Stanbic Bank walks away with five awards in financial reporting

November 15, 2019 in Business, Companies, Finance by Editor

Stanbic’s Chief Financial Officer, Samuel Mwogeza and the bank’s Chairman, Japheth Katto flank two staff members after winning one of the five awards at the ICPAU event recently.

Stanbic Bank walked away with five plaques in the recent financial reporting awards ceremony organised annually by the Institute of Chartered Public Accountants of Uganda (ICPAU).

ICPAU started the awards to encourage best finance reporting practices as well as giving a platform to all public accountants and institutions to meet and discuss challenges and new trends in the accounting sector.

Financial reports form the backbone for financial planning, analysis, bench-marking and decision making which reflects how well a company or institution is run. These reports help to answer many vital questions on all aspects of a company’s financial activities, giving both internal and external stakeholders an accurate, comprehensive snapshot of the metrics they need to make decisions and take informed action.

ICPAU has been actively involved in improving accounting and auditing practices in Uganda which not long ago have suffered from institutional weaknesses in regulation, compliance, and enforcement of standards and rules.

Below are the 2019 winners in each category:

Report of the Year Award

Gold Award                                  – Stanbic Bank Uganda Limited

Silver Award                                 – Uganda Development Bank Limited

Bronze Award                               – National Social Security Fund

Corporate Governance Award: Certificates of recognition for good corporate governance reporting

Winner                                             – Stanbic Bank Uganda Limited

1st Runner–Up                               – Centenary Rural Development Bank Limited

2nd Runner–Up                              – National Social Security Fund

Sustainability Reporting Award: Certificates of recognition for good sustainability reporting

Winner                                                 – Stanbic Bank Uganda Limited

1st Runner–Up                                  – National Social Security Fund

2nd Runner–Up                                – Centenary Rural Development Bank Limited

Communication Award: Certificates of recognition for achievements in communication and presentation

Winner                                                 – National Social Security Fund

1st Runner–Up                                   – National Water & Sewerage Corporation Limited

2nd Runner–Up                                 – Stanbic Bank Uganda Limited

Financial reporting awards categories: Forex Bureaux

Winner                                                 – Unimoni Exchange Services Limited

Cooperative Societies

Winner                                                 – Y-Save  Multi-Purpose Cooperative Society Limited

1st Runner Up                                    –  Wazalendo SACCO Limited

2nd Runner Up                                   – CPA SACCO Limited

Retirement Benefit Services

Winner                                                 – Makerere University Retirement Benefit Scheme

1st Runner Up                                     – Bank of Uganda Defined Benefits Scheme

2nd Runner Up                                   – Standard Chartered Bank Staff Provident Fund

Regulatory Bodies and Associations

Winner                                                 – Bank of Uganda

1st Runner Up                                    – Electricity Regulatory Authority

2nd Runner Up                                  – Uganda National NGO Forum

Non-for-Profit Organisations

Winner                                                 – Reproductive Health Uganda Limited

1st Runner Up                                    – The Legal Aid Project of Uganda Law Society

2nd Runner Up                                  – Child’s i Foundation

Consumer and Industrial Products

Winner                                                – Umeme Limited

1st Runner Up                                    – British American Tobacco Uganda Limited

2nd Runner Up                                  – Uganda Clays Limited

Public Sector

Winner                                                 – National Social Security Fund

1st Runner Up                                     – National Water & Sewerage Cooperation

2nd Runner Up                                   – New Vision Printing and Publishing Company Limited

Insurance Services

Winner                                                  – Liberty Life Assurance Uganda Limited

1st Runner Up                                      – NIC Holdings Limited

2nd Runner Up                                   – Uganda Reinsurance Company Limited

Stock Brokers

Winner                                                  – Crested Stocks and Securities Limited

Microfinance Deposit Taking Institutions

Winner                                                 – FINCA Uganda Limited

Other Microfinance Institutions

Winner                                                  – Stromme Microfinance East Africa Limited

Banking Services

Winner                                                 – Stanbic Bank Uganda Limited

1st Runner–Up                                   – Centenary Rural Development Bank

2nd Runner–Up                                 – Uganda Development Bank Limited

Presentation of Special Awards: Most Improved Report Award

Winner                                                 – Makerere University Retirement Benefit Scheme

Reporting under the IFRS for SMEs: Certificate of recognition for Reporting under IFRS for SMEs

Winner                                                 – Unimoni Exchange Services Ltd

1st Runner                                           – Child’s i Foundation

Reporting under  International Public Sector Accounting Standards (IPSAS)

Winner                                                 – Kampala Capital City Authority

Best Listed Entity Award

Winner                                                 – Stanbic Bank Uganda Limited