Companies urged to embrace role of IT for integrated Financial Reporting

Financial Reporting Awards Committee Chairman, Stephen Ineget (centre) addressing Journalists in Kampala

Private and Public Companies have been called on to embrace the role of Information Technology, during making of their Financial Annual Reports. The call was made by committee members of the Financial Reporting Awards, slated for to take place at Kampala Serena Hotel, in November 2019.

“When we talk of integrated financial reporting, we mean to say; bringing together all components of technology, which includes Information Technology”, said Stephen Ineget, Chairman of the Financial Reporting Awards Committee, during a Press briefing in Kampala, on Wednesday.

He said IT, as a key ingredient in financial transactions, plays a key role as Bank Customers can now access and transact with their Banks online, from their zones of comfort; in offices or their seating rooms. He said modern Accountancy profession is digitalized, calling upon Chief Finances Officers (CFOs), to utilize the Financial Reporting Awards, to develop better value for their respective companies.

“The Financial Awards Reporting Committee has taken on CFOs to talk about Artificial Intelligence to improve efficiency of the work they do”, he added.

Charles Nsamba, the Communications and Public Relations officer, Capital Markets Authority (CMA), said the overall aim of the Financial Reporting (FiRe) Awards, is to enhance the quality of financial and business reporting in Uganda by encouraging the implementation of financial reporting standards as well as best practices in financial reporting. He said companies with well written financial Annual reports; attract investors, who in turn buy shares from these companies.

The Awards were introduced in 2011.Jun 4, 2019. Since inception, the FiRe Awards have impacted a number of organizations in the private, public and Non-Governmental Organization sectors.

This year’s Financial Reporting Awards giving ceremony is expected to attract over 100 companies, According to Nancy Akulllo, Institute of Certified Public Accountants of Uganda (ICPAU) Head of Communications.

She said participants will be drawn from Public and Private Entities. “These include; Ministries, Departments and Agencies, Communications and IT, Education and Research, Cooperative societies and Health and Medical Research among others”, she added.

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