Public sector bodies told to submit their financial reports for vetting

Fredrick Riaga Public Policy and Governance at Institute of Certified Public Accountant of Kenya Senior manager with NSE chief executive Peter Mwangi and Ag CMA chief executive Paul Muthaura in Nairobi in 2014. [File]

Public sector entities have been advised to take advantage of the upcoming financial reporting awards scheduled for November to boost integrated reporting.

According to the Public Sector Accounting Standards Board (PSASB) Chief Executive Fredrick Riaga, this will enhance accountability, transparency, and integrity.

He said the awards are open to all national and county government entities.

The competition is aimed at promoting and recognising excellence in financial reporting, sound corporate governance practices and environmental reporting for both public and private sector entities in East Africa.

Mr Riaga said the participation in the awards has resulted in improved financial reports and disclosures through formal feedback from the evaluation panellists.

“We have made the participation by public entities mandatory in a bid to encourage government organisations to embrace best practices in reporting and demonstrating good governance,” he said.

“Once submitted, the financial reports are evaluated by a panel of professionals drawn from the accountancy, audit practice, industry and academia with expertise in financial reporting standards, corporate governance, and corporate social responsibility.”

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This year’s awards are themed “Enhancing Corporate Value through Excellence in Financial Reporting for Cross-Border Trade and Investment Facilitation in East Africa and Beyond.”

County governments

The awards are presented annually during a gala dinner by the PSASB-Kenya, the Capital Markets Authority, the Institute of Certified Public Accountants of Kenya and the Nairobi Securities Exchange. 

This year, it will be the first time county governments are participating since most audit reports have already been released by the Office of the Auditor-General, unlike previous years.

In 2018 there were 95 entries from the private sector and 408 entries from the public sector.

“We expect these entries to increase significantly in this year’s edition. This year’s event marks a milestone in the awards since the delay in county financial statements has often curtailed their participation,” said Mr Riaga.

He observed that the awards, besides promoting transparency and accountability, facilitate feedback leading to improved coverage and disclosures of financial statements from public sector bodies.

Last year, Sameer Africa was the overall winner while the Office of the Controller of Budget emerged the winner in the constitutional commission’s category, with the Independent Police Oversight Authority and the Public Service Commission coming in second and third respectively.

The Kenya National Commission for Human Rights was the winner in the most improved public sector entity category.

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Kenya National Commission for Human RightsPublic Sector Accounting Standards Board