All public accountants to register with professional body; new law
Posted Tuesday, February 19 2013 at 14:00
The Institute of Certified Public Accountants of Uganda (ICPAU), the body mandated to uphold ethical conduct among accountants, has demanded that all accountants become its members.
ICPAU was established in 1992 by the Accountants Act. However, two decades later, it has still failed to register all accountants practising in the country, something that has rendered regulation in the career difficult.
Derik Nkajja, the Chief Executive Officer at ICPAU, told Uganda Radio Network (URN) on Monday that they are seeking to register all public accountants as members of the Institute.
On top of making regulation easier, registration will contribute to the Institute’s sustenance especially from yearly subscription fee (Shs350, 000) each member pays.
There are many accountants currently registered with the Auditor General but not with ICPAU, which Mr Nkajja says was addressed in the Accountants Bill that was passed early this month. Once signed into law, he said, the Act will make it mandatory for every accountant to register with the institute.
Mr Nkajja also spoke of the need to accord more authority to accountants to enable them question and object to inappropriate expenditure by accounting officers.
He also dismissed concerns that the training offered by the Institute is of a lower standard compared to international accountancy qualifications, saying some of their graduates have already been employed overseas.
Many accountants have often expressed preference for training with the Association of Chattered Certified Accountants (ACCA).