The Deputy Speaker of Parliament, Thomas Tayebwa, has referred to as on Uganda’s accounting professionals to steer the cost in opposition to corruption by upholding integrity and transparency of their monetary practices.
Speaking on the Association of Chartered Certified Accountants (ACCA) Uganda Members’ Convention 2024 at Munyonyo Commonwealth Resort on Wednesday,13 November 2024, Tayebwa emphasised the important function accountants play in safeguarding each private and non-private establishments, describing integrity as “the primary engine” of a sustainable financial system.
Addressing the viewers of principally accountants, he famous that accountants are in a singular place to detect, deter, and expose unethical practices, that are more and more threatening the nation’s financial stability and popularity.
The Deputy Speaker expressed concern over rising circumstances of fraud and cash laundering, particularly in sectors like banking, the place he shared that he commonly hears from Ugandans overseas who report points similar to unauthorised financial institution withdrawals and delays in funds restoration.
Tayebwa highlighted the danger these points pose, noting, “The second fraud begins coming in, we’re now beginning to have points of cash laundering and financing terrorism.”
He warned that unchecked corruption and malpractice threat undoing Uganda’s progress within the monetary sector and will make the financial system seem “dangerous” and unreliable to each native and worldwide traders.
Tayebwa urged accountants to comply with trade requirements and “police” themselves as professionals, explaining that skilled accountability may act as a safeguard in opposition to unhealthy actors who, he mentioned, “are killing companies” by way of short-term positive aspects and dishonest auditing.
He famous that this dedication to integrity was notably important within the personal sector, the place the general public typically sees auditors as the ultimate line of defence in opposition to corruption.
“We are counting on you as accountants, for instance, to assist us enhance our tax-to-GDP ratio. We are taking a look at how many individuals are dodging tax, there are lots of folks within the streets who will ask, now how a lot ought to I point out?” he mentioned, calling on professionals to help the nation’s efforts to boost tax compliance and monetary accountability.
Tayebwa additionally highlighted the significance of innovation within the accounting subject, encouraging practitioners to embrace know-how similar to block chain, large information, and digitalisation to enhance accuracy and effectivity of their work.
“If you embrace know-how and embrace innovation, you’ll save time,” he mentioned, stressing that these developments may streamline processes and permit accountants to deal with higher-level duties, together with evaluation and fraud detection.
He went on to stress that accounting ought to be rooted in a dedication to creating a constructive affect on society, urging accountants to transcend the numbers and guarantee their work genuinely advantages the group.
“What affect does it have on the group? Are you doing it as a result of that’s what is written?” Tayebwa requested, difficult them to prioritise the general public good.
He recalled cases the place public establishments celebrated receiving “unqualified” opinions from the Auditor General, just for communities to see failing companies and wasted funds.
In closing, Tayebwa appealed to the accountants to not solely adjust to their skilled requirements but additionally customise their strategy to fulfill public expectations, noting that bridging the hole between technical requirements and group expectations would restore confidence in each private and non-private sectors.
