The accountant fraternity have asked the government to involve the professionals in the implementation of the Parish Development Model especially regarding the credit finance aspect.
The microfinance aspect has dominated the debate around PDM with the majority of Uganda taking the whole initiative to be about financing by government of small and medium enterprises.
The model is built on seven pillars including production, storage, processing and marketing where financial support to enterprises falls.
Others are Infrastructure and Economic Services; Financial Inclusion; Social Services; Mindset change; Parish Based Management Information System and Governance and Administration.
Focusing her concern on the finances, Keto Kayemba, the President Pan African Federation of Accountants, PAFA, told a dialogue on Thursday on the role of accountants in national development that the heavy resource being invested in the programs could go to waste unless professionals are involved in their management.
Ms Kayemba said this is a reflection of the lack of skills involvement in the management of public affairs, an area where Uganda’s public sector is lagging behind.
She however urged the accountancy profession leadership in Uganda not to dismiss the role being played by practitioners who may not necessarily be certified accountants.
The Institute of Certified Public Accountants of Uganda, ICPAU, has been calling on the government to ensure senior finance and accountancy positions in the central and local governments and in NGOs are held by certified accountants as provided for in the laws.
However, Kayemba said there are some who have not gone through the certification processes, but are doing well and have something to contribute to nation building.
Immediate Past President of the ICPAU Council, Constant Othieno Mayende said they, together with government departments, are in final phases of drawing a framework to enforce the law that provides for the ring-fencing of the financing and accountancy positions.
Mayende says the Accountants Act did not provide the mandate to ICPAU to enforce and that’s the reason some clauses are idle.
He however says he is sure it will be amended soon and those organisations that do not comply penalised.
Kayemba, however noted the need to rid the profession of quacks, who take advantage of the SMEs who are informal and prefer to avoid authorities like revenue collectors.
She called on the accountants not to target the government jobs at the expense of the private sector.
The Accountants body was examining ways of ensuring coexistence between a Chief Executive Officer and a Chief Finance Officer.
According to CPA Selestino Babungi, Managing Director of UMEME Limited, so far, there is a growing trend of accountants filling up positions in government departments across the country.
He, however, says that organizations should have CFOs that can strategically advise stakeholders while “ruthlessly driving revenue growth”.
He said smooth coexistence between the two is important for them to ensure the achievement of the strategic objectives of the organisation, but says they accountants must take a leadership role of the sectors where they are.
Babungi, who worked as CFO in Umeme before being appointed CEO, said a well-performing finance officer has a big advantage over others in being elevated to succeed the CEO, as was the case with him.
This, according to him, is because they are better placed to mobilising financial resources among others, which guarantees continuity.
CPA Keto Kayemba, also wondered why there were very few certified accountants in Uganda, saying 3000 is quite a small number compared to the more than 123,000 on the African continent.
Latest records show that Uganda has about 4,500 accountants, while South Africa and Kenya dominate the profession on the continent.
She also urged the fraternity to prepare to fit in the digital transformation to ensure the profession does not suffer the effects.
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