Kenya has unveiled the 2023 edition of the Financial Reporting (FiRe) Award, a prestigious recognition that celebrates and promotes financial reporting excellence in both public and private sector organizations.
The FiRe Award is a collaborative effort between the Institute of Certified Public Accountants of Kenya (ICPAK), the Capital Market Authority (CMA) of Kenya, the Nairobi Securities Exchange (NSE), the Retirement Benefits Authority, and the Public Sector Accounting Standards Board (PSASB).
Mr Geoffrey Odundo, Chairman of the FiRe Award Executive Committee and CEO of NSE emphasised in his speech that integrating technology and innovation into financial reporting brings about a multitude of advantages, including heightened transparency, accuracy, speed, and efficiency.
“Automated systems and data analysis tools are heralded as key components that can minimize human errors and ensure that financial reports are up-to-date and transparent,” he explained.
Fredrick Riaga, CEO of PSASB, highlighted the challenge of collecting non-financial information and developing metrics as demands for such disclosures increase.
Riaga stressed the need for public sector entities to leverage technology to enhance transparency and sustainability in financial reporting. This call aligns with ongoing efforts to transition the country from cash to accrual accounting.
Dr. Grace Kamau, CEO of ICPAK, commended the FiRe Award for its role in promoting integrated reporting and enhancing accountability, transparency, and integrity.
“The award specifically recognizes entities in East Africa that comply with appropriate financial reporting frameworks while disclosing governance, social, and environmental information,” she noted.
Mr Wyckliffe Shamiah, CEO of CMA, emphasised the need for a holistic approach to financial reporting, which includes disclosing non-financial information.
“This comprehensive approach responds to growing concerns about governance practices, business sustainability, and corporate contributions to climate change.” he said.
Mr Odundo encouraged companies from all sectors to submit their entries for evaluation in this year’s FiRe Awards, underscoring the value of recognition in promoting financial reporting excellence.
The FiRe Award 2023 marks another step towards aligning financial reporting practices with modern technology and innovation, fostering transparency, and driving sustainable business practices in Kenya and the region. The winners of this prestigious award will not only receive recognition but will contribute to raising the bar for financial reporting excellence in the years to come.
By Nice Wambui and Shamim Kambi
