Skip to main content
x

The financial report of an organisation tells the story of the organisation throughout a given year. Information in the annual report must therefore be properly presented in accordance with the international financial reporting standards. The benefits of participation include:
(1)     Winning an Award:
•    Is good publicity for the organisation; it boosts the organisation’s corporate image.
•    Builds client confidence in the organisation.
•    Attracts investors.

Creation of the Awards categories is dependent on the nature of participating organisations. The following are some of the awards categories but these are subject to modification through creation or more categories.

(1) Financial Reporting Awards in the following categories:
•    Banking Services;
•    Insurance Services;
•    Regulatory Bodies;
•    Non Governmental Organisations;
•    Public Sector;
•    Consumer and Industrial Products;
•    Micro-Finance Institutions and SACCOs;
•    Educational Services;

First Level Review
This involves the evaluation of the Annual and Financial reports by the Technical Review Team. Each report is reviewed and awarded marks by at least two independent panelists. The panelists then prepare summary reports to justify the basis of the marks allocated to each evaluated report. At the end of this stage, the panelists meet to discuss their results and any major anomalies noted during the evaluation process. 
The highest scoring entries in each category are thus identified, approved and forwarded for the second Review.
Second Level Review 

•    To encourage effective communication of financial and business information.
•    To showcase best practices in financial reporting.
•    To promote and institutionalise transparency, integrity, and accountability in the corporate reporting process.
•    To promote good financial reporting as a prerequisite for raising funds on the capital markets.
•    To encourage SMEs to embrace good financial reporting as a step to listing on the stock exchange.