The Deputy Controller of Budget FCPA Stephen Masha leads the OCOB team as they receive the 2023 Fire Award for 1st Runners Up in the Category of IPSAS Cash
The Office of the Controller of Budget (OCOB) has continued its winning streak for the past decade, when it scooped the First Runners-Up award in the category of IPSAS Cash Financial Reporting under the Constitutional Commissions and Independent Offices, during the 2023 Financial Reporting (FiRe) Awards ceremony at the Safari Park Hotel.
The theme of this year’s ceremony was “Utilizing technology and innovation to enhance transparency of sustainability, governance and financial information”. These awards are aimed at promoting integrated reporting through enhancing accountability, transparency and integrity.
To contend for the award, organizations submit seven copies of their most recent annual reports, akin to those shared with shareholders and stakeholders. The Annual Reports and audited financial statements undergo a rigorous evaluation exercise by a distinguished panel of evaluators, drawn from various reporting stakeholders. The evaluation process is constantly reviewed to keep a breast with new developments within the financial and corporate reporting environment. The results of the evaluation findings are summarized and reported at the Award ceremony as findings of the evaluation process. All participating organizations are later issued with individual confidential feedback on their reports.
The evaluation process adheres to globally accepted principles and best practices, encompassing reporting frameworks like International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS).
This year’s FiRe Award ceremony was a collaborative effort that was sponsored by several institutions including the Insurance Regulatory Authority (IRA), the Sacco Societies Regulatory Authority (SASRA), and Kasneb. Key promoters included the Institute of Certified Public Accountants of Kenya (ICPAK), the Public Sector Accounting Standards Board (PSASB), Capital Markets Authority (CMA), Nairobi Securities Exchange (NSE), and the Retirement Benefits Authority (RBA).
We take this opportunity to congratulate the OCOB team for this exemplary performance. Our dedication to promoting prudent financial management has once again earned us a well-deserved FiRe Award.