Make accountancy great again

Recently, 10 graduates were revealed out of 265 people that applied for accountancy scholarships for the third cohort in September 2021.

Derick Nkajja, the chief executive officer of ICPAU, says the beneficiaries are fresh graduates from both public and private universities and they were selected based on their performance in their final examinations. 

Walter Hargard Okello, one of the beneficiaries, says he learnt of the opportunity while pursuing his diploma. He was ineligible because he had not yet acquired a Bachelor’s degree , which is a prerequisite for the scholarship.

“I had to wait until I enrolled for a Bachelor of in Business Administration majoring in Accounting at Gulu University,” Okello says.

 As he waited, he enrolled for a private CPA course, which he says was a bit expensive. Topping his class with a 4.3 CGPA, Okello hit the social media platforms again for the next scholarship opportunity.

He applied in August 2021 and, he was called as one of the beneficiaries of the 2021 scholarships recently.

He says this will enable him to complete the course faster since he will have all the resources unlike the private arrangement which keeps one their toes looking for fees to pay for every paper they sit.

“There is also exposure to experienced and renowned accountants that will give me hands-on information as my mentors. That will be essential for my future assignments,” Okello says.

 Vicky Amon, on the other hand, passed with a second class upper in Business Administration majoring Accounting and Finance at Lira University, applied for a CPA scholarship in November 2021. Amon says accounting will help her run business professionally. 

“Accounting also, will enhance my ethical standards as I manage my business and employees will not cheat me,” she says. Amon could not hide her excitement when she received the call that she had won the scholarship last month.

“I could not wait to get the bus from Lira to Kampala for the ceremony,” Amon says adding that, she looks up to Gordon Wavamunno and wants to be an entrepreneur like him. 

An article published by the Institute of Certified Public Accountants of Uganda (ICPAU) shows that there are 415 practicing accountants and 260 licensed accounting firms which offer accounting services in Uganda, as of March 15, 2022.

Scholarship

ICPAU called for applications for the fourth cohort of the 2022 ICPAU student scholarship programme. Twaha Kaawaase, a CPA lecturer, launched the programme on May 24, at Skyz Hotel in Naguru.  

The  two-and-a-half years’ long scholarship which was introduced in 2019 includes registration, annual renewal examinations fees, as well as study materials. In partnership with training institutes such as Glory Professional Consultants and Trainers and MAT Abacus, tuition fees are also covered by the same scholarship. 

This is a way for the institute to give back to the community to nurture young talent in professional accountancy.

During the course, students are required to demonstrate their knowledge and skills through attaining practical experience through major fields of financial reporting, management accounting, taxation, auditing, financial management, information technology, insolvency practice, communication skills, personal skills, and organisational skills.

True  to the profession

Kaawaase says one cannot be an accountant unless they have gone through professional training.

“The first degree only gives a foundation to professional accountancy.  Training distinguishes you from other people,” he says, adding that a true accountant must have integrity, be confidential, professional, objective,  have professional care and due skill.

He says any institution in Uganda which has a public interest needs a professional accountant which gives one a range of jobs. 

“You can fit in anywhere as long as there is inflow and outflow of funds,” he says. 

Kaawaase says accounting requires patience, although many after landing a job, they want to build a house,  buy a posh car  and get married in a lavish ceremony in  one year.

“When you see me with a good watch and a good car, it is  from my 34 years of hard work,” he elaborates.

When an opportunity presents itself, one can take it but they ought to exercise patience.

“Even if it is your boss asking something from you, ask them to put everything in writing. If they hesitate, that is not an ethical deal. Have evidence in everything you do. Whatever you do always think if this becomes the headline of Tomorrow’s Monitor, will it make you proud?” he says 

Note that scholarships  are open to students who majored in accounting and, those  who scored Second Class Upper degree and above have high chances of winning the scholarships. Applications for this year  opened on June 1,  and close on July 31 .