Auditors, accountants counseled on financial statements

MAUREEN ODUNGA

NMB Head of Finance, Ms Veronica Pascal (centre) receives an award from the Deputy Permanent Secretary, Ministry of Finance, Dr Hamisi Mwinyimvua after the bank won in the best presented financial statement – 2014 category in the banking sector, at an award giving ceremony in Dar es Salaam over the weekend. Looking on (left) is Mr Benson Bimbigathe NMB Head of Business Support. (Photo by Staff Photographer)

AUDITORS and accountants have been urged to prepare financial statements that provide maximum insight into financial condition and risk positions of financial intermediaries.

The Deputy Permanent Secretary in the Ministry of Finance, Dr Hamisi Mwinyimvua made the call in Dar es Salaam over the weekend during the closing ceremony of the Accountants Annual Conference being held by the National Board of Accountants and Auditors (NBAA).

“We need supervisory oversight that provides safeguard and incentives that supports our objectives of prudent provision of credit and sustainable economic activity, accounting and frameworks that recognise and support all viable forms of financial intermediation,” said Dr Mwinyimvua.

He therefore commended NBAA for conducting the “Best Presented Financial Statement Awards” aimed to achieve the objective of encouraging organisations to comply with local and international financial reporting standards.

The Executive Director of NBAA, Mr Pius Maneno noted that 51 organisations both from private and public sector participated in the awards. “Although participation from public sector organisations in the competition has increased over time but still low compared to the private sector,” noted Mr Maneno.

On his part, the Governing Board Chairman, Prof Isaya Jairo pointed out that the competition featured 11 categories which included banking, manufacturing, trading and distribution, government agency, regulatory authority and pension funds. Other categories are insurance, water authority, local government authority, universities and non-governmental organisations.

“The overall winner in all the categories is the Tanzania Breweries Limited (TBL) by managing to score above 75 percent in the entire check list,” affirmed Prof Jairo.

The first runner-ups in all the categories are the National Microfinance Bank (NMB), Tanzania Broadcasting Co-operation (TBC), Tanzania Telecommunication Company (TTCL), Tanzania Revenue Authority (TRA), Ant-drug Commission, Tanzania Civil Aviation Authority (TCAA) and Social Security Regulatory Authority (SSRA).

The rest are Parastatal Pension Fund (PPF), Tanzania Reassurance Company, Hanang District Council, Catholic University of Allied Science and Comprehensive Community Based Rehabilitation in Tanzania (CCBRT)