FiRe awards attracts more participants

• In 2009 the Award was transformed into a regional event to pave way for participation by institutions in East Africa.
• The financial reporting award seeks to recognise companies that have done well in making public their financial standing and uphold integrity, transparency and accountability in the reporting process.
• FiRe award is an initiative of ICPAK, Capital Markets Authority (CMA) and Nairobi Securities Exchange (NSE).

FiRe awards organisers have registered an increase in this year’s entries with 95 companies submitting applications for the prize.

According to organisers, this is the first time they have received such a huge response from participants since it was launched 11 years ago.

“It is worth noting that this year the award has received a total of 95 entries with three institutions using the IPSAS framework in reporting: Which is a Public Sector Reporting standard. Two entities are from Rwanda and only one from Kenya,” said ICPAK's Nixon Omindi who is also head of FiRe Awards Evaluation Sub-Committee.

2009 also saw a good turn out because at the time the award had incorporated the spirit of East African community by welcoming “participation by country institution in East Africa”.

“The Award was in 2009 transformed into a regional event against the backdrop of the East African Community cooperation to pave way for participation by institutions in East Africa. This is a key step in ensuring that institutions regionally are managed in accordance with the internationally accepted standard of financial reporting, corporate governance and corporate social responsibility,” said Omindi.

The financial reporting award seeks to recognise companies that have done well in making public their financial standing and uphold integrity, transparency and accountability in the reporting process.

FiRe award is an initiative of ICPAK, Capital Markets Authority (CMA) and Nairobi Securities Exchange (NSE).

In an earlier interview with Business Daily, Caroline Kigen, CEO, Institute of Certified Public Accountants of Kenya (ICPAK)said the investment community world over is demanding for transparent financial reporting from companies before injecting any funds in their operations.