KDIC is the Powerhouse in Financial Reporting Courtesy of FiRe Awards

The Kenya Deposit Insurance Corporation (KDIC) has for the second year running scooped the prestigious regional award for the best State Corporation on Financial Reporting, IFRS category 2019. The Corporation was awarded during an elaborate ceremony here in Nairobi, that saw KDIC fend off stiff competition to retain the coveted FiRe award, under the category of Public Sector entities.

Speaking when he officially received the trophy in his office, KDIC’s Chief Executive Officer Mr. Mohamud Ahmed Mohamud said that the award was an affirmation of the Corporation’s core values and resolve to maintain high standards in service delivery. He said: “Prudent accounting is the hallmark of any forward-looking Corporation. Being number one is easy but retaining that position is challenging. The fact that we have emerged tops once again speaks volumes of who we are. Without a doubt, it is the outcome of team spirit, dedication, and integrity as underscored in our core values. Team as I always say the sky is the limit and for now our space shuttle is cycling the orbit to reach its destination. This is a good motivation for our staff and a sign of public confidence in us!”

An elated Mr. Mohamud added that going forward, KDIC shall enhance its capacity to innovate while observing high standards in all undertakings with a view to becoming the premier Deposit Insurance. “We shall keep to the same standards of international best practice to ensure that those we serve enjoy our services,” he pointed out as he rallied staff to join him in celebrating the achievement.

While echoing the CEO’s sentiments, KDIC’s Deputy General Manager in charge of Finance Mogeni Ong’era appreciated the task ahead and assured of his team’s commitment. “The fact that we have an award is testimony that our books are in order and that there is sufficient disclosure in line with International Financial Reporting Standards (IFRS). This is a first one!” he concluded.

The annual FiRe award is organized by the Institute of Certified Public Accountants of Kenya (ICPAC), Public Sector Accounting Standards Board (PSASB) the Nairobi Securities Exchange (NSE) and the Capital Markets Authority (CMA).

Participants in the competition that has been held since 2002 are subjected to a rigorous evaluation criteria using globally accepted principles and best practice standards. Part of its objectives are: Promotion of financial reporting excellence; Fostering sound corporate governance practices; Enhancing corporate social investment and environmental reporting.

FiRe awards attracts entries from Kenya Uganda, Tanzania and Burundi.