The National Social Security Fund (NSSF) was declared gold winners of the 2018 Financial Reporting Awards (FiRe) organized by the Institute of Certified Public Accountants of Uganda (ICPAU).
NSSF, which came second in 2017 to take the silver award then, had the most convincing financial report according to Judges.
The FiRe Awards committee that comprised of eminent professionals from various sectors were highly convinced that NSSF had the best report for this year. Out of the 83 entries the committee got, 38 were new entrants.
Stanbic Bank Uganda Ltd, which won the 2017 FiRe Awards and had the best financial report in 2017, came second in this year’s FiRe Awards. The Awards, which were in their 8th Edition, also saw Uganda Development Bank Ltd coming third to win the Bronze Award.
CPA Frederick Kibeddi the ICPAU President said over the years, the awards have attracted participation from various entities which has greatly contributed to improved financial reporting within organizations, in line with acceptable international financial reporting standards.
“All those charged with governance of entities must take a keen interest in the reports produced by management. The reports should communicate effectively to all stakeholders,” said Kibeddi.
He said accountancy professionals must work cooperatively with other managers in organizing to produce value adding reports.
Uganda’s Minister of Finance Matia Kasaija who was the Chief Guest proposed that accounting and management should be taught in every University course. He urged young people in Uganda to legitimately earn their wealth.
Kasaija reasoned that corruption has eroded billions of money from the government and private institutions.
FULL LIST OF WINNERS:
REPORT OF THE YEAR AWARD
Gold Award- National Social Security Fund
Silver Award- Stanbic Bank Uganda Limited
Bronze Award- Uganda Development Bank
Corporate Governance Award
WINNER – National Social Security Fund
1st RUNNER’S UP– Stanbic Bank Uganda Limited
2nd RUNNER’S UP– Centenary Rural Development Bank
Sustainability Reporting Award
WINNER– Stanbic Bank Uganda Limited
SECOND – National Social Security Fund
THIRD– Centenary Rural Development Bank
WINNER– Centenary Rural Development Bank
SECOND– National Social Security Fund
THIRD– Umeme Ltd
Best Listed Entity Award
Stanbic Bank Uganda Limited
Reporting under the IFRS for SMEs
SECOND– Express Logistics Group Ltd
WINNER– Children of Uganda
Reporting under IPSAS
SECOND– Kampala Capital City Authority (KCCA)
WINNER– SNV Netherlands Development Organization Ltd
Most Improved Report
Uganda Clays Ltd
THIRD– DFCU Bank
SECOND– Stanbic Bank Uganda Ltd
WINNER– Uganda Development Bank
THIRD– Uganda Re-Insurance Company Ltd
SECOND– NIC Holdings Ltd
WINNER– Liberty Life Assurance Ltd
THIRD– Kampala Capital City Authority
SECOND– New Vision Printing and Publishing Company
WINNER– National Social Security Fund
Insurance Brokerage Organizations
THIRD– Kiboko Financial Services
SECOND– Wills Towers Watson Insurance Ltd
WINNER– AON Uganda