The Institute of Certified Public Accountants of Uganda – ICPAU, a national professional accountancy organisation has commemorated 30 years of existence.
This was during the 27 ICPAU Annual Seminar held at the Imperial Resort Beach Hotel in Entebbe on Wednesday under the theme “resilience in a dynamic environment.”
In his welcome remarks, CPA Derick Nkajja, the ICPAU Secretary and CEO noted that it has been on eventful period full of operational, physical, emotional, mental and social resilience.
He said that over the last thirty years, they have been operating in a challenging environment- with the pandemic, the escalating cost of living and with the recent crisis in Ukraine.
“We acknowledge and appreciate the significant efforts you have made as accountants in your respective organisations to effectively manage complex operational risks over the past two years. However, there is more for us to do. The risk environment is fast evolving. The risks that crystallise in the future will not be the same as the disruptions we’ve seen in the past. They may be more complex and difficult to manage. Recent economic and social challenges reinforce our view that strengthening resilience in all aspects is essential for the safety and soundness of our organisations, financial stability and, ultimately, the good of the people of our country,” said Nkajja.
He noted that the thirty-year milestone is an opportunity for them to reflect on the achievements and growth of the profession thus far.
“Among others, these include the growth of the roll of Certified Public Accountants in Uganda, growing demand for professional accountancy education, o robust professional accountancy education framework, a solid regulatory framework, and enhanced financial reporting in Uganda.”
CPA Constant Othieno Mayende, the institute’s President said that they started in the year 1992 with only 79 members, and have now grown to over 3900 members.
“Through our robust accountancy examinations scheme, we have examined and qualified 4,589 accountants 1,808 Accounting Technicians and 67 Certified Tax Advisors.”
He says that with the enactment of the Accountants Act. 2013, the profession now has a stronger regulatory framework than it was at the start, something he commended Central Bank for implementing.
Among other key developments, the Act emphasizes the need for Heads of accounts, finance and internal audit in public and private sector entities with public interest to be members of the Institute.
Mayende says the Annual Seminar has grown to be the largest continuing professional development workshop on the calendar of professionals in Uganda, attracting approximately 1,500 participants each year.
Ugandan enterprises urged to explore regional oil and gas opportunities“This is from 45 participants at the first Annual Seminar in 1995.”
Officiating at the event, Michael Atingi-Ego, the Deputy Governor – Bank of Uganda said that the global Covid-19 pandemic presented to Uganda the first major test of the post-financial crisis.
“Here in Uganda, we stress test our banks vigorously for safety to ensure that they could support the economy without breaking.”
Atingi-Ego said that they provided accommodative policy to ensure that the financial institutions have access to liquidity even when they were badly impacted by the Covid-19 pandemic.
“In most of the developing countries, we like firefighting rather than fire prevention which the pandemic showed us that we need to change the thinking,” he said.
He also noted that climate change has a profound effect with the recent floods and drought having heavily impacted the local communities in Uganda.
“As a result of drought, inflation has hit 16.4% in the month of July 2022,” he said.
Accordingly, he noted that Bank of Uganda shall work with the financial institutions to “promote eased standards in the sector to positively impact on the long term sustainability in the value chains in the economic sector.”
Giving a keynote speech, CPA Fabian Kasi, the Managing Director, Centenary Bank shared tips on how to evolve in and build resilience in today’s dynamic age, including frugality (spend on were necessary), continuous planning, communication and alignment of business model to new covid 19 guidelines and directives.
“Size no longer matters, but survival for the quickest. Businesses must possess capability, adaptability and will to succeed.”
He noted that managers must have the ability to read signals of change, to experiment, manage complex multi-company systems, and most importantly they must have learned to unlock their greatest resources.
