ICPAU skills SMEs in financial reporting

Women sell tomatoes and onions in a market. PHOTO/ JOSEPH KIGGUNDU

What you need to know:

  • Companies must ensure that the environmental aspect of reducing carbon emissions or deforestation is minimised, socially responsible and governance issues means producing multiple returns. 

RACHEAL NABISUBI    

Small and Medium Enterprises (SMEs) now do not have to worry about skills in financial reporting after the Institute of Certified Public Accountants of Uganda (ICPAU) opted to bridge the gap through training them.

The pro bono services are intended to cure the problem of SMEs that do not engage in financial reporting with the Environmental, Social and Governance (ESG) reporting component. 

So, companies must ensure that the environmental aspect of reducing carbon emissions or deforestation is minimised, socially responsible and governance issues means producing multiple returns.  

Pro bono is a Latin phrase for professional work undertaken voluntarily and without payment. The term refers to providing legal services for people who are unable to afford them.
Mr Charles Lutimba, manager standards and technical support, ICPAU said that pro bono services are an extension of free services to Micro Small and Medium practices to help them in preparing financial reports.

“When we have been running the financial reporting awards (FiRe Awards), we realised that there are entities that cannot produce reports yet the product out of whatever they do has a report. That stopped a number of them from participating. But this year we launched the pro bono services; placed a call for entries and a number of entities responded,” Mr Lutimba said.

This was revealed during the launch of the 2022 Financial Reporting Awards in Kampala.
He added: “The call is still open and whoever wishes to have free services such as accountancy, free advisory services and taxation among others. These are professionals who will serve them best and help them build up their record keeping and financial reports.”

The ESG concept is a new emerging trend globally.

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