Nairobi — Entries for the 23rd Financial Reporting (FiRe) Awards are open ahead of the annual prestigious gala dinner ceremony slated for December 5, 2024.
Participating entities should avail a soft copy version of their latest Annual Report and Audited Financial Statements to fireaward@icpak.com and complete the participant's entry form which can be accessed on the FiRe Award website with deadline set for Friday, September 27, 2024.
Speaking Tuesday morning during the launch at a Nairobi Hotel, CEO- Institute of Certified Public Accountants of Kenya. (ICPAK) CPA Dr. Grace Kamau said the award aims to celebrate organizations in the public and private sectors that have achieved exceptional financial reporting quality and provide relevant feedback.
"I want to express my gratitude to everyone who contributed to the success of the 2023 FiRe Award. I also want to thank our distinguished panel of judges, who diligently reviewed numerous financial reports and provided valuable feedback relevant to the current business environment," Dr. Grace said.
She added, "It is heartening to know that this high-profile group of judges is willing to dedicate their time and expertise to help us evaluate the submissions we will receive after the launch, along with a larger team of evaluators and reviewers who are actively participating in this project."
This year's award is themed "Championing for effective sustainability reporting through technology and innovation to enhance transparency."
Dr. Grace went on to outline some of the Sustainability Reporting Challenges, that sees companies often miss the mark.
In today's world, corporate accountability and environmental consciousness are paramount. Documenting a company's sustainability efforts is no longer just a trend but a strategic necessity.
Despite the growing emphasis on transparency, many companies and organizations struggle with sustainability reporting challenges, often missing important aspects. Some of these challenges include, but are not limited to: insufficient data collection and reporting, lack of clear communication, failure to set measurable goals, suffering from data overload, limited stakeholder engagement and lack of quality data from cross-functional units.
However, Dr. Grace said effectively navigating sustainability reporting challenges requires a proactive approach and adopting best practices.
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Companies and organisations that excel in this realm often share common strategies that contribute to the robustness of their sustainability reports. Some of the strategies are; comprehensive data management systems, transparent communication strategies, setting SMART sustainability goals, evolving stakeholder expectation, standardisation and Harmonization.
Meanwhile, speaking at the same event, Retirement Benefits Authority CEO Charles Machira encouraged his members to enroll in the awards.
"I wish to encourage Retirement Benefits schemes to participate in the fire awards as a way of promoting accountability, transparency and enhancing confidence in the industry which is largely voluntary," Machira said.
The FiRe Award is the most prestigious and converted Award in East Africa for financial reporting.
The Award is aimed at promoting quality reporting through enhancing accountability , transparency and integrity in compliance with appropriate financial reporting frameworks and other disclosures on governance, social and environmental reporting by private, public and other entities domiciled in East Africa.
