Over 200 public institutions to participate in FiRe Awards

Safaricom staff celebrate with their trophies after the firm was declared the overall winner for financial reporting at the FiRE Awards on October 24, 2014. Over 200 public sector institutions have applied to participate in this year's awards. PHOTO | SALATON NJAU | NATION MEDIA GROUP 

In Summary

• It comes after the Public Sector Accounting Standards Board joined the regulators of the FiRe Awards.
• A total of 215 entries have been received for this year, with the majority being state corporations and county governments.
• The corporations include the Agricultural Development Corporation, the Agricultural Finance Corporation, Agricultural Settlement Fund Trustees, Agro Chemicals Limited and the Athi Water Services Board.

By LILIAN OCHIENG
More by this Author

For the first time in history, the public sector is excited over the financial accountability awards, with over 200 institutions applying this week to participate in this year's FiRe Awards.

It comes after the Public Sector Accounting Standards Board (PSASB) joined the regulators of the FiRe Awards.

The public sector regulator now joins the Institute of Certified Public Accountants of Kenya (ICPAK), the Capital Markets Authority and the Nairobi Securities Exchange, which are the main sponsors of the 2015 FiRe Awards set for October 15.

“The need for openness, accountability and prudent management of public resources has gained currency in many countries. This is also a key public finance principle as enshrined in the Constitution,” said ICPAK chief executive Patrick Ngumi.

PARTICIPANTS

Increased participation in the awards is seen as a first step towards enhancing credibility and confidence from investors eyeing the public sector.

A total of 215 entries have been received for this year, with the majority being state corporations and county governments.

The corporations include the Agricultural Development Corporation, the Agricultural Finance Corporation, Agricultural Settlement Fund Trustees, Agro Chemicals Limited and the Athi Water Services Board.

Public sector entities have previously been excluded from the FiRe Awards.

FINANCIAL REPORTING

Already, the PSASB, in collaboration with the Treasury, has prepared tools to enable the entities to comply with the set accounting standards.

Over 1,300 accountants and auditors in the sector have also been trained on the new financial reporting standards and guidelines.

ICPAK CEO Patrick Ngumi said the past 13 such events held in Kenya had prompted integrity and accountability in the financial reporting process by complying with the international financial reporting guidelines.

Last year’s awards were dominated by listed firms, with Safaricom emerging the winner across various categories.

The telecommunications giant took home 19 awards after competing against 125 other companies