Financial Reporting Awards: Katikkiro Challenges Private Sector to Tackle Corruption

Katikkiro Charles Peter Mayiga speaking at the ICPAU awards gala.

The Katikkiro of Buganda (Prime Minister) Charles Peter Mayega has advised accountants to exhibit high level of transparency and avoid corruption if the country is to achieve the desired sustainable development.

He said that whereas much of the attention in fighting corruption is always given to government, the vice is also prominent in the private sectors.

The Katikkiro made the call while delivering a keynote address during the 9th Financial Reporting Awards (FiRe) dinner at Serena Hotel in Kampala.

Organized by the Institute of Certified Public Accountants of Uganda (ICPAU) the dinner and Awards gala was themed “Integrated Reporting: Redefining Organisational Success”.

The Financial Reporting (FiRe) Awards are held annually by ICPAU with the aim of enhancing quality financial and business reporting in Uganda by encouraging the implementation of financial reporting standards as well as other best practices in reporting.

Buganda Kingdom’s premier said that sustainable development anywhere including developing countries like Uganda, is hinged on the quality of service delivery by both the public and the private sectors.

“We must as a matter of principle encourage SMEs to become professional about their businesses,” he said, adding that “we must do so to fight corruption”.

“When we speak about corruption, people think about government but there’s a lot of corruption in the private sector too”.

Mayiga said that currently, corruption, misappropriation of funds and bad governance in both private and public entities in the country have reached very alarming levels and these impede sustainable development.

“There is thus a need to adopt the trending work ethics that are currently a driving force in the Kingdom of Buganda should; these are premised on four principles including; innovation, tenacity, transparency and working with passion,” Mayega said.

“Unless we base our operations on these principles, we cannot deliver the kingdom to the summit of social and economic development and this applies to every institution and sector in the country,” he added.

The Katikkiro said businesses must be conducted in a transparent manner adding that this is a sure way for service delivery to benefit all Ugandans.

He urged businesses to work closely with professional service providers in Accountancy, Lawyers and others to fully fulfill their organization needs.

A total of 150 companies, institutions and agencies participated in the 2019 FiRe Awards. These included among others, Stanbic Bank, Umeme, NWSC, ULS, Reproductive Health Uganda, Crested Stalks Limited among others.

Stanbic Bank won five awards including one for Best Banking Services, Good Sustainability Reporting, Corporate Governance as well as Best Listed Entity.

Unimoni Financial Services Ltd was declared Best in Forex bureau category; Makerere University retirement scheme won in the Retirement benefits category, while Bank of Uganda was the best in the Regulatory bodies and Association category.

Y-Save Multi-Purpose Cooperative Society Ltd won award for Best Cooperative Society.

The Award for Non-for-Profit Organisations was won by Reproductive Health Uganda Limited.

NSSF won in the category of Public Sector, the fourth year the Fund has been awarded as the overall winner under Public Sector Category. Liberty Life Insurance emerged winner in the Insurance Services Category.

Crested Stocks and Securities Limited was rewarded as Best Stock Brokers while the Award for Other Microfinance Institutions went to Stromme Microfinance East Africa Limited.

Other winners

Microfinance Deposit-taking Institutions – FINCA Uganda Limited

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