Dear fellow CPAs,
A very happy new year to you all.
I hope that you had a joyful and restful holiday season with your families.
The year 2024 is here and we are all excited to unravel what’s in store for us. Nothing presents the opportunity for a fresh start like a new year!
I am delighted to highlight some key developments at the Institute of Certified Public Accountants of Uganda (ICPAU) and some of our plans for you this year.
2024-2028 Strategic Plan
As you may be aware, ICPAU has entered a new 5-year strategic season. Accountants, as custodians of resources and business advisors, play a pivotal role in the growth and sustainability of economies. Therefore, the new strategic plan is heavily outward-looking. The aim is to leverage technology and partnerships, to link more strongly professional accountancy education, and regulation so as to achieve a strong calibre of professional accountants who can effectively support economies. Your support in the implementation of the strategic plan is fundamental.
Please take note of the following changes in the Institute’s vision, mission, values and tagline. These changes reflect our renewed purpose – to empower accountants to transform communities.
Vision: A globally recognised promoter of accountants for sustainable economies
Mission: To develop and regulate accountants for professional excellence and sustainable impact
Core Values: Professional excellence, accountability, integrity, responsiveness
Tagline: We create impact
The strategy is hinged on 5 pillars, namely:
a) Promote and protect the CPA Uganda brand
b) Influence national economic policy
c) Enhance service quality for members and students
d) Strengthen stakeholder relationships
e) Optimise ICPAU Secretariat for financial sustainability
Key focus areas include:
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Increase industry recognition and confidence in the CPA Uganda brand leading to greater demand for CPA Uganda certified professionals and services.
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Introduce new specialty on-demand certifications with open admission to other professionals.
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Develop a framework for thought leadership, policy, and advocacy work.
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Establish capabilities for research and policy analysis.
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Set up Institute Centre of Excellence in speciality areas – tax, public financial management services, and emerging technologies
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Strengthen members' and students' communication platforms for improved collaboration and service quality.
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Construct the ICPAU head office block to enhance the brand
Key Developments for 2024
To actualise the key focus areas, we have the following key activities for 2024.
Members Regional Network Executives: The Institute requires vibrant regional members networks to propel the strategy ambitions across the country. To this end, elections for regional members network executives are set to be held this year. Nominations are in progress. There are 12 regions across the country, namely, Acholi, Western, Mid-Eastern, West Nile, Busoga, Bunyoro, Rwenzori, Teso/Karamoja, Kigezi, Southern Buganda, Lango and Central. Each region is planned to have an active regional members network. Members in good standing are encouraged to submit nominations for executives via members@icpau.co.ug. The elections will be conducted during the various General Meetings to be held in the respective regions.
ICPAU Benevolent Fund: Having been fully registered in 2023, the ICPAU Benevolent Fund is set to be operationalised this year. The Fund is a charity organisation that was established as a revocable trust to provide bereavement support to members of the Fund, their spouses and children. Members and staff of the Institute are eligible to join the benevolent fund. Benefits include bereavement support, support in case of prolonged sick leave without pay or reduced pay, contribution to the education of members’ children and dependents in case of death, and real or immovable property benefits. However, all those benefits will only be realised when members actively join and support the fund. For more information about how to join the benevolent fund, please write to members@icpau.co.ug
Redevelopment of Plot 42, Bukoto Street: I am pleased to report to you that all necessary approvals have been obtained and construction works are set to commence. The process of sourcing for a contractor has kicked off.
Transfer of ATD to UBTEB: Effective 1 January 2024, the assessment of ATD 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.
Short Certification Courses: To deepen the Institute’s relevance to non- traditional members, market-responsive specialty short certifications in areas such as performance audit, business valuation, and personal finance are top on our agenda to enhance the skills required in our economy.
Experiential Learning: The Institute has introduced an experiential learning CPD which will take place from 15 – 17 May 2024. The aim of the CPD is to provide a platform for hands-on learning by observation and interaction, to stimulate reflection and inspire participants to explore opportunities across the country.
2nd PFM Conference: This will run from 20 – 22 March 2024 at the source of the Nile hotel, Jinja. The inaugural conference attracted over 600 participants. We look forward to an even bigger audience, as we strengthen public financial management for Uganda’s fiscal sustainability.
Masterclass for Foreign Accountancy Qualification Holders (FAQs): The Institute will conduct a masterclass for holders FAQ holders. The course will target holders of FAQs who completed their professional accountancy courses before 2013. This is to help all individuals that stayed behind at the enactment of the current law to access ICPAU membership.
Masterclass for tuition providers: As part of the interventions towards improving the performance of students, ICPAU is also working on conducting a masterclass for tuition providers on how to effectively deliver CPA tuition.
You are invited to be part of this exciting journey.
The strategic plan is member and student-focused, therefore your involvement is key. Some of the areas through which you can be involved include:
1. Taking the initiative to promote the profession at various fora that you are part of.
2. Mentoring young accountants, e.g through being a mentor on the Practical Experience Training (PET) programme.
3. Supporting MSME's and start-ups in business and financial planning. As these grow they become clients for accounting firms.
4. Contributing to the development of international accounting and auditing standards when called upon to provide input
5. Thought Leadership: The Institute is looking to identify, orient and leverage thought leaders, as part of the initiatives towards influencing national economic policy. Are you comfortable with commenting on specific areas of our economy, then you are the thought leader needed to advance the relevance of our profession. Please write to members@icpau.co.ug for more details on how we can progress this initiative.
6. Fulfilling membership obligations such as timely payment of subscriptions, CPD compliance and maintaining professional ethics, to ensure membership in good standing.
Members are encouraged to engage with the Institute for general and professional guidance. Please write to members@icpau.co.ug
Looking forward to a fruitful year ahead!
CPA Josephine Okui Ossiya
