The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | JULIUS BUSINGE | The President of the Institute of Certified Public Accountants of Uganda Frederick Kibbedi (CPA) is pushing for adoption of new initiatives that can improve the standards of the profession in the country.
Kibbedi who was addressing a number of practicing accountants during the 9th Practioners Forum held in Kampala recently, said initiatives including staff training, outsourcing services, specialisation, leveraging technology and promoting more public awareness of accountancy services are being pushed as one way of boosting professional work.
In terms of improving audit quality, the institute is looking at initiatives such as having a training of trainers, conducting joint firm training, encouraging promotion based training, introducing practical sessions to the continuous professional development programmes and encouraging peer review schemes.
In the area of securing the future of the accounting firms, the institute is looking at creating a mentoring programme, re-evaluation of the services provided and how to provide them, embracing technology through data analytics and software, building trust among partnerships and sharing experiences with successful locals in the region.
For tax practitioners, the institute is suggesting initiatives like regular professional development and training, capitalising on ways to demonstrate value to tax clients, having and following proper policies and procedures and promoting automation, better integrated data and processes.
In terms of building a well functioning audit market, the areas suggested are; promoting mandatory joint audits by top firms among other initiatives.
Experts supporting the new plan say it would enhance performance for the profession which has a direct connection with the performance of the economy.
Uganda currently has a total of about 3,516 qualified accountants and slightly above 2000 are active.
That was far from the truth from what really happened. This report looks more like a sponsored report. There was gagging , intimidation and bulling during the discussion against any one who tried to air views about the reality on the ground; views such as the threats of software in the market that has caused increasingly low absorption of qualified accountants CPAs in the market, There are far more un employed accountants than you mentioned. About 85% of local audit firms are unprofitable with many threatening to exit the trade. During the forum the accountants were trying to strategies on pushing for more regulations to make it mandatory for firms to be audited and every company above a certain turn over should employ an accountant.