By Joan Abaasa
Communications Officer, ICPAU
The Public Accountants Examinations Board (PAEB) has announced the release of the results for the November 2023 examinations diet of the Institute of Certified Public Accountants of Uganda (ICPAU). The announcement was made by the Chairperson of PAEB, CPA Prof. Laura Orobia on 3 January 2024 at the Protea Hotel by Marriott Kampala Skyz.
Certified Public Accountants of Uganda [CPA(U)]
There were 5,956 candidates, up from 5,855 in May 2023. The average pass rate improved from 32.6% in May 2023 to 38.5%. CPA 12: Advanced Financial Reporting, CPA 13: Public Financial Management, and CPA 16: Audit Practice & Assurance recorded the lowest pass rates, below 20%.
Among the problematic areas noted were preparation of journal entries and statement of changes in equity, preparation of adjustments in relation to prior period errors, consolidation of financial statements, application of the various standards to question requirements, and concentration on the discursive parts of the paper at the expense of computational areas.
76 students completed the course, bringing the cumulative total to 4,970 since the inception of the course.
Certified Tax Advisor (CTA)
There were 113 candidates, up from 98 in May 2023. The average pass rate improved from 26.7% in May to 36.2%. CTA 6: Indirect Taxes and CTA 10: International Taxation recorded the lowest pass rates.
Among the problematic areas were valuation of excisable goods, inability to cite tax and case laws to support answers, and monthly accountability for Value Added Tax (VAT) - many candidates were aggregating values for the whole year.
3 students completed the course, bringing the cumulative total to 81.
Accounting Technicians Diploma (ATD)
There were 134 candidates, compared to 114 in May 2023. The average pass rate improved from 43.5% in May to 51.2%.
ATD 12: Principles of Auditing had the lowest pass rate of 21.4%. Many candidates could not point out factors to consider in establishing an overall audit strategy and some failed to distinguish between internal audit and external check. The other challenge was about limited knowledge of other assurance engagements.
9 candidates completed the course, bringing the cumulative total to 1,840.
Effective 1 January 2024, the assessment of ATD has moved to the Uganda Business and Technical Examinations Board (UBTEB). New ATD students are now registered by UBTEB, while existing students will continue their examinations with ICPAU until 2025. The ATD course will remain an accredited course by ICPAU in accordance with the Uganda Accountancy Qualifications Framework (UAQF), and holders of the diploma will be exempted from Level I papers of the CPA(U) course.
Improving Performance
As part of the interventions towards improved performance, the Institute will conduct a study on factors affecting the performance of students. ICPAU is also working on conducting a master class for tuition providers on how to teach (pedagogy). In the meantime, students are encouraged to seek tuition from recognised tuition providers. A list of approved tuition providers is available on the ICPAU website, www.icpau.co.ug.
ICPAU Vice President, CPA Ronald Mutumba encouraged students who completed their studies to progress further.
“The journey of professionalism does not end with the acquisition of a professional qualification,” noted CPA Mutumba.
“It is a continuous process and among the requirements for one to be a professional accountant, they must be a full member of ICPAU, because it is only then that they are regulated by the Institute, and ascribing to the Code of Ethics for Professional Accountants,” he added.
Performance Audit Course
In collaboration with the Office of the Auditor General (OAG) the Institute is set to establish a Performance Audit course. The aim of the specialised course is to enhance multidisciplinary capabilities among performance auditors and professional accountants, to provide the needed assurances on economy, efficiency and effectiveness of various government programmes and functions.
The November 2023 examinations were held from 27 November to 1 December across the seven ICPAU examinations centres, Arua, Fort Portal, Gulu, Kampala, Mbale, Mbarara and Nkozi. There were 6,223 candidates compared to 6,067 at the May 2023 diet (2.6% growth). Overall, there was an improvement in the general performance.
The graduation ceremony for students who completed their ICPAU courses in 2023 will be held on Thursday 7 March 2024.
Read the full PAEB speech by following: https://shorturl.at/fFKPS
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