The World Bank survey carried out, about three years back, indicates that Uganda has less than the minimum number of accountants that it should have.

Mr Gerard Kasanya, the chief executive officer of Institute of Certified Public Accountants of Uganda, recently said the World Bank looked at the economic demand of the country before concluding what the minimum number Uganda should have.

Mr Kasanya said: "This has a historical explanation. The accountancy profession is relatively new here.

By 1962, when we acquired independence, only four Ugandan accountants were professionals. Most of our accountants had different qualifications and were just training on-job."

However, the World Bank report on Accounting and Auditing (2005) argues that the number of professional accountants grew to approximately 1,000 in 1990. In 2005, an estimated 6,000 to 7,000 students were studying toward professional accounting qualification.

Uganda should have 3,000 professional accountants and currently there are only 50 per cent (1,500) professional accountants.

The World Bank report further says: "Observations suggest that this growth might not continue mainly because in practice, most companies cannot afford the cost of qualified accountants and very few companies appoint auditors. There are no current statistics on the demand for professional accountants."

Mr Kasanya agrees with the World Bank and says looking at the demand of the services; the number is still so small.

Why professionals?

One of the major effects of shortage of professional accountants, according to Mr Kasanya is poor financial reports.

"Once you are short of accountants, the reports are going to reflect that shortage. Do not be surprised to hear stories of fraud because we are lacking the professional touch in the industry. You will find all sorts of accountants with all sorts of behaviour because they are not qualified," he said

Mr Kasanya argues that once there is lack of professional services, service delivery remains inadequate. We need to have enough professional accountants if we are to have properly recorded financial books.

"Currently, over 20,000 students are undertaking the professional accountancy course. In five years to come, I am sure we shall have overcome the shortage of accountants in the country." Mr Kasanya hopefully said.

They help create budgets, track costs, and analyse publicly funded programmes, making sure money is both collected and spent as required by law.

Accountant vs auditor

Accountants and auditors help to ensure that firms are run efficiently, records kept accurately, and taxes paid properly and on time.

They analyse and communicate financial information for various entities such as companies, individual clients, and government.

Beyond carrying out the fundamental tasks of the occupation, preparing, analysing and verifying financial documents in order to provide information to clients, many accountants also offer budget analysis, financial and investment planning, information technology consulting and limited legal services.

An accountant is only entitled to maintain books of accounts where as an auditor is a qualified chartered accountant and is only entitled to audit (correct/verify and evaluate) books of accounts.