The Institute of Certified Public Accountants of Uganda (ICPAU) has staged two days of pro-bono services to create awareness to the general public about accounting services who at times fall prey to fake accountants.
The Institute, which intends to implore the public to always seek services of only professional accountants, noted that due to lack of information and knowledge by the general public, quack accountants have continued to thrive.
CPA Constant Mayende, an ICPAU Council Member in Charge of Finance and Administration said that there are many quack accountants in their midst which the general public has to watch out.
He said they are a risk to businesses because they do not offer sound business solutions for the flourishment of businesses or entities, do not adhere to accounting standards in the performance of their work and are perpetrators to crime.
“When a person completes a degree in accounting, that person is not yet an accountant. Many of these are falsifying accounts of entities, engaged in tax fraud and many other vices.
“Even, such people are not allowed to issue audit opinions, possess no seal which makes their reports not authentic and may not be traceable, in case of any investigations against them,” said Mayende at Uganda Manufacturers’ Association Exhibition Hall in Lugogo where the free services are ongoing.
Who is a Certified Public Accountant?
A Certified Public Accountant, as described by the Accountants Act 2013, is a person who is enrolled as a member of the Institute of Certified Public Accountants of Uganda.
He is a person who has completed the Certified Public Accountants of Uganda course and also completed a three year period of practical training. He applies to the ICPAU Council to become a member of the institute.
“Where the council is satisfied that the applicant is eligible for membership, he or she is then enrolled as a member.”
Accountants in Practice (Auditors)
The Accountants Act says a person, who is enrolled as a member of ICPAU and wishes to practice accountancy, applies to the council to be registered as a practicing accountant.
“Where the Council is satisfied that such member has fulfilled the conditions for registration, the Council will direct the Secretary to register the member and issue him/her with a Certificate of Practice for the year.
The free accountancy services attracted 30 accounting firms with a seminar on women entrepreneurs mentorship.
There will also be a Business Engagement Forum that will guide business people on how to approach challenges related to financial management, resource allocation, mobilization of funds and sustainability.
The celebrations and Exhibition will climax on November 14 at Kampala Serena Hotel with the 2018 Financial Reporting (FiRe) Awards where the best evaluated financial reports under various categories will receive awards.
“All entrants receive free evaluation reports that will enrich their approach to financial reporting on matters of transparency, integrity and accountability for a wider integrated approach in the corporate reporting process.
BY PAUL TENTENA