By Caroline Nassuuna
The Institute of Certified Public Accountants of Uganda (ICPAU) has unveiled its new five-year strategic plan, which will guide the Institute’s operations and growth from 2024 - 2028.
For this season, the Institute’s renewed purpose is to empower accountants to transform communities under the tagline, we create impact.
CPA Derick Nkajja, the Secretary/CEO of ICPAU outlined the new vision of the Institute to be "a globally recognised promoter of accountants for sustainable economies." This new vision marks a shift towards a more global outlook while maintaining a strong emphasis on sustainability.
Alongside the new vision, ICPAU has also updated its mission and core values to better align with the strategic plan. The new mission is to develop and regulate accountants for professional excellence and sustainable impact. The new core values are professional excellence, accountability, integrity, and responsiveness.
This is aimed at reinforcing the Institute’s role not only as a leader in the accountancy profession in Uganda but also as an influential player on the global stage.
In line with its growth and strategic expansion, ICPAU announced plans for the redevelopment of its property at Plot 42 Bukoto Street. This redevelopment is part of the Institute’s ongoing efforts to enhance its infrastructure, providing a modern and conducive environment for its operations and activities.
CPA Nkajja also provided insights into the evolving landscape of the accountancy profession, highlighting trends that are shaping the industry. He noted that technological advancements, workforce dynamics, and environmental considerations are among the key factors influencing the future of accountancy. He urged members to remain vigilant and proactive in updating their knowledge and skills to stay ahead of these trends.
"The Institute always needs you to remain updated with changes in regulation. These include changes in International Financial Reporting Standards (IFRS), tax regulations, data privacy laws, and cybersecurity," CPA Nkajja emphasised.
He underscored the importance of Continuous Professional Development (CPD) as a tool for maintaining professional relevance and competency. ICPAU follows a CPD calendar yearly and commends members for actively participating in these programs. Two upcoming CPD events; the Audit File Training Workshop and the Business Valuation Masterclass, are scheduled for October 2024, providing further opportunities for skill enhancement.
A critical focus is the activation and strengthening of Regional Member Networks. Currently, ICPAU has 12 regional networks, with seven regions actively operational (Acholi, Ankole, Central, Kigezi, Lango, Mid-Eastern, and West Nile). Two regions (Busoga and Teso/Karamoja) are in the activation process, while three regions (Southern Buganda, Rwenzori, and Bunyoro) are yet to be activated.
"The Council is passionate about activating Regional Members Networks," remarked CPA Nkajja, underscoring the importance of these networks in fostering member engagement and collaboration across different regions.
ICPAU continues to prioritise member welfare through various initiatives. New waivers and discounts on annual membership fees have been introduced to ease the financial burden on members. Additionally, the recently launched ICPAU Benevolent Fund, will provide bereavement support to members, reflecting the Institute’s commitment to supporting its members in times of need.
CPA Nkajja also spoke about the actualisation of the objectives of the Uganda Accountancy Qualifications Framework (UAQF), which was approved by the National Council for Higher Education in 2023. The UAQF provides a standardised basis for assessing and comparing accountancy qualifications, ensuring consistency and quality in the profession, and among other aspects, it emphasises the weight of the Certified Public Accountants qualification in the recruitment of accountants
The CEO also called upon its members to participate in the thought leadership programme by writing and submitting articles for publication. This initiative is aimed at fostering a culture of knowledge-sharing and intellectual engagement within the profession.
Other updates from the Institute include the operationalisation of the category of honorary membership program to appreciate those who have significantly served the accountancy profession, encouraging a spirit of excellence and dedication.
CPA Nkajja urged accountants to take both individual and collective responsibility in safeguarding the integrity and relevance of the accountancy space.
CPA Nkajja was delivering updates from the Secretariat at the 29th ICPAU Annual Seminar running from 4 – 6 September 2024 at the Imperial Resort Beach Hotel, and online.. Organised under the theme, Driving Sustainability and Trust the seminar, a hallmark event in the ICPAU calendar, provides a unique platform for accountants to engage in knowledge acquisition beyond technical skills, exploring areas such as health, personal finance, business, relationships, and parenting.
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