The Ministry of Trade and Industry was yesterday awarded the Financial Reporting Award (Fire Award) after emerging the best in financial reporting among the corporate bodies in the East African region.

The competition was held recently in Nairobi, Kenya.

The award that is promoted by the Institute of Certified Public Accountants of Kenya (ICPAK), Nairobi Stock Exchange (NSE) and the Capital Market Authority of Kenya, was initiated  to promote and institutionalize transparency, integrity and accountability in corporate reporting.

The ministry beat 85 other regional companies that had participated after presenting the best accounts using the International Public Sector Accounting Standards (IPSASs).

Speaking at the event, the Minister of Trade and Industry, Françoise Kanimba, said that the award was a reflection of quality accountability in the ministry, adding that it will continue to improve.

"This indicates that our ministry is transparent and respects accountability through professionalism. We promise to retain this award,” the minister said.

The award has been running for the last 10 years but it was the first time Rwandan institutions and companies were participating in the regional financial competitions.

The Auditor General, Obadiah Biraro, said that the award remains a challenge to other public institutions saying they should also do the same to develop the country.

 "When a ministry receives an award, it’s a challenge to other ministries. Understanding the need for accountability as a tool for economic development is of  utmost importance,” he said.

Biraro noted that in line with facilitating the financial reporting, the government is enhancing Integrated Financial Management Information System (IFMIS), an automation of accounting practice that will help streamline the work of accountants.

The president of Rwanda’s Institute of Certified Public Accountants (ICPAR) Peter Rutaremara, commended the ministry saying that his institute would continue supporting other institutes.

"You have placed our country on the international scene. We will continue supporting you to ensure the development of the country and as well as promoting accountability and transparency.” he pledged.

Among local companies that participated, FINA Bank Rwanda was selected as the best institution to present accounts in Rwanda.

Other companies included Bank of Kigali, National Bank of Rwanda, Institute of micro Finance Unguka,and KCB Rwanda.

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