Reporting key to resource handling, says Mukhisa Kituyi

High-quality corporate reporting is essential for efficient allocation and management of scarce resources, Secretary-General of United Nations Conference on Trade and Development Mukhisa Kituyi, has said.

Speaking during the Intergovernmental Working Group of Experts (ISAR) on International Standards of Accounting and Reporting's 32nd session in Geneva, Switzerland on November 4, Kituyi said good corporate reporting contributes to financial stability, promotes good governance and underpins a vibrant private sector.

“High-quality corporate reporting is critical for realising the ambitions of agenda 2030,” said Kituyi in his opening remarks. “But high quality reporting can only be achieved if all components of the reporting chain rest on a solid foundation. This includes audit and assurance. In today’s world, lenders, investors and other stakeholders place a higher level of confidence in financial and non-financial reports prepared by the management of enterprises, when such reports are accompanied by an attestation from a competent third-party, such as an auditing firm.”