By Joan Abaasa
Communications Officer
ICPAU
The former Chief Executive Officer of the Institute of Certified Public Accountants of Kenya (ICPAK), FCPA Caroline Jebet Kigen has urged Professional Accountancy Organisations (PAOs) to uphold international accounting standards as well as the International Standards on Auditing to foster the sustainability of the PAOs.
She was delivering a presentation on Sustainable Professional Accountancy Organisations for Sustainable Economies at the 29th Annual Seminar of the Institute of Certified Public Accountants of Uganda (ICPAU) from 4-6 September.
FCPA Kigen stressed that achieving a sustainable economy requires international cooperation, corporate responsibility, and a focus on equity and environmental sustainability. She underscored the importance of accountants in this effort, stating,
"An accountant by any other name is not an accountant," highlighting the legal definitions of the profession in Uganda and Kenya.
She outlined the key factors that contribute to a sustainable economy, including responsible management of resources, efficiency and innovation in economic systems, financial stability at the macro level, a focus on equity, social inclusion, and environmental sustainability.
She also emphasised the importance of Corporate Social Responsibility, and international cooperation and partnerships between governments, public entities, and the private sector.
According to FCPA Kigen, a strong and well-governed PAO is one that produces and sustains a robust accountancy profession, instills a sense of pride and identity among members, serves the public interest, and contributes to economic stability and growth.
She also addressed the key pillars of sustainable PAOs, including a solid legal and regulatory framework anchored in an Accountants Act that recognises the professional body as the legal entity representing the profession.
She emphasised the significance of strong governance structures and emphasised the need for institutional capacity and services that create lifelong value for members.
John Bosco Ntangaare, the Board Chairperson of Pearl Capital Partners Uganda and former Director Education at ICPAU reflected on ICPAU's inspiring journey from its humble beginnings in a one-room office to its current establishment at Plots 42, 46 & 48 Bukoto Street.
Ntangaare described PAOs as organisations which link professional accountants with regional and international regulators like the Pan African Federation of Accountants and the International Federation of Accountants.
He highlighted ICPAU’s progress towards sustainability, including automation of previously manual processes, the growing staff numbers, an impactful Continuing Professional Development programme, a robust framework for professional accountancy education, and being a reliable advisor to the government on matters concerning financial accountability and management.
He remarked, "We don’t have a perfect Institute, but we have a good Institute!"
Organised under the theme, Driving Sustainability and Trust, the 29th Annual Seminar runs from 4 – 6 September 2024 at the Imperial Resort Beach Hotel, and online. The aim is to spur the holistic development of accountants and other professionals by equipping them with skills in non-technical aspects such as organisational management, talent and health management, and entrepreneurship, among others. There are over 1,700 participants at the 29th ICPAU Annual Seminar.
In addition to Continuing Professional Development, the other activities at the Annual Seminar include the pronouncement on the adoption of IFRS Sustainability Disclosure Standards, the launch of the ICPAU Benevolent Fund, a farewell ceremony for John Bosco Ntangaare, the former ICPAU Director of Education, and the 2024 Accountancy Service Awards.
Partnering organisations include Uganda Electricty Distribution Company Ltd, Deposit Protection Fund, MTN Uganda, Bank of Uganda, Airtel Uganda, Kampala Capital City Authority, National Social Security Fund, Uganda Development Bank, National Agricultural Advisory Services, KPMG, Endeavour Africa, Ernst & Young, Ediomu & Co., Kalinda & Associates, Centenary Rural Development Bank, Standard Chartered Bank, Forvis Mazars, Insurance Regulatory Authority, Crowe AIA, Grant Thornton, Baker Tilly Hem LLP, PostBank Uganda, Electricity Regulatory Authority, Kakira Sugar Ltd, Uganda Civil Aviation Authority, Mengo Hospital, Uganda Electricity Tranmission Company Ltd, Uganda Law Reform Commission, Sebuuma & Associates and Summit Consulting Ltd
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