Kampala — The Public Accountant's Examination Board (PEAB) last week released the December 2012 results with only 45.5% of the 517 candidates who sat for the exams in the Accounting Technicians Certificate (ATC) passing.
The remaining 54.5% failed the course.
The board also let out the Certified Public Accountants of Uganda results, which had 3968 candidates in the December sitting.
According to Mr. Patrick Kagoro, the PAEB Chairman, 89 candidates completed the CPA Uganda course, with the number of candidates who sit for the exams increasing.
The December examinations had 356 candidates more than those that sat the June 2012 examinations.
Kagoro called upon the government to revise the accountant's act, which he said it weak and doesn't clearly describe who an accountant is.
Uganda has been marred by high levels of corruption, fraud and embezzlement by people, according to Mr. Naru Thakkar the President of the Institute of Certified Public Accountants (ICPAU) allegedly calling themselves accountants.
"This accountant title has been abused. Everyone calls him/herself an accountant," asserted Thakkar.
He said the Accountants Act must give the institute powers to recommend public accountants to avoid messes and corruption cases that are currently in the office of the prime minister.
It should also explain who an accountant must be.