The National Social Security fund has won this year’s Gold Award and the Public Sector category at the 8th edition of the 2018 Financial Reporting (FiRe) Awards that were held at the Kampala Serena Conference Centre. The event was organized by the Institute of Certified Public Accountants of Uganda (ICPAU) in partnership with Uganda Securities Exchange, Capital Markets Authority and media company – New Vision.
Stanbic Bank Uganda equally did not let anything to chance as it took home Sustainability Reporting Award and the Silver report of the year which was won by NSSF last year. Reproductive health Uganda took the Non-Governmental Organizations award, Uganda Development Bank scooped the Bronze Award and Electricity Regulatory Authority won the Regulatory Bodies and Associations category among others.
DFCU Bank who was Bronze winner in the 2017 Awards emerged as 2nd Runner ups in the Banking Services Category. The three entities competed with other companies and won some awards in other categories.
Winners in the top categories were ranked basing on high level performance in the areas of financial reporting, corporate governance and sustainability strategy they were implementing.
Fredrick Kibbedi, the President of ICPAU said the individuals must appreciate quality financial reports that must always start from the Boardrooms and take keen interest in the reports.
“Appreciation of quality financial reports must start from the boardrooms, all those charged with governance of entities must take keen interest in the reports produced by management,” Kibbedi said.
The awards were held under the theme; leading from the Boardroom: Achieving Quality Financial reporting.
The overall aim of the Financial Reporting Awards (FiRe Awards) is to enhance the quality of financial and business reporting in Uganda by encouraging the implementation of financial reporting standards as well as other best practices in financial reporting. The FiRe Awards provide an opportunity to organizations that participate, to benchmark their reports against the set criteria of good financial reports.