The-Accountant-Jan-Feb-2018

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The FiRe AWARD 2017 THE 2017 FINANCIAL REPORTING EXCELLENCE (FIRE) AWARD, THE COMPANIES ACT 2017 AND THE CODE OF CORPORATE GOVERNANCE 2015 By FCPA Jim McFie, a Fellow of the Institute of Certified Public Accountants of Kenya 24 JANUARY - FEBRUARY 2018 Theme: Inspiring Confidence through Excellence in Financial Reporting and Corporate Governance in East Africa
The FiRe AWARD 2017 In the 16th edition of the FiRe Award, there were three hundred and sixty four entries in the public sector and ninety two entries in the private sector. The 2017 FiRe Award prize winners were announced at a magnificent event at the Carnivore in the evening of Friday 17th November 2017. The Guest of Honour at the Gala Dinner and Award Ceremony was James Chan who represented His Excellency Dr. Mukhisa Kituyi, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD). The FiRe Award Conference took place on Thursday 16th November 2017 at the Crowne Plaza, in Upper Hill, Nairobi and was officiated by CPA Bernard Ndungu, the Chairman of the Kenya Public Sector Accounting Standards Board (PSASB) and the Accountant General, National Treasury. The FiRe Award is an initiative of the Institute of Certified Public Accountants of Kenya (ICPAK), the Kenya Capital Markets Authority (CMA), the Nairobi Securities Exchange (NSE), and the Public Sector Accounting Standards Board (PSASB)- Kenya. The promoters aim to enhance excellence in financial reporting, the disclosure of sound corporate governance practices and the disclosure of both corporate social responsibility and environmental reporting in East Africa. Entries were received from Rwanda, Tanzania and Uganda, in addition to those from Kenya. A Tanzanian bank won the prize in the banking sector. This year there was a new prize – the best “Integrated Reporting” company. As is the case each year, many of the entries displayed a high degree of excellence. The judging process is carried out at three levels to ensure adequate quality in the process. A real thank you is extended to all those involved in the judging process. The winners are as follows: NO CATEGORY GROUP WINNER 1ST RUNNER UP 2ND RUNNER UP 1 Agriculture Sector KTDA HOLDINGS LTD WILLIAMSON TEA KENYA LTD LIMURU TEA COMPANY LTD 2 Bank Sector CRDB BANKING GROUP LTD BARCLAYS BANK OF KENYA LTD EQUITY GROUP HOLDINGS LTD 3 Independent Offices & Constitutional Commissions Reporting under IPAS CASH Sector OFFICE OF THE CONTROLLER OF BUDGET REGISTRAR OF POLITICAL PARTIES PUBLIC SERVICE COMMISSION 4 Industrial, Commercial & Services Sector SAMEER AFRICA LTD KENOL KOBIL LTD TRANS CENTURY LIMITED 5 Insurance Sector JUBILEE INSURANCE BRITAM HOLDINGS LIMITED BRITAM ASSURANCE 6 Micro Finance Institutions MINISTRIES / Sector FAULU MICROFINANCE BANK STATE DEPARTMENT OF FISHERIES KASNEB RETIREMENT BENEFIT SCHEME 7 DEPARTMENT/AGENCIES Sector NATIONAL INTELLIGENCE SERVICE KENGEN DEFINED BENEFITS (D.C) SCHEME STIMA SACCO 8 Not for Profit Sector STRATHMORE UNIVERSITY MWALIMU SACCO JOMO KENYATTA FOUNDATION 9 Sacco Sector UN SACCO KENOL KOBIL KENYA COPYRIGHT BOARD 10 SME Sector DUNE PACKAGING LTD IDB CAPITAL EQUITY GROUP HOLDINGS LTD 11 LISTED Category SAMEER AFRICA LTD BRAND KENYA KCB HOLDINGS 12 STATE CORPORATIONS AND SEMI- AUTONOMOUS GOVERNMENT AGENCIES (SAGAs) UNDER IFRS Sector KENGEN BARCLAYS BANK OF KENYA LTD SAMEER AFRICA 13 IPSAS ACCRUAL Reporting Framework COMPETITION AUTHORITY OF KENYA BARCLAYS BANK OF KENYA LTD BRITAM HOLDINGS 14 IFRS for SME Reporting Framework KENYA BANKERS ASSOCIATION CRDB BANK PLC 15 IFRS Reporting Framework CRDB BANKING GROUP LTD 16 Integrated Reporting Category SAMEER AFRICA LTD 17 Environmental & Social Reporting Category UMEME LTD 18 Governance Category SAMEER AFRICA LTD 19 Promoters’ Recognition Sector BARCLAYS 20 Rwanda Country BANK OF KIGALI 21 Tanzania Country CRDB BANK PLC 22 Uganda Country UMEME LTD 23 Kenya Country SAMEER AFRICA LTD 24 OVERALL Overall SAMEER AFRICA LTD Theme: Inspiring Confidence through Excellence in Financial Reporting and Corporate Governance in East Africa JANUARY - FEBRUARY 2018 25
Page 1 and 2: LEARN • EXPLORE • SHARE JANUARY
Page 3 and 4: TABLE OF CONTENTS 18 COVER STORY BI
Page 5 and 6: EDITORIAL Dear Reader, Happy New Ye
Page 7 and 8: Financial Reporting and Assurance o
Page 9 and 10: Financial Reporting and Assurance o
Page 11 and 12: BUSINESS PRACTICE AND DEVELOPMENT d
Page 13 and 14: BUSINESS PRACTICE AND DEVELOPMENT a
Page 15 and 16: ECONOMY in GDP that actually don’
Page 17 and 18: MANAGEMENT “insubordination” an
Page 19 and 20: MANAGEMENT in terms of systems for
Page 21 and 22: COVER STORY Musk, the billionaire S
Page 23 and 24: COVER STORY profession are applying
Page 25: COVER STORY instantaneous completio
Page 29 and 30: The FiRe AWARD 2017 (a) there is, s
Page 31 and 32: The FiRe AWARD 2017 annual report w
Page 33 and 34: The FiRe AWARD 2017 Chief Guest, Ja
Page 35 and 36: The FiRe AWARD 2017 The guest of ho
Page 37 and 38: FINANCE AND INVESTMENT in the comin
Page 39 and 40: Governance Granted, Kenya will be a
Page 41 and 42: CPA CENTRE Available to let Structu
Page 43 and 44: Governance The board of directors i
Page 45 and 46: with your ICPAK Smart Card ICPAK Sm
Page 47 and 48: WORK PLACE • Clear in communicati
Page 49 and 50: INFORMATION TECHNOLOGY Types of Cyb
Page 51 and 52: INFORMATION TECHNOLOGY 10. Sabotage
Page 53 and 54: INFORMATION TECHNOLOGY JANUARY - FE
Page 55 and 56: ENVIRONMENT convecting clouds take
Page 57 and 58: Society President John F. Kennedy a
Page 59 and 60: Society and discover the opening th
Page 61 and 62: HEALTH Researchers have always been
Page 63 and 64: HEALTH which can cause plaque build
Page 65 and 66: INSPIRATION Mentors inspire, give s
Page 67 and 68: INSPIRATION a Mentor in a First Job
Page 69 and 70: TID BITS Sample some of Africa.com
Page 71 and 72: MEMORABLE QUOTES “Despicable” t
Page 73 and 74: TRAVEL Raffles, who had been born a
Page 75 and 76: TRAVEL doormen set the tone, and it
Page 77 and 78:
PEN OFF on other things. On the oth
Page 80:
ICPAK UNIVERSITY Scholarship HELP O
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The-Accountant-Jan-Feb-2018

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