Matshona Dhliwayo once said that “When excellence becomes a habit, success becomes a lifestyle.” Defying current global crises and turning the wheel ever so steadily, Strathmore University continues thriving across multiple fronts with the latest one being recognised at the 19^th edition of the Financial Reporting (FiRe) Awards for scooping top prize in the Not- for- Profit category.

The 2020 FiRe Awards was held on Friday 26^th March 2021, employing a hybrid award ceremony that was attended both physically at the Serena Hotel – Nairobi and virtually in line with government COVID-19 health directives: The profound impact of the pandemic on day-to-day activities has also accelerated adoption of modern solutions to modern problems. The awards saw Strathmore, the only university in the region to participate in this award, trump 2019 winners KPLC Defined Contribution Pension Scheme to be crowned victors.

The FiRe Award – a joint initiative of the Institute of Certified Public Accountants of Kenya (ICPAK), the Capital Market Authority (CMA) Kenya, the Nairobi Securities Exchange (NSE), and the Public Sector Accounting Standards Board (PSASB) – seeks to promote excellence in financial reporting by enhancing accountability, transparency and integrity. The award, the most prestigious for financial reporting in East Africa, is a result of a rigorous evaluation process using globally accepted principles and best practice standards such as International Financial Reporting Standards (IFRSs). Open to all entities that prepare annual reports and financial statements, the award doubles up as a healthy gauge for the compliance trends among corporate entities.

The theme for the 2020 awards, ‘Financial Reporting Excellence in a Disruptive Environment’, focused on how COVID-19 has affected businesses and livelihoods.

Wycliffe Shamiah, the Capital Markets Authority Chief Executive Officer, observed that good reporting and corporate governance practices are vital to Kenya as an ideal destination of choice for investors in Africa. He added that a robust reporting and disclosure framework ensures that investment decisions rely on accurate and timely data.

The Annual report is developed and designed by the UR and Communications team in collaboration with the finance department. The team is grateful to all faculties and departments that assisted in collating the material needed to produce a winning document. We are eager to replicate this win as we continue with the 2020 annual report process.

 

This article was written by Francis Kabutu. 

 

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