The Institute of Certified Public Accountants Uganda (ICPAU) has encouraged different organisations to take part in the 2019 Financial Reporting (FiRe) Awards given the enormous opportunities that the awards come with.
The Financial Reporting (FiRe) Awards is an annual event organized by ICPAU in partnership with Capital Markets Authority, Uganda Security Exchange (USE).
The Awards, which will be running for the ninth time this year, have encouraged honest and transparent communication of financial and business information since 2011.
Addressing the media at ICPAU offices in Kampala, ICPAU Director Standards and Regulation, Mark Omona noted that the Awards are open to all organisations/ entities that prepare an annual report which include; financial institutions, trading companies, government departments and agencies as well as not-for-profit bodies including charities.
Omona said that the overall aim of the 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 reporting.
He said that the annual event contributes to ongoing improvement in the quality of reporting.
“FiRe started in 2011 after an idea was birthed by the institute with the aim of evaluating financial reporting by the different institutions. The ultimate role of the awards is to showcase and maintain the best financial practice to both the public and the private sector,” Omona said.
Participating organizations get a chance to have their financial reports evaluated by experts who provide feedback on the reports, he said.
“We have seen over the years companies and organizations implementing some of the recommendations suggested by experts which has improved their financial reporting. We have seen a number of SMEs submitting their financial reports after seeing the benefits involved,” Omona noted.
He added that some of the NGOs that participated and won awards years ago have testified that since then, they are having a lot of donor confidence in their financial reports.
“We want to invite all companies to participate in the different categories to submit entries before September 30th,” Omona said.
Last year the National Social Security Fund (NSSF) had the best integrated financial report of the year.
Companies and organizations began submitting entries for the 2019 FiRe awards since June 4 and will run up to September 30, 2019.