Industry

NSSF wins 2018 Financial Reporting top award

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.

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).
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).

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

SPECIAL AWARDS

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

Communication Award

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

Banking Services

THIRD– DFCU Bank

SECOND– Stanbic Bank Uganda Ltd

WINNER– Uganda Development Bank

Insurance Services

THIRD– Uganda Re-Insurance Company Ltd

SECOND– NIC Holdings Ltd

WINNER– Liberty Life Assurance Ltd

Public sector

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