Tanzania Bank top in financial reporting in East Africa

Tanzanian bank CRDB has been named the best company in East Africa in financial reporting. The results were announced at this year’s Financial Reporting Awards (FiRe Award) held in Nairobi on November 8.

NIC Bank in Kenya and Stanbic Bank Uganda Holdings were named as the winners in their respective countries.

The joint promoters of the awards were the Public Sector Accounting Standards Board (PSASB), Capital Markets Authority (CMA), the Nairobi Securities Exchange and the Institute of Certified Public Accountants of Kenya (ICPAK).

The theme for this year’s edition of the FiRe Awards was “Enhancing Corporate Value Through Excellence in Financial Reporting for Cross-border Trade and Investment Facilitation in East Africa and Beyond.”

In the Sacco category, Stima was named the best, followed the UN and Ushuru saccos, respectively.

UAP was named the best in the insurance category, followed by ICEA Lions General and Jubilee Holdings.

NIC Bank and Safaricom were named the best listed companies in Kenya, and Kenya Tea Development Authority was named the best in the agriculture category.

In the category for government ministries and agencies the Presidency won, followed by the National Intelligence Service.

This year, 693 entries were made, up from last year’s 456. Out of those, 602 were from the public sector.

The award is aimed at promoting integrated reporting through enhancing accountability, transparency and integrity.

CRDB bank was established in 1996 and was listed on the Dar-Salaam Stock Exchange in June 2009.The Bank, which also has operations in Burundi, also came top in the listed and International Financial Reporting Standards compliance category and overall best company in Tanzania.PSASB chairman Bernard Ndung’u, who is also the director general of accounting services at the National Treasury, commended the companies that won the awards.“The participation of public sector entities in the FiRe Awards is a demonstration of the commitment to transparency in how public resources are utilised, and an opportunity for feedback to how they can improve their financial reporting to entrench the best practices’’ he said.ICPAK chief executive Edwin Makori said it is the mandate of his organisation to develop and implement financial reporting standards. “It is with this background that the institute teamed up with NSE, CMA and PSASB to promote the FiRe award, and will continue doing so,’’ he said.CMA chief executive Paul Muthaura lauded the high standards in financial reporting and corporate governance practices.Kirinyaga and Makueni counties and Kericho County Assembly were recognised for being the best in financial accountability.Thika Constituency […]

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