Tanzania: Central Bank Proud of NBAA Awards

The awarding of the Bank of Tanzania (BoT)'s financial statement for 2009/2010 as the overall winner in best presented financial statements by the National Board of Accountants and Auditors (NBAA) last week has proved that as a regulator of commercial banks it can lead by example.

This was said by Director of Finance, Mr Julius Angello in Dar es Salaam on Wednesday. He said the award is another milestone towards giving donors and other stakeholders confidence that the central bank has solid and sound financial accounting policies and procedures in force which comply with the requirements of the International Accounting Standards Board (IASB).

"The award is also an indication that the central bank is among the top institutions in the country complying with accounting standards while preparing its financial statements, specifically the International Financial Reporting Standards (IFRSs) and International Accounting Standards (IASs)," he said.

Mr Angello received the award on behalf of BoT during a ceremony held in Arusha last week from the Deputy Minister for Finance Mr Gregory Teu. At the colourful event, the NBAA also awarded the 2009/2010 BoT Financial Statements as the first winner in the Regulatory Agencies Category for the best presented financial statements.

"That the 2009/10 BoT financial reports got a clean audit report is an indication that the bank complies with accounting standards, laws and have solid, sound and effective internal controls in place as part of the governance requirements," he said.

Mr Angello said the achievement was a result of collective efforts involving the BoT Board, Audit Committee, Management and Staff. However, he said since standards are continuing to change with new ones coming on board, the bank needs to continue investing in capacity building especially staff training.

"We have the challenge of ensuring that we continue to be the overall winner and ensuring that we are keeping abreast of all developments in the accounting profession," Mr Angelo emphasized.

This is the second time the BoT has participated in this event. It also did so in 2006 and the 2005/06 financial statements, saw the bank emerging overall winner in the financial sector category.

The BoT has now been re-classified from the banking sector category to the Regulatory Agencies category. NBAA has made a significant contribution to accountancy development in Tanzania over the past decade, especially on administration and examination processes.