The Institute of Certified Public Accountants of Uganda (ICPAU) has on November 14 awarded companies and organizations for having presented the best Financial Reports. The 2018 Financial reporting Awards (FiRe) were held at the Kampala Serena Conference center under the theme “Leading from the boardroom: Achieving quality Financial Reporting.”
The Financial Reporting Awards are aimed at recognizing and appreciating those organizations and companies with clear and transparent financial reports.
Started in 2011, the FiRe Awards have over the years attracted participation from various entities across the Country.
CPA Stephen Ineget the Chairperson FiRe Awards committee thanked the participants for having submitted their reports to the institute.
Ineget acknowledged the role accountants play in Uganda and urged other companies to embrace the FiRe Awards.
“I acknowledge the role accountants play in transforming accountability accuracy and transparency in the financial sector all over the Country. I take this time to congratulate the winners and all those who were able to participate in the 2018 Financial Reporting Awards. Please encourage those who have not yet participated to also join and be part of us,” said CPA Ineget.
The president CPAU, CPA Fredrick Kibbedi thanked the partners for sponsoring the event and participants for embracing the awards.
Kibbedi revealed that the appreciation of quality financial reports must start from the boardrooms.
In accordance to this year’s theme, leading from the Boardroom: Achieving quality Financial Reporting, we must be informed that appreciation of quality financial reports must start from the boardrooms,” said CPA Kibbedi.
The chief guest Hon. Matia Kasaija ,Minister of Finance and Planning thanked the institute for organizing such outstanding awards that not only recognize but encourage transparency in the accounting and Financial sector in the country.
Kasaija also called upon the public to embrace accounting and consider it as the most crucial aspect in life and cited that accounting as a course should be made a compulsory course unit in Universities and other institutions.
“Everyone has to embrace accountancy and at least be able to understand Financial Reports. For sure, if you are a manager and you can’t read and understand a simple financial report or statement, then you are indeed in a serious trouble. We should then task Government to make accounting a compulsory subject mostly in higher institutions of learning,” Hon. Kasaija said.
Some of the winners include; NSSF that walked away with Gold report of the year, Silver report of the year was given to Stanbic Bank Uganda, Reproductive health Uganda took the Non-Governmental Organizations award, and Electricity Regulatory Authority won the Regulatory Bodies and Associations category among others.
Last year saw Stanbic Bank scoop the Gold Report of the Year Award amidst tight competition from NSSF that won the Silver award and DFCU Bank were bronze winners.