Finance Minister Henry Musasizi has urged accountants to take a more active role in protecting public resources, warning that effective fiscal management depends on reliable financial information, accountability and evidence-based decisions.
Musasizi said the accountancy profession should no longer be viewed as limited to recording transactions and preparing financial statements, but should increasingly provide the analysis and insights needed to guide sound economic and institutional decisions.
He made the remarks on Sept. 2 while officiating at the 31st Annual Seminar of the Institute of Certified Public Accountants of Uganda (ICPAU) in Entebbe – about 40 km southwest of Kampala.
The seminar, held under the theme “Transforming Institutions and Lives for Sustainable Growth,” brought together accountants and other professionals to discuss the changing demands facing institutions and the profession.
Musasizi said evidence generated through the accounting function is critical to determining how resources are allocated and whether public spending is delivering the intended results.
“Evidence-based decision making is fundamental to accelerating economic development, promoting sustainable business growth and avoiding costly policy and investment mistakes,” he said.
He said accountants should use their expertise to strengthen fiscal discipline, improve public service delivery and ensure that resources are managed prudently.
“Accountants are strategic partners in ensuring prudent fiscal management, effective public service delivery, and sustainable economic development,” Musasizi said.
Tracking the money
In government, Musasizi said accountants play an important role at every stage of the budget process, including planning, execution, control, accountability and reporting.
He said timely and accurate financial information allows government to track revenues and expenditure, protect public assets, manage liabilities and assess whether money allocated to different programmes is achieving its intended purpose.
The minister further called on accountants to monitor public resources in real time, keep track of cash flows and spending limits, and identify financial commitments before they become payable.
Such measures, he said, can help government prevent the build-up of domestic arrears and contain excessive fiscal deficits.
Musasizi also encouraged accountants to take advantage of digital financial management systems and emerging technologies such as blockchain and artificial intelligence.
He said technology is rapidly changing the way financial information is generated, processed and applied, making it necessary for professionals to continuously update their skills.
Integrity counts
ICPAU President CPA David Timothy Ediomu said the profession must also prepare for a future in which technology, changing business models, economic uncertainty and sophisticated financial crime are reshaping the operating environment.
He urged accountants to combine professional competence with integrity, ethical leadership and continuous learning.
Ediomu also placed emphasis on the well-being of professionals, arguing that institutional transformation begins with people.
“We cannot transform institutions if we neglect our health,” he said, adding that sustainable organisations require professionals who are healthy and capable of sustaining the demands of their work.
On artificial intelligence, Ediomu said accountants should embrace technology while retaining their responsibility to make decisions guided by ethics and human judgment.
“Technology can make us faster. Integrity is what makes us trustworthy,” he said.
The three-day seminar, which attracted nearly 2,000 participants physically and virtually, also considered international developments affecting the profession, including new auditing requirements for less complex entities, sustainability reporting standards under IFRS S1 and S2, and updated global internal audit standards.
Ediomu challenged participants to ensure that the knowledge gained from the seminar translates into practical improvements in their workplaces and communities rather than simply adding to their Continuing Professional Development hours.
Beyond numbers
ICPAU Chief Executive Officer CPA Derrick Nkajja said the accountancy profession is operating in an environment defined by rapid technological advancement, changing business models, economic uncertainty and rising expectations for transparency and accountability.
He said accountants must therefore broaden their contribution beyond financial reporting, compliance and stewardship.
He said the seminar provides an opportunity for accountants to examine how their professional knowledge, ethical leadership and personal influence can contribute to institutional transformation and improve lives.
Nkajja also encouraged participants to embrace continuous development and practical action, saying sustainable growth requires competent, ethical and adaptable professionals capable of responding to a rapidly changing world.
