Auditors expect pushing back the financial reporting (FiRe) awards to November over elections to offer a window for submitting Auditor-General’s county reports and assessing the regional units’ reporting standards.
Promoters of the award Thursday said change of date from October would enable them to get hold of the reports on time and address concerns raised by the Auditor- General and the Controller of Budget.
Recent reports from the two offices have indicted county governments and assemblies for misusing public funds.
“All the 47 county governments and assemblies have submitted entries. We are referring to reports by Auditor General and Controller of Budget…they have always expressed concern on the manner in which county governments and assemblies utilise public funds,” said Institute of Certified Public Accountants of Kenya (Icpak) chief executive Edwin Makori.
The awards are promoted by Icpak, Public Sector Accounting Standards Board, CMA and NSE. They are set for November 17 in Nairobi.
Article: Business Daily Africa
The relationship between a bank and its customers has changed a great deal in the past few years. From the time when paperwork and bureaucracy was the order of the day to when technology is driving faster, more focused transactions, the business of banking has changed in a big way and mostly to the benefit of the customer.
The customer is no longer just an anonymous number. Banking is nearly at a stage where products and services are tailored for the individual customer. Banks are close to create products, price them, and offer them to customers at an individual level.
Over 300 firms have so far submitted their entries for this year’s Excellence in Financial Reporting (FiRe) Awards slated for next month.
Promoters say they have received about 250 entries from public sector entities, 91 from private sector and they are expecting about 70 entries from the county governments.
Accountants are engaging banks to adopt the new International Financial Reporting Standard 9 (IFRS 9), which they say will bring uniformity and consistency in reporting of financial information.
The Institute of Certified Public Accountants of Kenya (ICPAK) Tuesday said it has partnered with the Kenya Bankers Association (KBA) to sensitise bank chief finance officers on the implications and impact of the new standards and steps for effective implementation.
“We urge companies to prepare and embrace the new standard in order to achieve uniformity and consistency in reporting of financial information,” said ICPAK chief executive Edwin Makori.