The Uganda Police Exodus Sacco Ltd has won an award for the Most Improved Entity in Financial Reporting in Uganda at the Financial Reporting (FiRe) Awards 2022 held Thursday night November 10, 2022, at Hotel Africana in Kampala.
The awards are organised by the Institute of Certified Public Accountants Uganda (ICPAU).
The FiRe awards committee said that the winner of this Award (Exodus Sacco) made tremendous improvements in their Annual Report. The entity showed a strong commitment to the implementation of the recommendations contained in the 2021 FiRe Awards feedback report.
The Committee noted that the entity had adequately addressed the financial reporting issues previously identified and demonstrated commitment to embracing best practices in corporate reporting.
Overall, the report demonstrated a strong commitment to continuous improvement.
The award was received by ASP Sekanjako Eddy, the board treasurer, of EXODUS SACCO.
Speaking on the sidelines of the Awards, ASP Sekanjako said the recognition is a result of members’ confidence in the SACCO.
ASP Sekanjako pledged increased public accountability and transparency: “It’s a motivation on our side. We are going to be very transparent than before. We are honoured for (winning) the Award.”
Stanbic Uganda Holdings Limited was declared the winner of the Best Listed Entity award for providing most of the information that would be expected from a listed entity.
The report provided quality information and insights about the organization’s performance, risks, opportunities, and long-term prospects.
The information was reliable, and comparable with measures connected to performance and the entire value-creation process, environmental, social, and governance factors. The report provided potential market participants with information that would support investment decision-making and stewardship from our perspective.
Child’s I Foundation took home the International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs) award owing to its financial statements which met the requirements of the IFRS for SMEs.
This organization embraced the simplifications available under this standard and provided useful and relevant information in its annual report. The extent of accountability and transparency exhibited in the report was very impressive.
SNV Netherlands Development Organization Limited won the International Public Sector Accounting Standards (IPSAS) award for well-presented financial statements complying with the requirements of IPSAS.
The entity’s report provided a wide range of well-assembled information including both mandatory and non-mandatory reporting requirements.
“From our perspective, this would enable stakeholders to obtain a comprehensive understanding of the organization’s objectives, performance, and position for both financial and non-financial terms,” said the FiRe awards committee.
Other winners:
Banking Services:
Winner – Centenary Bank
1st Runner–Up – DFCU Bank
2nd Runner–Up – Stanbic Bank
Other Financial Services Category:
SBG Securities Uganda Limited and UAP Old Mutual Uganda
Recognition for achievement in financial reporting under the Insurance Services Category went to Britam Insurance Uganda.
Recognition for achievement in financial reporting under the Other Insurance Services Category went to Willis Towers Watson Insurance Brokers Kiboko Financial Services.
Recognition for achievement in financial reporting under the Public Sector Category went to National Water and Sewerage Corporation (NWSC).
Recognition for achievement in financial reporting under the Consumer & Industry:
Category A: Cipla Quality Chemicals
Category B: Harley’s (U) Limited and Uganda Crop Care Limited.
Insurance Services category:
Winner – Liberty Life Assurance
1st Runner Up – Liberty General Insurance Limited
2nd Runner Up – Uganda Reinsurance Company.
Public Sector:
Winner – NSSF
1st Runner Up- New Vision
2nd Runner Up: Deposit Protection Fund of Uganda
Consumer and Industrial Products Category A:
Winner – MTN Uganda
1st Runner Up – Umeme Ltd
2nd Runner Up – Uganda Clays Limited
In category of the Consumer & Industrial Products A , @ugandaclays established in 1950 takes the second runner up position in the
The First runner up position goes to @UmemeLtd and the overall winner goes to @mtnug #FiReAwards22 pic.twitter.com/8eViTYGLSp
— Ms. Pamella Nabasa 🌻🤍 🌙 (@ankoleroyalty) November 10, 2022
Retirement Benefits Schemes:
Winner -Makerere Retirement Benefits Scheme
1st Runner up – Bank of Uganda Defined Contributions Scheme
2nd Runner up – Bank of Uganda Defined Benefits Scheme
3rd Runner up-Wazalendo SACCO
Cooperative Societies:
CPA SACCO, Y-Save Multi-Purpose and Wazalendo SACCO awarded certificates of recognition.
Education Institutions Category:
Certificate of Recognition in Education and Research went to Ndejje University.
Recognition for SACCOs: The certificate goes to CPA Sacco.
2nd Runner Up- Y-Save Multipurpose Cooperative Society
1st Runner-up – Wazalendo Sacco and SteadFin Uganda SACCO Ltd
More recognitions:
Recognition for achievement in financial reporting under the Forex Bureau Category went to Metropolitan Forex Bureau Limited.
Recognition for achievement in financial reporting under the Cooperative Societies Category went to CPA SACCO Limited.
Recognition for achievement in financial reporting under the Retirement Benefits Schemes Category went to UNRA Staff Retirement Benefits Scheme.
Recognition for achievement in financial reporting under the Regulatory Bodies and Associations Category went to Electricity Regulatory Authority (ERA).
Recognition for achievement in financial reporting under the Not-for-Profit Organizations Category went to Uganda Martyrs Hospital – Lubaga.
Recognition for the Most Improved Report went to the Bank of Baroda Uganda.
Recognition for achievement in financial reporting under the Banking Services Category went to Uganda Development Bank.
@FINCA_Uganda bank accounting team is here. #FiReAwards22 pic.twitter.com/PJsYiwBL8o
— ICPAU 🇺🇬 (@ICPAU1) November 10, 2022
Recognition for achievement in financial reporting under the Microfinance Deposit-taking Institutions Category went to FINCA Uganda.
Recognition for good Corporate Governance Reporting and Recognition for good Sustainability Reporting both went to National Social Security Fund (NSSF) and Centenary Bank.
Recognition for achievements in Communication and Presentation went to NSSF and Umeme Limited.
Recognition for achievement in financial reporting under the International Financial Reporting Standards (IFRS) for SMEs Category went to Send a Cow Uganda and The Research and Education Network for Uganda (RENU).
Recognition for achievement under the Listed Category went to Cipla Quality Chemicals and MTN Uganda.
