Experts have urged all accountants to uphold professional ethics since it is the cornerstone of accountancy profession.
The remarks were made during the Institute of Certified Public Accountants of Uganda (ICPAU) 2021 FiRe Awards which took place at Skyz Hotel, Naguru Kampala.
FiRe Awards is an annual ceremony through which excellence financial reporting is recognised and rewarded.
Organisations in the private, public and non-profit sectors participate by submission of their annual reports for the year under review and the best performers are rewarded based on their level of compliance with international financial reporting standards.
According to the organisers, the overall aim of the awards is to enhance the quality of financial and business reporting in Uganda by encouraging the implementation of International Financial Reporting Standards as well as other best practices in reporting.
Speaking to The Nile Post shortly after the event, Othieno Mayende, President of the Institute of Certified Public Accountants of Uganda, said winners of the FiRe Awards have often attested to increased investor confidence, enhanced teamwork, brand visibility and improved overall organisational performance.
“Some organisations have participated continuously and the institute applauds you for your commitment to implementing the international financial reporting standards. It is our prayer that more organisations will realise the benefits good financial reporting, for the collective growth of our nation,”he said.
He urged accountants to uphold profession ethics because a nation is only as strong as the integrity of its people and theft and the misuse of public resources are the reason that many nations lag behind.
The chairperson, FiRe Awards Committee, Stephen Ineget, said the 2021 awards attracted a total of 88 participating entities but due to the current pandemic-related restrictions and challenges, some organisations were not able to finalise their annual reports in time for submission.
“Nonetheless, the committee continues to be impressed by the level of enthusiasm and commitment in the FiRe Awards. A total of 58 organisations that participated in the 2020 FiRe Awards also participated in the 2021 FiRe Awards,”he said.
He said there was increased usage and reference to the UN Sustainable Development Goals and stronger commitment to the sustainability agenda.
The National Security Social Fund (NSSF) were declared the overall winners in the public sector, Stanbic Bank won in the Sustainability Reporting category as well as Corporate Governance Reporting Award, Centenary Bank took the Communication and Presentation award and Franciscan Investment Cooperative Society won the most Improved Report award.
FiRe Awards were introduced in 2011 with overall aim of promoting best practices in financial reporting in complying with international financial reporting standards.