The Institute of Certified Public Accountants of Uganda (ICPAU) has warned businesses and the public against hiring unlicensed accountants, saying the use of “quacks” is exposing firms to financial risks and invalid audit reports.
The warning follows the publication of the 2026 register of licensed accounting firms and practising accountants, which now stands at 275 firms, reflecting a 4 percent increase from 2025.
According to ICPAU, it is illegal for any individual to offer accountancy services without a valid Certificate of Practice or firm licence, as required under the Accountants Act.
ICPAU Director of Standards and Regulation, Charles Lutimba, cautioned that opting for cheaper, unlicensed services could have long-term consequences for businesses.
“Audit services from unlicensed individuals may appear cheaper but in the long run, they are detrimental to the business, as such books of accounts are not only illegitimate, but also lack verifiable audit quality,” Lutimba said.
The institute said accountancy services include audit and assurance, financial reporting, tax advisory, financial and risk management, as well as business advisory and insolvency services.
ICPAU emphasized that its licensing process is stringent, requiring firms to meet standards on professional competence, financial integrity, and ethical conduct before approval.
Licensed firms are also subjected to regular audit quality reviews to ensure compliance with international auditing standards.
The institute has urged the public to verify accounting firms through its official register, warning that failure to do so could result in engaging unqualified practitioners.
The latest figures point to steady growth in Uganda’s professional accounting sector, even as regulators move to crack down on unlicensed operators.
