TASAC clinches top spot for financial reporting

DAR ES SALAAM: THE Tanzania Shipping Agencies Corporation (TASAC) has been awarded the top honour in the regulatory authorities’ category at the 2023 National Board of Accountants and Auditors (NBAA) awards.

The prestigious recognition highlights TASAC’s commitment to upholding the highest standards of financial reporting by adhering to the International Public Sector Accounting Standards (IPSAS), reinforcing its role as a leader in transparency and accountability within the country’s public sector TASAC has now claimed the top spot for four consecutive years, reinforcing its commitment to financial transparency and accountability.

TASAC’s Director of Finance, Mr Pascal Kalomba said over the weekend that the achievement was a testament to their unwavering commitment to professionalism and excellence in managing public finance.

“By adhering to IPSAS, we ensure the transparent and effective use of public resources, which is crucial for building trust and fostering sustainable economic growth in the maritime transportation sector,” he said on behalf of the agency’s head.

TASAC’s Senior Accountant, Faustine Masalu, also spoke about the significance of the award, noting that competing against eight other regulatory authorities meant maintaining the highest standards.

“This award demonstrates our dedication to fulfilling our mandate with integrity and competence,” Mr Masalu said.

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Masalu said the marine sector is rapidly transforming to greener ships in order to reduce pollution, while international customers seek reliable financial management to channel their imports and exports.

“This award builds trust, confirming that marine transportation through Tanzania’s ports is well-regulated, which will attract more customers,” he said.

Internal Auditor General Mashauri Magai, who represented the Permanent Secretary of the Ministry of Finance, stressed the importance of public institutions aligning with international financial reporting standards.

“Adopting IPSAS is not just about meeting global standards. It is about promoting good governance and enhancing public trust,” he said.