Ugandan Accountant—Doreen Rwakatungu Musiime named new Standard Bank Group Chief Audit Officer  The appointment has been hailed as a continuing "important vote of confidence in Ugandan talent" as Rwakatungu succeeds another Ugandan, Francis Karuhanga who recently assumed a new role as Chief Executive Stanbic Uganda Holdings Limited.

The Standard Bank Group has appointed Ugandan accountant Doreen Rwakatungu Musiime as new Chief Audit Officer (CAO) replacing another countryman, Francis Karuhanga who has since become Chief Executive Stanbic Uganda Holdings Limited (SUHL).

Until her elevation to Group CAO, Rwakatungu has been the Head of Internal Audit for Africa Regions within the Standard Bank Group. She is a Chartered Accountant and holds a Bachelor of Science in Electrical Engineering and an MBA. 

With over 20 years of experience in internal and external audit, mostly in the financial services industry, Rwakatungu joined the Standard Bank Group in 2016 as the Head of Audit for Uganda and East Africa before being promoted to Head of Internal Audit for Africa Regions in 2021.

The CAO’s key mandate is to maintain the independence of the Internal Audit function and administratively reports to the Group Chief Executive Sim Tshabalala, and functionally to the Chairman of the Group Audit Committee. She is also a standing invitee to the Group Leadership Council by virtue of the role.

SUHL CE Francis Karuhanga has called the appointment an “important vote of confidence in Ugandan talent”.

“Doreen’s appointment to such an important role demonstrates the Standard Bank Group’s commitment to being an equal opportunity employer that deploys its rich human resources based on competence not nationality, to drive Africa’s growth in any of the twenty countries where we operate. 

Additionally, it is an important vote of Group confidence in Ugandan talent and should inspire many others to pursue career growth opportunities beyond the geographical confines of Uganda. Having worked with her, I have no doubt that Doreen will deliver on this important mandate,” said Karuhanga.  

This appointment follows that of Anne Juuko, the outgoing Chief Executive of Stanbic Bank Uganda who is set to become Global Markets Regional Head for East Africa, overseeing seven countries including Uganda, Kenya, Tanzania, DR Congo, South Sudan, Malawi, and Zambia.