BK Group has won three awards in an annual flagship event in which outstanding financial statements and annual reports are awarded in various categories.
The accolades were presented during the 10th Institute of Certified Public Accountants of Rwanda (ICPAR)‘s annual training conference that took place from November 10-12th in a hybrid mode.
During the ceremony, BK Group was awarded as the overall winner and in the Public listed and Group Companies category.
On the other hand, BK Insurance, a subsidiary of BK Group, was awarded under the Financial Sector-Non banking category.
"BK Group Plc has demonstrated the highest levels of comprehensive and integrated reporting over the years. Looking at all parameters, from regulatory compliance, sustainability, corporate social responsibility & value creation, the Group meets global reporting standards. The evaluation team believes that other entities in Rwanda should aim to achieve the same reporting standards in order to attract both local & foreign capital for sustainable growth” said CPA Felicien Muvunyi, Chair of the FireAwards Evaluation Committee and Managing Partner at Garnet Partners.
The awarding ceremony is also organized in partnership with the Ministry of Finance and Economic Planning, Office of the Auditor General and the Capital Market Authority.
Financial Reporting Awards aim at promoting a strong financial reporting culture, which according to organisers, lead to improved accountability, integrity and transparency.
The above are essential for laying a foundation for sound corporate governance; a main pillar in Rwanda’s current National Strategy for Transformation (NST1).
According to a statement released by ICPAR, the evaluation criteria included quality of financial reporting and non-financial reporting aspects on corporate governance, corporate social responsibility and sustainability to name a few.
On her part, the CEO of BK Group hailed the awards describing them as an effort to promote accountability and the corporate reporting process.
We are delighted to have received these 3 awards in recognition of our excellence in financial reporting and compliance with global reporting standards. This is a testimony of our continuous effort and commitment to promote transparency, integrity and accountability in our corporate reporting process,” said Dr. Diane Karusisi, BK Group CEO.
During the competition that is open to all Rwandan-based organisations, all participating entities also receive feedback on their financial statements among other benefits.
"All participants obtain relevant feedback towards their performance from a team of independent experts that helps them improve on corporate reporting while embracing an integrated approach as to how their resources create value,” reads the statement in part.
The ICPAR’s FIREAWARDS initiative was also awarded as the Honoree of the International Standards of Accounting and Reporting (ISAR) Honours for 2021, under National category during the UNCTAD World Investment Forum 2021 that took place from 18-22 October 2021. ISAR is the United Nations Conference on Trade and Development (UNCTAD)’s initiative that aims at raising awareness and facilitating dissemination of national and international best practices on sustainability and SDG reporting. It supports public and private sector efforts to enhance the quality and comparability of companies’ reporting on their contribution to the 2030 Agenda for Sustainable Development and its usefulness for monitoring the implementation of the Sustainable Development Goals (SDGs).