TURKANA UNIVERSITY COLLEGE WINS THE FIRE AWARDS' SECOND RUNNERS UP
Turkana University College (TUC) participated in the 2023 Financial Reporting (FiRe) Award and achieved the remarkable feat of being the 2nd runners up among the 31 universities that took part in the competition. The award winning ceremony took place at Safari Park Hotel, Nairobi on 8th December 2023. This is a remarkable achievement for TUC, the comments from the review board will aid in strengthening the reporting practice, and in addition the recognition will serve a significant role in the branding of the institution locally and internationally.
The FiRe Award is the most prestigious and coveted Award in East Africa for financial reporting. The participation in the award is competitive and involves all organizations including the profit and non-profit making organizations; the Governmental and Non-governmental. The award-winning organizations are presented annually during a gala evening by the joint promoters; the Capital Markets Authority (CMA) Kenya, the Institute of Certified Public Accountants of Kenya (ICPAK), the Nairobi Securities Exchange (NSE) the Public-Sector Accounting Standards Board-Kenya (PSASB) and the Retirement Benefits Authority (RBA).
The winners of the FiRe Award are selected through a rigorous evaluation process. The joint promoters assess the financial reporting of various entities based on criteria such as accuracy, completeness, and adherence to the financial reporting framework. The evaluation also takes into account the quality of disclosures on governance, social, and environmental reporting. After careful consideration, the joint promoters collectively decide on the winners of the award.
Winning the FiRe Award brings numerous benefits to the institution. Firstly, it enhances the reputation of the University College, as it demonstrates the commitment to transparency and accountability in financial reporting. Additionally, winning the award can boost stakeholder confidence, as it signifies that the TUC has met the highest standards of reporting excellence.
Participating in the Award provides an opportunity for public sector entities to showcase their adherence to the accounting standards set by the PSASB-K and demonstrate their commitment to financial transparency and accountability. It serves as a platform for monitoring compliance with the PFMA and recognizing entities that excel in financial management practices. The University College will leverage on this achievement in positioning itself for the execution of its mandate.