Artificial Intelligence, Oil, tourism and agriculture discussed at Uganda’s ACCA 2018 convention
Kampala, Uganda | JULIUS BUSINGE | Uganda’s Association of Chartered Certified Accountants (ACCA) will aim to raise members professionalism as they focus on providing guidance in the the oil sector.
Andrew Ssekamwa, the vice chairperson – ACCA Members Network Panel said that their strategic objectives for 2017-2019 will mainly have to do with attracting new members and developing skills. He said that achieving these targets would involve growing the network of the members while demonstrating the value of strategic alliances.
He said this as over 200 professional accountants and other invited guests from Uganda and the rest of the world at a two-day ACCA Uganda Members’ Convention 2018 held at Commonwealth Speke Resort Hotel Munyonyo from November 22-23.
The convention was held at a time the country was recording growing numbers of quack accountants working in many firms that are not certified.
It also came in handy as government was fronting accountants and their professional bodies at the battle of achieving economic growth and socio-transformation.
The theme of the meeting was “human, financial and natural capital; enablers of sustainable development.”
Beatrice Isagayite, the head of ACCA Uganda reiterated the call for growth in membership, and said professional accountants are playing an important role in meeting the demands for both private and the public sector.
She said ACCA in Uganda is in the business of developing human capital and safeguarding financial capital. We are doing this in the environment where technology and other related professional standards are changing. “We need to innovate more and come up with new products,” she said.
‘Embrace artificial intelligence’
Japheth Katto, the outgoing council member, ACCA said that the 114 years of ACCA’s professional work globally is evidence enough to believe that members have had tangible contribution to the various economies.
He said that partnerships and alliances will drive the accounting profession going forward.
Going forward, Katto said that accountants must prepare to face and embrace artificial intelligence and new regulations that are in the pipeline.
“There is going to be a strong case for us having an independent body to regulate the profession as we expand and grow,” Katto said.
Speaking on behalf of the Ministry of Finance Planning and Economic Development, the Accountant General, Lawrence Semakula said government is ready to support professional accountants.
He said that 40% of ACCA members in Uganda are employed by the public sector and that they have helped the Auditor General to improve his audits.
He also urged participants not to engage in corruption acts which he said are on the increase.
“Corruption is not done by street walkers; it is done by those in offices,” he said, adding “it is important that we differentiate ourselves to adhere to the principles of our profession,” he said.
He added that government is committed to continue engaging in a good working relationship with accountants in Uganda to achieve socio-economic transformation.
Part of that relationship, he said would be demonstrated in an induction training programme that government plans to start developing targeting young accountants joining the public sector as workers.
Oil, tourism and agriculture discussed
Some of the speakers on day-two of the convention included; Ernest Rubondo, the executive director for Petroleum Authority Uganda, Amos Wekesa, the CEO for Great Lakes Safaris and Uganda Lodges Limited and Jackie Davis, the managing director for Jackie Davis Farming World Limited.
They spoke on the topic entitled ‘the economy business drivers for the future.
Rubondo said as government works to deliver first oil in the near future, Ugandan companies need to build their capacity to be able to benefit from the oil and gas. He said more new jobs will be created by the sector and economy would benefit.
Wekesa said that all Ugandans should take part in marketing Uganda’s tourist attractions so as to have tourism as one of the leading sectors for achieving growth and economic transformation.
Jackie Davis urged the elite to join the agriculture sector and apply practical knowledge and skills to contribute to economic prosperity.