TANGA CEMENT EMERGES OVERALL WINNER OF THE BEST PRESENTED FINANCIAL STATEMENT AWARDS

National Board of Accountants and Auditors (NBAA) Executive Director, Pius Maneno (left), congratulates Tanga Cement PLC Chief Financial Officer, Pieter De Jager after his cement firm emerged the best overall winner of the National Board of Accountants and Auditors (NBAA), Best Presented Financial Statements for the year 2015, at a function held in Dar ers Salaam recently. TCPLC were also emerged first winner in manufacturing category. Second left are NBAA Board Chairman, Prof. Isaya Jairo and Ministry of Finance and Planning Commissioner of Fiscal Policy, Shogholo Msangi who was Guest of Honor.

Tanga Cement Company Limited has emerged the overall winner of the best presented financial statement for 2015 at an award gala organized by the National Board of Accountants and Auditors (NBAA) in Dar es Salaam recently.

The cement manufacturer also beat other entities such as the Tanzania Breweries Limited (TBL) which took second position and Tanzania Cigarette Company (TCC) which became third in the manufacturing category.

The Award was a reflection that the company puts quality above the rest, Tanga Cement Chief Financial Officer, Pieter de Jager said.

This creates the much-needed trust when these institutions want to conduct business with local and international investors. The award seeks to promote integrated reporting through enhancing accountability, transparency and integrity in compliance with appropriate financial reporting framework, according to the National Board of Accounts and Auditors (NBAA).

The awards are presented annually by the board to various public and private institutions and companies which have consistently maintained the required financial records.

The NBAA Executive Dirrector, Pius Maneno said during a gala here on Saturday that the companies had done well in their financial auditing.

“This year about 56 entities submitted their financial report as compared to 51 of year.

In the large banking category, CRDB Bank emerged the winner, followed by NMB Bank and the Tanzania Investment Bank while in small banks Dar es Salaam commercial bank emerged the winner, followed by KCB Bank and the Mkombozi commercial bank.

The pension funds category was won by LAPF followed by GEPF. The Surface and Marine Transport Regulatory Authority was also declared the winner in the regulatory category followed by the Social Security Regulatory and PPRA.

NBAA also recognized the Swissport Tanzania Limited for having the cleanest account books for the 2015 in the Trading and Distribution category, outsmarting CMC automobile Ltd.

In the local government authority category, the Kibaha Town Council was declared to be the winner of 2015 NBAA awards, followed by Dar es Salaam City Council and Kinondoni Municipal Autority.

The financial service capital market was won Dar es Salaam stock exchange (DSE). Iringa Urban Water and Sanitary Authority was also declared the winner in the water authority category followed by the Tanga Urban Water and Sanitary Authority.

The Tanzania revenue authority (TRA) emerged the winner in the category of government agencies seconded by Tanzania broadcasting corporation, while in Insurance category, Tanzania insurance company Limited emerged the winner, followed by sanlam Life Insurance and Alliance Insurance Corporation limited.

In university category, Bugando University emerged the winner seconded by Institute of social work. CCBRT scooped the award on the non-governmental organization category followed by MVIWATA.

The ministry and Government department category was won by Ministry of Industry and Trade followed by Ministry of Finance and Aunt Drug commission.

FiRe Award promoters announced the winners of its 15th edition of Financial Reporting Award yesterday evening in a celebration at The Windsor Hotel. Culled from 399 entries to Barclays Bank emerged the overall winner, while other entities were feted and recognized for their breakthrough accomplishments in 24 different categories.

This year’s event witnessed the largest number of public sector enemies, “Enhanced transparency in financial reporting is expected in Kenya’s public sector, following increased participation in the Excellence in Financial Report Awards (Fire Award) this year.” Said Mr. Bernard Ndung’u, Chairman Public Sector Accounting Standards Board (PSASB) and who is also the Director General of Accounting and Quality Assurance Services at the National Treasury.

He added that 303 public sector entities participated in the award. The public Institutions include; Ministries, Departments and Agencies, State Corporations and Semi-Autonomous Government Agencies, and the County Governments. In addition to the 303 public sector entries, there are another 96 entries from across East Africa in the financial services sector, industrial, commercial and services sector, public benefits organizations, pension schemes and learning institutions, bringing the total entries to 399 in 2016 compared to 376 in 2015.

Mr. Fernandes Barasa, ICPAK national chairman noted that; ‘’Increased participation by the public sector underpins the commitment to more open accountability in the use of public funds and offers the entities an opportunity to be assessed against global standards’’.

On his part, CMA Chief Executive, Mr. Paul Muthaura, noted; “responsible financial reporting contributes significantly to ensuring that financial information put out by the entities is reliable and enables investors make informed decisions as they participate in the capital markets”.

The NSE Chief Executive, Mr. Geoffrey Odundo, said; “The increased public sector participation in FiRe Award, will enhance accountability and transparency of public institutions, thereby increasing their attractiveness to investors and catalyzing economic growth “.

The ICPAK Chief Executive, Dr. Patrick Ngumi, observed; ‘’the entry of public sector in the FiRe Award creates expectations of enhanced disclosures of financial and non-financial information by public sector entities and contributes significantly to buttressing the informative value of public sector financial reporting as envisaged in the Public Financial Management Act, 2012’’.

The awards continue to be important for stakeholders and are expected to embed a stronger financial reporting culture in Kenya. Participating entities benefit from an evaluation feedback which helps them to improve their reporting year in year. Entry for Fire Award is open to all entities and no charges are levied.

Ms Olajobi Makinwa, from the United Nations Global Compact presided over the event as the chief guest. In her address, Ms. Olajobi commended Kenyan companies for advancing principles of good corporate governance as well as sustainability reporting stressing that, “culture of accountability is key to social economic empowerment, especially in Africa where cases of poor governance abound.”

The theme for Fire Award this year was, “Accountable Governance for Excellence and Reliability in Financial Reporting in East Africa’’,