NCIA recognized during the Financial Reporting (FiRe) Awards 2023

The Financial Reporting (FiRe) Awards, the prestigious and coveted annual awards for financial reporting were recently held at the Safari Park Hotel, Nairobi. The awards are presented during a gala dinner hosted by its promoters namely the Capital Markets Authority (CMA), the Institute of Certified Public Accountants of Kenya (ICPAK), the Nairobi Securities Exchange (NSE), the Public-Sector Accounting Standards BoardKenya (PSASB) and the Retirement Benefits Authority (RBA). The awards are usually conferred on International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS) compliant entities. Since its start, institutions and companies recognized have demonstrated adherence to best practices in financial reporting, which has encouraged them to maintain and raise their standards in financial reporting.

The awards continue to foster a culture of comprehensive, accurate and transparent financial disclosures that have enhanced accountability and governance in financial disclosures. The 23rd Financial Reporting (FiRe) Awards were held at the Safari Park Hotel on 8th December 2023 an event that signified celebration of excellence and adherence to international financial reporting standards among Kenyan institutions. During the event, the ICPAK Chief Executive Officer Edwin Makori noted that the awards sought to reward organizations that have distinguished themselves by demonstrating outstanding management and reporting while being innovative and bringing the best out of their teams. The Capital Market Authority (CMA Chief Executive Officer Mr. Wycliffe Shammiah in his remarks observed that the world was slowly moving towards integrated financial reporting, which has become a must-have requirement for listed companies.

The Centre was recognized as one of the public institutions that has continued to exhibit outstanding financial reporting by and was awarded the Promoters Recognition Award. For over twenty years, the FiRe Awards have recognized and awarded the best reporting entities in the region and encouraged organizations to strive to be the best in the field of financial reporting by learning about best practices and applying them in their financial reports. The Awards objectives are to promote integrated reporting through enhancing accountability, transparency, and integrity.

This NCIA recognised during the Financial Reporting (FiRe) Awards 2023 NCIA’s Finance team during the FIRE Awards ceremony ISSUE 2 – 2024 | 21 NCIA Registrar/CEO Mr. Lawrence Muiruri (Centre) with the Centre’s Finance team during the Fire Awards ceremony ensures compliance with the appropriate financial reporting framework, and other disclosures on environmental, social and governance (ESG) reporting by entities both in private and public institutions.

The recognition of the Centre by the promoters of the FiRe Awards is evidence of the Centre’s adherence to the international financial reporting standards and a demonstration of financial transparency and accountability .While recognition by the FiRe Awards promoters is an acknowledgement of the efforts made by the Centre in Promoting transparency and accountability in financial reporting, the awards indirectly influence stakeholder confidence and will go a long way in promoting partnerships between the Centre and partners and support in positively building the Centre’s reputation. It is also a demonstration of the ethical business practices pursued by the Centre which will contribute towards building a robust financial ecosystem locally and internationally. It is also in line with the Government’s push for compliance among public entities to fully comply with international best practices in financial reporting. During the awards, the Public Sector Accounting Standards Board (PSASB) Chief Executive Officer Mr. Fredrick Riaga noted that a significant number of state agencies are in full compliance with the Public Finance Management Act (PFMA) of 2012 and encouraged them to participate in future FiRe Awards for their efforts to be recognized.

The Centre’s CEO while receiving the award congratulated the team for their exemplary performance and encouraged them to continue with their efforts.in compliance with government and other international financial reporting standards