NAIROBI, Kenya, July 3, 2019 – The continued participation of the public sector in the Excellence in Financial Reporting Award (FiRe) is key in improving reporting and corporate governance practices in the sector.
Public Sector Accounting Standards Board ((PSASB) Chairman, Bernard Ndung’u, who is also the Director General of Accounting Services at the National Treasury, said, “The participation of public sector entities in FiRe Award is a demonstration of the commitment to transparency in how public resources are utilized and an opportunity for feedback to public sector entities on how they can improve their financial reporting on a continuous basis to entrench the best practices.”
Ndung’u was speaking at the launch of the 2019 edition, of the FiRe Awards, with this year’s theme being “Enhancing corporate value through excellence in financial reporting for cross-border trade and investment facilitation in East Africa and beyond.”
The coveted FiRe Award is in its eighteenth year since it was launched in 2002. The public sector entities expected to participate in the 2019 Awards include; Ministries, Departments and Agencies, State Corporations, Semi-Autonomous Government Agencies and County Governments.
According to Edwin Makori, Chief Executive – Institute of Certified public Accountants of Kenya (ICPAK), international financial reporting has been in Kenya since the year 2001 and the international public sector standards were adopted in Kenya in 2014 with the establishment of the PSASB.
“One of ICPAK’s mandate is to develop and implement the financial reporting standards. It is with this background that the institute teamed up with Nairobi Securities Exchange (NSE), Capital Markets Authority (CMA) and PSASB to promote the awards, and we will continue to do so,” pledged Makori.
CMA Chief Executive, Paul Muthaura, observed that high standards in financial reporting and corporate governance practices are fundamental in positioning Kenya as the pre-eminent financing and investment hub in the region. “Following the official launch of the Africa Continental Free Trade Area, there will be increased opportunities for business growth through trade and investment but the sustainability of this growth will rely on the quality of financial reporting adopted,” he said.
“Sound reporting ensures and increase in transparency on evolving corporate value. The adoption of high standards is therefore an important foundation for attracting investors, particularly through the capital markets, as Kenya seeks to be the heart of African capital markets and meet the funding needs to facilitate the attainment of the Big 4 Agenda,” said Muthaura.
Geoffrey Odundo, Chief Executive, NSE noted, “As an Exchange, we are committed to supporting the awards at it seeks to enhance a strong financial system supported by robust governance, high quality financial reporting standards and a sturdy regulatory framework which is fundamental in mobilizing domestic investments and international capital flow to Kenya.”
The award ceremony of the FiRe Award 2019 which will be held on November 8, 2019 in Nairobi, will be preceded by a conference to engage key stakeholders on topical issues on November 7.