at a colourful gala dinner which was held at the Carnivore grounds Nairobi. 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).

CPA Obadiah Biraro, Auditor General, Rwanda, who graced the event as chief guest, 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. Read more…

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November 9, 2018

503 Entities Participate in FiRe Award 2018

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. Read more…

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November 9, 2018

FiRe Award- Mainstreaming Corporate Governance

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November 15, 2017

Invitation to Cover FiRe Award Conference

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November 3, 2017

FiRe awards delay to ease audit of county books

AUDITOR-GENERAL EDWARD OUKO. FILE PHOTO | NMG

Auditors expect pushing back the financial reporting (FiRe) awards to November over elections to offer a window for submitting Auditor-General’s county reports and assessing the regional units’ reporting standards.

Promoters of the award Thursday said change of date from October would enable them to get hold of the reports on time and address concerns raised by the Auditor- General and the Controller of Budget.

Recent reports from the two offices have indicted county governments and assemblies for misusing public funds.

“All the 47 county governments and assemblies have submitted entries. We are referring to reports by Auditor General and Controller of Budget…they have always expressed concern on the manner in which county governments and assemblies utilise public funds,” said Institute of Certified Public Accountants of Kenya (Icpak) chief executive Edwin Makori.

The awards are promoted by Icpak, Public Sector Accounting Standards Board, CMA and NSE. They are set for November 17 in Nairobi.

Article: Business Daily Africa

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November 3, 2017

How new financial reporting model will affect bank clients

A BARCLAYS BANK OF KENYA MANAGER ATTENDS TO A CUSTOMER DURING THE WEZESHA BIASHARA NA BARCLAYS SME PROMOTION IN ELDORET. FILE PHOTO | NMG

The relationship between a bank and its customers has changed a great deal in the past few years. From the time when paperwork and bureaucracy was the order of the day to when technology is driving faster, more focused transactions, the business of banking has changed in a big way and mostly to the benefit of the customer.

The customer is no longer just an anonymous number. Banking is nearly at a stage where products and services are tailored for the individual customer. Banks are close to create products, price them, and offer them to customers at an individual level.

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