Musasizi: FiRe Awards Will Boost Growth of SMEs and Enable Prudent Decision-Making

The Minister of State for Finance Planning and Economic Development, CPA Henry Musasizi, has said that Financial Reporting Awards will boost the growth of Small and Medium Enterprises (SMEs) which are the majority of business operations in the country’s economy. 

He was Thursday speaking as a Chief Guest at the 2022 Financial Reporting (FiRe) Awards Ceremony organised by the Institute of Public Certified Accountants Uganda (ICPAU) held at Hotel Africana in Kampala.

The awards running under the theme: “Corporate Reporting, Strengthening Environmental, Social and Governance Reporting” recognised companies, organisations and agencies which exhibited the best financial reporting practices. 

Speaking at the ceremony, Musasizi said giving these awards is one of the ways to enhance the quality of financial and business reporting in Uganda by encouraging the implementation of International Financial Reporting Standards and best practices.

“I’m pleased that since 2011, the institute has enhanced the quality of financial and business reporting in Uganda and encouraged the implementation of international reporting standards,” he stated.  

According to the minister, good financial reporting is an enabler for prudent decision-making for the government and other stakeholders. 

In his opening remarks, the FiRe Awards Committee Chairperson, CPA Stephen Ineget, said this year marks the 12th edition of the uninterrupted celebration of achievements in corporate reporting.

He said the Institute, Uganda Securities Exchange, Capital Markets Authority and New Vision have held the FiRe awards for the last 12 years. 

The 2022 edition attracted a total of 108 participating entities up from 88 last year.

“The Committee continues to be impressed by the level of enthusiasm and commitment to the FiRe Awards. A total of 59 organisations that participated in the 2021 FiRe Awards also participated in the 2022 FiRe Awards. This represents a 67% retention rate,” said CPA Ineget. 

According to him, the awards exist to continually improve the standards of reporting in the country; and aim at recognizing, encouraging, and promoting compliance with best practices in Reporting.

ICPAU President, CPA Constant Othieno Mayende, said the ceremony coincided with World Accountants’ day. The 10th November date commemorates the day in 1494 that Venetian mathematician Luca Pacioli.

“I wish to begin by particularly congratulating the winners of the financial reporting awards per category, for exhibiting high levels of compliance with the standards and for having the courage to subject their annual reports to scrutiny.” 

“To excel in financial reporting in times such as these is indeed honourable, and therefore, we celebrate you this evening,” noted CPA Mayende. 

Keith Kalyegira, the Chief Executive Officer of Uganda Capital Markets Authority, said accountants are key for the transparency and accountability of the markets. 

“We celebrate accountants for advising companies about alternative ways of raising finance,” he said. 

Alison Kwikiriza Serucaca, the Manager, Legal and Compliance at Uganda Securities Exchange, said experience has proved that businesses that fail to prioritise the social, governance and environmental question have failed the test of resilience. 

“So as the Exchange we are very keen on this developing conversation of ESG. We had 99% participation of the listed companies. I’m also cognizant that we had two of our stockbrokers participate which is a testament of commitment to disclosure and transparency which are the fabric of the market,” she pointed out.