RHU SCOOPS BIG AT THE PRESTIGIOUS 2020 FIRE AWARDS
Reproductive Health Uganda (RHU) was last evening crowned champions (NGO category) of the prestigious, 2020 Integrated Financial Reporting (FiRe) Awards, held on Wednesday November 04th/2020 at Skyz Hotel, Naguru.
Unlike the previous editions, this year’s awards were held virtually in light of the COVID-19 social distancing guidelines.
Wilberforce Ojiambo, the director of finance at RHU attributes this achievement to team work and coordination at RHU. RHU has been one of the top contenders of this award in the previous years, taking lead for now the record 3rd time.
“Over time, we have continuously improved the quality of our reporting and built on the comments from the organizers to make things better. So much so that every other subsequent report is better than the previous ones in one aspect or the other” added Ojiambo.
According ICPAU our report was considered great based on the following parameters.
o Effective communication and presentation of the program and financial information
o Excellent presentation and outlook of the report including great graphics.
o Innovations including developing and sustaining growth in grant income, local income and institutional reserves.
o Ability to provide services to the locals including the most vulnerable members of the community.
o Ability to attract new development partners and also increase the asset base.
o Comprehensiveness including our ability to report on all functional aspects and departments of the institution.
Wilberforce stated that the award was of great importance and would the institution to:
- Gain confidence from the external audit teams
- Motivation for the institution to settle for clean and unqualified audits
- Work as a drive for continuous improvement in general reporting
- Greatly enhance RHU’s status during due diligence processes by new partners aspiring to work with us.
- Provided confidence for participation in related awards such as the Finance Team of the year, where we emerged runners up last year.
“We are indeed motivated and encouraged by these results and do promise to continue delivering on the same.” Says Wilberforce
The RHU finance team receiving the award
President of ICPAU, Mr.Fredrick Wanumeli thanked the participants and the organisations that submitted their annual reports for evaluation,inspite of the COVID-19 challenges.
“Integrated reporting helps to increase the preparedness of organisations to access long term financing through the capital markets, by providing the appropriate disclosures as well as evidence of prudent corporate governance, which are key in attracting investors”
“It shows commitment to upholding standards of financial reporting, an indicator of strong organisational culture”-Wanumeli commended.
The awards, which are organized by the Institute of Certified Public Accountants of Uganda (ICPAU) strive to uplift the quality of financial and business reporting in Uganda.
The Financial Reporting (FiRe) Awards is an annual event organized by ICPAU in partnership with CMA, USE). The Awards, were running for the tenth time in this year 2020.
The Awards are open to all organisations/ entities that prepare an annual report: financial institutions, trading companies, government departments and agencies, and not-for-profit bodies including charities. The overall aim of the Awards is to enhance the quality of financial and business reporting in Uganda by encouraging the implementation of financial reporting standards as well as other best practices in reporting. The annual event contributes to ongoing improvement in the quality of reporting.
Here are some of the other winners of the night
Outstanding financial achievement, Non-for-Profit Organisations- Reproductive Health Uganda
Special Awards 1: Reporting under IPSAS – SNV Netherlands Development Organisation
Special Awards 2: Reporting under the IFRS for SMEs – Child’s i Foundation
Best Listed Entity- Stanbic Uganda Holdings Ltd.
Commercial Banks Category – Stanbic Uganda.
Microfinance Deposit-Taking Institutions (MDIs) Category – FINCA_Uganda.
Insurance Companies- liberty Uganda.
Public Sector – NSSF
Consumer and Industrial; Category A – UMEME Ltd..
Regulatory Bodies and Associations – Bank of Uganda.
Cooperatives category- Y-Save MultiPurpose Cooperative Society Ltd.
Retirement Benefits Schemes FiRe Award- Makerere University Retirement Benefits Scheme.
