Kenya Deposit Insurance Corporation Clinches Regional Accolade for Financial Reporting Excellence
In a resounding affirmation of its commitment to financial transparency and accountability, the Kenya Deposit Insurance Corporation (KDIC) has secured the prestigious regional award for the best State Corporation in Financial Reporting-IFRS 2023, in the category of Public Sector entities. This remarkable feat saw KDIC bounce back to winning ways, making it the fourth time for the Corporation to be honored with this esteemed accolade.
The highly competitive contest, drawing in a total of eight hundred entries-with 54 under the State Corporations and Semi-Autonomous Government Agencies, culminated in KDIC's triumph during a ceremonious event held on Friday in Nairobi. Distinguished by the presence of key industry players, the event underscored KDIC's unwavering dedication to upholding international financial reporting standards.
Commending the team for the achievement, Chief Executive Officer Mrs. Hellen Chepkwony underscored KDIC’s commitment to upholding its fiduciary responsibility in line with rigorous international financial reporting standards.
Her sentiments were echoed by KDIC’s staff who expressed their commitment to duty going forward.
Dr. Peter Kitonyo from the Directorate of Resolution remarked: “Hearty congratulations to team KDIC. What a great way to close the year. It’s no mean feat!”
“Congratulations team. It is no mean feat to bring home such an outstanding award. We are truly shining”, said Albert Musembi.
The award was received on behalf of the Corporation by Nelson Nyongesa, the acting Deputy Director of Finance. Nyongesa stated that: “We have been recognized for improved disclosure to our stakeholders in terms of information sharing. We also addressed the gaps that had been identified in the report for the previous year as well as compliance with IFRS standards based on required disclosure”.
The annual FiRe award, a collaboration between the Institute of Certified Public Accountants of Kenya (ICPAK), Public Sector Accounting Standards Board (PSASB), and supported by significant bodies like the Nairobi Securities Exchange (NSE), the Capital Markets Authority (CMA), and the Retirement Benefits Authority, is known for its stringent evaluation criteria based on globally-accepted principles and best practice standards.
Established in 2002, the FiRe awards aim to promote financial reporting excellence, foster sound corporate governance practices, and encourage corporate social investment and environmental reporting.