Majority of the public sector entities are yet to meet
provisions of International Financial Reporting Standards (IFRS) and
accountants have been challenged to support the Auditor-General’s
efforts to curtail misuse of public funds.
Promoters of
Financial Reporting (FiRe) awards have said some of the financial
statements they received for this year’s event particularly from the
public entities fell short of provisions of IFRS, regional Companies
Acts, Sacco Societies Act of 2008 and other regulatory provisions with
respect to financial reporting in the jurisdiction.
They spoke on Friday during the FiRe award gala dinner held in Nairobi.
The
event in its 16th year is jointly promoted by the Institute of
Certified Public Accountants of Kenya (ICPAK), Public Sector Accounting
Standards Board (PSASB), Capital Markets Authority (CMA), and the
Nairobi Securities Exchange (NSE).
“There was a
shortfall with the compliance of the Company’s Act 2015 as well as code
of corporate governance. If we want progress in the public sector,
accountants must fully support the Auditor-General because he has a very
difficult job to do,” said James McFee, the chief judge.
PSASB
chairman Bernard Ndung’u said starting July 1, 2018, all public sector
entities will commence the long journey of adopting Accrual Base
Accounting system.
Financial accounts prepared on
accrual basis provide information on budget management as well as proper
and appropriate use of public funds, assuring users the possibility of
making the best economic decisions.
This year’s event received a total of 454 entries from both public and private sectors.
Public
entities dominated with 362 entries – 270 from government departments,
constitutional bodies and state corporations, and 92 entries from county
executives and assemblies. The private sector had only 92 entries.
Sameer
Africa Ltd was declared the overall winner. The firm emerged top in the
industrial, commercial and services, integrated reporting, listed,
promoters’ recognition for Kenya, and governance categories
respectively. It emerged as the 2nd runner-up in the environment and
social reporting category.
Barclays Bank of Kenya took
four awards. Winner in the governance category, 1st runner up in the
bank, IFRS, and integrated reporting categories respectively.
Other
winners of the day were Kenya Tea Development Agency (KTDA) in the
agriculture category, Office of the Controller of Budget in the
Independent offices and constitutional commissions reporting under IPAS
Cash category and Jubilee Insurance in the insurance category.
Faulu
Microfinance Bank won in the micro finance institutions category, while
National Intelligence Service (NIS) won in the
ministries/department/agencies category.
Strathmore University was declared the winner in the not-for-profit category, as Dune Packaging shined in the SME category.
KenGen
took home the state corporations and semi-autonomous government
agencies (SAGAs) under IFRS trophy, while Competition Authority of Kenya
(CAK) was the best IPSAS Accrual category.
Kenya
Bankers Association (KBA) took home the IFRS for SME trophy while the
Office of the Director of Public Prosecution receiving the Promoters’
Recognition award.
Other winners were UN Sacco (Sacco category), Bank of Kigali (Rwanda), Umeme (Uganda) and CRDB Bank (Tanzania).
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