Accountants’ body asks for strict fraud law
Posted Wednesday, January 9 2013 at 02:00
The current law does not give ICPA powers to fight professional misconduct.
The Institute of Certified Public Accountants of Uganda (ICPA-U) has said instead of the media and public criticising it for failing to curb fraud among accountants, they should join the crusade to put pressure on the government to give it more powers to fight the vice.
Speaking at the release of the December 2012 Accountants Examinations result, Mr Naru Thakkar, the president of ICPA-U, said the growing fraud among accountants is harbored by two factors including the weak Accountants’ Act and ignorance about the real definition of a professional accountant.
“The Accountants’ Act needs to be revised to accord more powers to us [ICPA-U]. A new Bill was forwarded to parliament four years ago but is still on shelves,” Mr Thakkar said.
He added: “I promise that if this Bill is enacted, we will minimise fraud. Some of the people implicated in the fraud are not even ICPA members. For now, we cannot revoke or suspend their certificates until the new Bill is enacted.”
Mr Thakkar’s comments followed several queries over the role of the institute in fighting fraud and embezzlement.
Accountants in Uganda have in the recent past come under the spotlight over several fraud cases, an indication of the low integrity levels in the profession.
The increasing fraud, most of which is perpetuated by professional accountants, is costing the government and the private millions of shillings each year.