The Institute of Certified Public Accountants of Uganda (ICPAU) has set November 7 as the date for ninth edition of Financial Reporting Awards and has asked government institution to participate by submitting the financial reports.
Financial Reporting involves the disclosure of financial information to the various stakeholders about the financial performance and financial position of the organization over a specified period of time. These stakeholders include – investors, creditors, public, debt providers, governments and government agencies.
The ICPAU says government, private and Non-Governmental Organisations including churches qualifies to participate in the financial report awards because the competition enables them to achieve good financial reporting records.
Addressing journalists at the institute’s head quarter in Bukoto ahead of the Financial Reporting Awards scheduled for November 7 2019, the director standards and regulations at the Institute of Certified Public Accountants of Uganda, Mark Omona said the public sector institutions (Government institutions) are now required to enter the competition by submitting their financial reports because it is a directive from the Accountant General of the Republic of Uganda.
Redefining the CFO Role in Oil and Gas: Inside How UNOC’s Emmanuel Mugagga Is Executing Strategy for National Impact“The Financial Reporting Awards is important for all sorts of organisations because it helps them improve on their financial reporting, because of the significance of these awards, the Accountant General of the Republic Uganda has encouraged the public sector institution to submit their financial reports to the institute for scrutiny, which will not only enable them win the awards but it will also translate into good financial reporting in the government institutions,” he said.
Mr Omona said the awarding ceremony since its inception in 2011 has helped companies to improve on their financial reporting.
“These awards have created transparency in the institutions that have been participating because they are following the advice they get from the institute to make adjustments on what is they are supposed to do,” he said.
