The Institute of Certified Public Accountants of Uganda (ICPAU), the body mandated to uphold ethical conduct among accountants has demanded that all accountants should become its members.
The Accountants act enacted in 1992 provided for the establishment of the accountancy professional body however, over ten years later, it has still failed to enlist all the accountants rendering regulation in the career difficult.
Derik Nkajja, the Chief Executive Officer of ICPAU, told Uganda Radio Network (URN) on Monday that they are seeking to register all public accountants as members of the Institute; a move he said makes it easier to regulate the profession.
URN also understands that the registration would contribute to the Institute’s sustenance especially from the 350,000 yearly subscription each member pays. Presently, there are many accountants who are registered with the Auditor General but are not members of the professional body however, Nkajja said the problem has been addressed in the Accountants Bill that was passed early this month and is only awaiting the president’s consent. He said once enacted, the new Accountants Act would make it mandatory for every accountant to register with the Institute.
Nkajja also expressed the need to accord more authority to accountants to enable them question and object to inappropriate expenditure occasioned by accounting officers.
Nkajja added that the Institute has also managed to raise its training standard to an international accounting education standard making it possible for its graduates to seek employment worldwide adding that it was also on the board membership for Pan African Federation of Accountancy.
He dismissed concerns that the training offered by the Institute does not correspond with the international accountancy education level saying some of their graduates have already been employed overseas. Many accountants have often expressed preference for training with Association of Chattered Certified Accountants (ACCA).
The Institute of Certified Public Accountants has an examinations board, which determine syllabuses and conduct public accountants’ examinations.