Uganda's entrepreneurial growth hinges on trained accountants say experts

Experts have underscored the critical importance of well-trained professional accountants to uphold Uganda's burgeoning entrepreneurial landscape.

They stress the necessity for proficient accountants who can effectively bolster the expanding business sector.

These assertions were made during the 14th Graduation ceremony held by the Institute of Certified Public Accountants of Uganda (ICPAU) in Kampala.

A total of 250 graduands were celebrated, comprising 231 for the Certified Public Accountants (CPA) course, 4 for the Certified Tax Advisor (CTA), and 15 for the Accounting Technicians Diploma (ATD). The graduands completed their studies in 2023.

Addressing the gathering as the Guest of Honour, Daniel Nangalama, Acting Executive Director of the Uganda National Bureau of Standards (UNBS), urged the graduands to uphold integrity as they venture into the workforce.

“Maintain professionalism in all your endeavours. Upholding professionalism is vital for thriving in the private sector,”Nangalama emphasised

He commended the graduates on their outstanding accomplishments and encouraged them to become dependable agents of change for the Ugandan economy.

ICPAU President, Josephine Okui Ossiya, urged the graduates to embrace core values of professional excellence, accountability, integrity, and responsiveness as they navigate their professional domains.

“Pursue full membership to unlock the benefits of being a Certified Public Accountant. Engage in Continuous Professional Development (CPD), stay abreast of industry trends, and actively participate in the global accounting community to navigate the ever-evolving accountancy landscape," she advised.

Guest speaker Charles Busingye, the Young Accountant of the Year 2023, shared his remarkable journey and accolades, serving as an inspiration to all graduands.

With an increasing number of graduates, the pool of qualified accountants continues to expand. Uganda’s vibrant economy, boasting one of the highest global entrepreneurial rates, necessitates a sufficient supply of professional accountants to support the burgeoning business community.

The CPA course aims to produce competent professional accountants capable of applying their knowledge, skills, and values to make a meaningful impact in organizations and economies. Similarly, CTA equips graduates to become competent tax advisors contributing to the country's economic development, while ATD produces vital accounting support staff.

Derick Nkajja, CPA and Secretary/CEO of ICPAU, emphasized the importance of accountants possessing adequate skills to effectively support organizations.

“Professional accountancy education is designed to impart comprehensive knowledge, skills, and desired values necessary for the market,” Nkajja noted.

“A professional accountancy qualification is a prerequisite for membership enrollment with a professional accountancy organization like ICPAU to ensure proper regulation of accountants,” he further emphasized.