Deputy Speaker of Parliament, Thomas Tayebwa, has urged Uganda’s accounting professionals to take a proactive role in fighting corruption by upholding integrity and transparency in their financial practices.
Tayebwa emphasized the critical role accountants play in safeguarding both public and private institutions stating that “Integrity is the number one engine of a sustainable economy,”.
Tayebwa who was speaking at the Association of Chartered Certified Accountants (ACCA) Uganda Members’ Convention 2024 at Munyonyo Commonwealth Resort, noted that accountants are distinctively positioned to detect, and expose unethical practices.
He furthers expressed particular concern over rising cases of fraud especially in the banking sector, noting that this could lead to money laundering.
Tayebwa warned that such practices could undermine the financial sector and make Uganda look Risky to both local and international investors.
“The moment fraud starts coming in, we’re now starting to have issues of money laundering and financing terrorism,” Tayebwa added, underscoring the critical need for accountability within the profession.
He called on accountants to uphold industry standards. He also asked stakeholders in the accountancy profession to work on three key factors which includes Innovation, Integrity and impact on the community towards addressing challenges that have continued to hit this sector.
”Accountants must to figure out a long lasting solution that will end fraud in banks. The increased cases of Fraud in banks scares many people.” he said.
“Embrace technology and innovation to save time,” Tayebwa said, reminding accountants that their work should not only be about numbers but should also make a positive impact on society. “What impact does it have on the community?” he challenged, urging accountants to prioritize the public good and bridge the gap between technical standards and community expectations.
Also speaking at the event, Gerald Paul Kasato, Deputy Managing Director of NSSF Uganda, emphasized the importance of sustainability in the accounting profession. Representing NSSF CEO Patrick Ayota, Kasato noted that sustainability should be viewed not as a trend but as the future.
He urged accountants to collaborate across sectors to incorporate sustainability into their work and pursue continuous learning to stay ahead.
“Sustainability requires a commitment and relentless pursuit of knowledge,” Kasato said. He also highlighted the emerging field of sustainability reporting as an area where accountants could improve their practices.
Charlotte Kukunda, Country Manager for ACCA Uganda, also spoke about the convention’s value, calling it an opportunity for members to network and learn from industry leaders.
Peter Kyambadde, speaking on behalf of the organizing committee, emphasized that the convention was a platform for discussion and action on key issues facing the profession, particularly sustainability. “We are going to discuss, learn, interact, and forge a way forward to ensure sustainability,” he said.
In addition to the accounting discussions, the convention also featured insights from the manufacturing sector. Irene Nayera, Human Resource Director at Hima Cement, shared a success story about the company’s “Women on Wheels” program, which has led to a 64 percent female workforce in their fleet of drivers.
Nayera highlighted the positive impacts of employing women drivers, including improved efficiency, reduced turnaround times, better road discipline, and fewer incidents of fuel theft and vehicle damage.
“This is in tandem with the Environmental, Social & Governance aspects, which call for more proactive and impactful investment,” Nayera explained, noting that diversity in the workforce had contributed to better business outcomes.
Pieter Scholtz, Partner and ESG Lead for KPMG Africa, emphasized that investors are increasingly drawn to companies that demonstrate strong ESG practices.
Scholtz noted that integrating sustainability-linked projects could unlock significant shareholder value and provide access to new funding and financing opportunities
The ACCA Uganda Members’ Convention 2024 provided a platform for professionals across sectors to discuss the challenges and opportunities facing the accounting industry, while also emphasizing the need for innovation, sustainability, and integrity.
