The Ministry of Finance, Planning and Economic Development has underscored the importance of the Accountancy Act 2013, saying it is increasingly helping the sector players to streamline the industry by eliminating quack accountants.
The remarks were made at the 13th graduation ceremony of Institute of Certified Public Accountants of Uganda (ICPAU). Those who graduated were from Certified Public Accountancy (CPA), Certified Tax Advisors (CTA), and the Accounting Technicians Diploma (ATD).
This was the first graduation since the education sector was closed down in 2020 following the outbreak of the Covid-19 pandemic. A total of 916 graduated as CPAs while 27 were certified tax advisors and 55 as accounting technicians, all from the last eight diets covering December 2020 to December 2022.
Speaking to the Nile Post shortly after the ceremony, the State Minister of Finance in Charge of General Duties Henry Musasizi warned accountants who are operating in the industry who are not members of ICPAU. He said they will face it rough.
"Those who are not under institute are operating illegally. The Accountant Act is very clear. To be the head of finance in a government agency and other agencies you must be a member of the Institute of Certified Public Accountants of Uganda, "he said, adding that the Accountants Act of 2013 is helping in eliminating quack accountants in the country.
The Accountants Act of 2013 targets senior accounting positions in government departments, agencies, and ministries, including local governments, parastatals, and NGOs, among others.
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Musasizi urged ICPAU and the accountants to help in reducing bureaucracy in government departments, saying that apart from being time-consuming, they affect service delivery
The minister said the government appreciates the role and contribution of accountants in economic development and congratulated graduates and the Institute upon this academic achievement.
He urged the graduates to exhibit high levels of integrity in their work and also avoid corruption, adding that integrity is the backbone of their profession.
ICPAU president Constant Othieno Mayende said the number of Ugandans pursuing careers in accountancy is on a progressive curve, with the number of certified accountants estimated to be over 5,000.
Mayende said the graduands of the 13th graduation are an extraordinary lot, for while others dropped along the wayside because of Covid-19, they soldiered on.
"My appeal to graduates is to consolidate their professional journey by becoming CPAs. One is a CPA only if one is enrolled with ICPAU, as a full member. The institute was not spared from the blows of Covid-19. The examination diets were disrupted and the student's progression was curtailed," he noted.
