02 December 2011, Kampala. BRAC Uganda, one of the leading non-governmental development organisations in Uganda, last Friday, 25th November 2011, won two of the maiden Institute of Certified Public Accountants of Uganda (ICPAU) Financial Reporting Awards. The first award, being the best in the NGO Category Financial Reporting Award 2011 and, the other, a Bronze Award, being the third best overall in Financial Reporting 2011 in all sectors in the Country. These follow the Gold Award for Social Performance Management awarded by the Association of Microfinance Institutions of Uganda (AMFIU) to BRAC Uganda in September.
The ICPAU awards were presented to BRAC Uganda’s Principal Accountant, who is responsible for all BRAC Uganda finances, Mr. Daniel Businge, by the Uganda Minister of Finance, Planning and Economic Development, Hon. Maria Kiwanuka at a presentation dinner held in the Imperial Royale Hotel in Kampala. In a speech during the award ceremony the Honourable Minister said” “The accountancy profession plays a crucial role in the prudent management of economic resources, both in the private sector and public sectors, through the application of professional standards.”
The ICPAU Financial Reporting Awards aim at encouraging the implementation of financial reporting standards as well as improving the quality of financial and business reporting in Uganda. The awards which drew 37 participants were open to all organisations which produce annual reports in the country and were meant to provide an opportunity to the participating organisations to benchmark their reports against the ICPAU’s criteria of good financial reports. Each annual report was judged against itself, based on its success in communicating its organisation’s story.
The awards were sponsored by Vision Group, East African Development Bank, The African Capacity Building Foundation and the National Planning Authority.
“These two Awards in Financial Reporting justify our major goal of ensuring clear, reliable and understandable financial reports for our major partners and other stake holders,” Mr. Businge said.
BRAC Uganda, providing access to finance and critical livelihood development services to thousands of the country’s poorest people, has been operating in the country for only five years in which it has grown to be the largest NGO in the country. These awards are confirmation that alongside growth, BRAC is putting equal emphasis on ensuring transparency and accountability.