The Deputy Speaker of Parliament, Thomas Tayebwa, has urged Uganda’s accounting professionals to take the lead in combating corruption by maintaining integrity and promoting transparency in their financial practices.
Speaking at the Association of Chartered Certified Accountants (ACCA) Uganda Members’ Convention 2024 at Munyonyo Commonwealth Resort on Wednesday, November 13, 2024, Tayebwa highlighted the vital role that accountants play in protecting both public and private institutions, calling integrity “the primary driver” of a sustainable economy.
Addressing an audience composed mainly of accountants, he pointed out that they hold a unique position to identify, prevent, and reveal unethical practices, which are increasingly jeopardizing the country’s economic stability and reputation.
The Deputy Speaker expressed alarm over the growing instances of fraud and money laundering, especially in sectors like banking. He mentioned hearing frequent complaints from Ugandans abroad regarding unauthorized bank transactions and delays in the recovery of funds.
Tayebwa underscored the potential threat of these issues, stating, “When fraud sets in, we begin to face challenges of money laundering and terrorism financing.”
He warned that unchecked corruption and malpractice could reverse Uganda’s progress in the financial sector and make the economy seem “risky” and unreliable to both domestic and international investors.
Tayebwa called on accountants to adhere to industry regulations and hold each other accountable, noting that professional self-regulation could act as a barrier against those who, in his words, “are damaging businesses” with short-sighted practices and dishonest audits.
He pointed out that this dedication to integrity is especially crucial in the private sector, where auditors are often seen as the final safeguard against corruption.
“We are counting on you as accountants to assist us in improving our tax-to-GDP ratio. We need to address tax evasion; there are many individuals who will ask, ‘What should I report?’” he said, urging professionals to support national efforts to enhance tax compliance and financial responsibility.
Tayebwa also stressed the importance of innovation in the accounting profession, encouraging practitioners to adopt technology such as blockchain, big data, and digital tools to enhance accuracy and productivity.
“If you adopt technology and embrace innovation, you will save time,” he remarked, emphasizing that such advancements could simplify workflows and enable accountants to focus on more complex tasks, including analysis and fraud detection.
He further stressed that accounting should be underpinned by a commitment to positively impacting society, urging accountants to look beyond figures to ensure that their work benefits the community.
“What is the impact on society? Are you doing this just because it’s mandated?” Tayebwa questioned, challenging them to prioritize public welfare.
He recalled examples where public institutions celebrated receiving “unqualified” audit opinions from the Auditor General, yet communities still experienced poor services and mismanaged funds.
In conclusion, Tayebwa encouraged accountants not only to comply with professional standards but also to adapt their practices to meet public expectations, emphasizing that bridging the gap between technical regulations and community needs would rebuild trust in both public and private sectors.
