Firms tipped on tech-based financial reporting for post Covid-19 era
From left, Public Sector Accounting Standards Board CEO Fredrick Riaga, CMA acting chief Wycliffe Shamiah, NSE's Geoffrey Odundo and ICPAK chief executive officer Edwin Makori during the launch of Financial Reporting( FiRE) Awards 2020 applications submission period on August 19, 2020.
What you need to know:
- Mr Shamiah said listed companies and other medium enterprises eyeing the bourse for new capital must put in place good corporate standards.
- They must also have proper financial reports that investors can rely on when making decisions.
The capital markets regulator and accounting professionals say post-Covid-19 economic recovery requires Kenya to adopt tech-based processes that increase disclosure levels in public and private sector entities.
They said accounting professionals must serve national interests through innovative and automated processes that enhance transparency.
Capital Markets Authority Acting Chief Executive Wycliffe Shamiah said listed companies and other medium enterprises eyeing the bourse for new capital must put in place good corporate standards as well as proper financial reports that investors can rely on when making decisions.
“Robust financial reporting and corporate governance practices are key to making Kenya a destination of choice for foreign investments especially now when the Nairobi International Financial Centre is soon to be established,” he said.
He spoke in Nairobi Wednesday at the launch of this year’s Financial Reporting (FiRE) Awards applications submission period.
Boost confidence
Mr Shamiah said this will boost confidence with the capital markets raising uptake of various products as well as enable companies access affordable financing.
Nairobi Securities Exchange chief executive Geoffrey Odundo said unlike past FiRE Awards where a two-day symposium preceded the gala night event, the Covid-19 pandemic had necessitated shifting the 19th edition to 2021’s first quarter giving companies and public sector entities from across East Africa a longer period to file their entries for scrutiny by judges.
Themed Financial Reporting Excellence in a Disruptive Environment, Institute of Certified Public Accountants of Kenya chief executive Edwin Makori said the Covid-19 period required accountants to offer fool-proof financial reports so as to safeguard against plunder of public funds.
