28 December 2012

Uganda: Law Proposed to Block Bankrupt Accountants

Photo: New Vision
Uganda parliament in session (file photo).

Parliament is seeking to prevent accountants who have been declared bankrupt in other countries from practicing in Uganda

Nandala Mafabi, the Leader of the Opposition in Parliament said the law should prevent bankrupt accountants who run from other countries into Uganda and attempt to practice from here.

Mafabi said this as Parliament was debating the Accountants Bill 2011. He said accountants who have been declared bankrupt in other countries may have dubious backgrounds and could cheat Ugandans.

Jacob Oulanyah, the deputy Speaker of Parliament, who chaired the House, said: "The matter is not simple, so let the committee study the matter and report to the House," Oulanyah said.

He added that Parliament will resume scrutinising the Bill in February. Parliament last week begun discussing the Bill, which seeks to amend, replace and consolidate the law relating to accountants in the country.

The Bill, which was tabled for its First Reading in February, was considered by the Committee on Finance, Planning and Economic Development.

The Bill seeks to provide for the Institute of Certified Public Accountants of Uganda, the institute's council and its functions and to provide for the Public Accountants Examination Board and its membership and functions.

The accountancy profession is currently governed by the Accountants Act, enacted in 1992.

Jachan Omach, the state minister of finance said it was necessary to amend the Accountants Act and bring it in conformity with internationally acceptable standards of regulating accountants in Uganda.

The Bill provides that the Institute of Certified Public Accountants (which is already in place) shall regulate and maintain the standard of accountancy in Uganda.

The institute will also regulate the conduct of practicing accountants in Uganda.

The Institute shall have the Public Accountants Examinations Board, which shall determine the syllabi and curricula for the subjects of study, conduct examinations, appoint examiners and moderators and make rules to govern the examinations.

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