SlideShare utilise les cookies pour améliorer les fonctionnalités et les performances, et également pour vous montrer des publicités pertinentes. Si vous continuez à naviguer sur ce site, vous acceptez l’utilisation de cookies. Consultez nos Conditions d’utilisation et notre Politique de confidentialité.
SlideShare utilise les cookies pour améliorer les fonctionnalités et les performances, et également pour vous montrer des publicités pertinentes. Si vous continuez à naviguer sur ce site, vous acceptez l’utilisation de cookies. Consultez notre Politique de confidentialité et nos Conditions d’utilisation pour en savoir plus.
SMOs as a driver of successful PAOs: ICPAU’s Experience
Page 1 | Proprietary and Copyrighted Information
SMOs as a driver of successful
PAOs: ICPAU’s Experience
Derick Nkajja, Member, Compliance
San Jose―Costa Rica
February 13, 2016
Page 2 | Proprietary and Copyrighted Information
• Development of Action Plans
• Achievements & Challenges
• Overview of the African Region
Page 3 | Proprietary and Copyrighted Information
• The Institute of Certified Public Accountants of
Uganda (ICPAU) was established by law in 1992. The
current law is the Accountants Act of 2013.
– To regulate and maintain the Standard of Accountancy in Uganda;
– To prescribe and regulate the conduct of accountants and
practising accountants in Uganda.
Page 4 | Proprietary and Copyrighted Information
PUBLICATION OF ICPAU’S SMO ACTION PLAN
– 1st publication of the Action Plan in December 2008
– 1st Update published in June 2010
– 2nd Update published in September 2011
– 3rd Update published in October 2013
– 4th Update submitted in September 2015
Page 5 | Proprietary and Copyrighted Information
Development of the Action Plan
• Technical staff review the requirements of IFAC SMOs
• Technical staff support ICPAU departments in drafting the
plans to achieve SMO requirements
• Action plan reviewed by Management Team
• Action plan approved by Chief Executive
• Action plan endorsed by Council and shared with Council
Page 6 | Proprietary and Copyrighted Information
SMO 2: Education
SMO 4: Ethics
Page 7 | Proprietary and Copyrighted Information
Educations and Examinations
Page 8 | Proprietary and Copyrighted Information
• A Quality Assurance Programme (QAP) has been
• The QAP is conducted in three-year cycles
– 1st cycle was completed in February 2010.
– 2nd cycle completed in March 2014.
– 3rd cycle is on, so far, reviewed 70 out of 206 firms.
Page 9 | Proprietary and Copyrighted Information
• Notable progress;
– Improvement in audit quality as years go by.
– Introduction of a Practice Management Course in 2013 to address
skills gaps identified through the QAP.
– Introduction of a Quality Assurance Board (QAB) to enforce
professional standards and to enhance quality assurance.
Page 10 | Proprietary and Copyrighted Information
Education & Examinations
• Introduction of regular reviews for ICPAU examinations
courses - SMO2.
• Stakeholder confidence in CPA course.
• Engagement of tuition providers.
Page 11 | Proprietary and Copyrighted Information
Examinations & Standards
• Initial Professional Development
– The professional standards are incorporated in the ICPAU courses.
[Both Certified Public Accountant (CPA) course and Accounting
Technician Diploma (ATD) course].
– IFRS, ISAs, IPSASs and IESBA Code are examinable in both CPA
and ATD course.
Page 12 | Proprietary and Copyrighted Information
• All professional standards (IFRSs, ISAs, IPSASs) were
adopted by ICPAU.
• To support implementation,
– training is conducted regularly.
– Handbooks are regularly made available to members.
• Generation of responses to Exposure Drafts and
• IESBA code is implemented alongside the ICPAU Code.
Page 13 | Proprietary and Copyrighted Information
Standards – FiRe Awards
• Introduction of Financial Reporting (FiRe) Awards in
partnership with the Uganda Securities Exchange and the
Capital Markets Authority
– FiRe awards conducted for the last five years.
– To gauge and monitor implementation of standards
– Aim at enhancing the quality of financial and business reporting in
Page 14 | Proprietary and Copyrighted Information
• ICPAU’s Investigations and Disciplinary guidelines
developed and published in 2013.
– Staff recruited to handle investigations and ensure compliance with
• ICPAU continues to enhance public awareness of its
Disciplinary Committees mechanism and results.
Page 15 | Proprietary and Copyrighted Information
• ICPAU continues to;
– Raise awareness of SMO requirements and benefits derived there
from, to stakeholders.
– Appreciate the role of the Compliance Advisory Panel.
– Greatly get involved in IFAC activities
• Ease in signing off East Africa Community Institutes of
Accountants (EACIA) Mutual Recognition Agreement due
to similar approach to the profession.
Page 16 | Proprietary and Copyrighted Information
Challenges to SMO Action Plans
• Enabling legislation for implementation of all standards.
• Greater public expectations compared to professional
• Resource constraints.
• Increased regulatory demands worsening the resource
• State of Economic environment.
Page 17 | Proprietary and Copyrighted Information
• ICPAU adopted a mentorship approach to all its activities.
– ICAS was chosen as a twinning partner (mentor) with the support
from Uganda Government.
– The relationship has helped to strengthen the Institute’s organs.
• Sourcing sponsorships for ICPAU events & activities.
• Be contented with the natural growth/progression of the
profession according to the economic development of the
Page 18 | Proprietary and Copyrighted Information
Overview of Africa Region
• The profession is brought together by Pan Africa
Federation of Accountants (PAFA)
– With 43 members from 36 countries.
– Only 26 PAFA members are participating in SMO Action Plan.
• Not all PAFA members are IFAC members.
• Regulatory framework is very diverse
• Multiple languages used
Page 19 | Proprietary and Copyrighted Information
Challenges and Initiatives in Africa
– Enabling laws
– Low levels of private sector economic activities
– Resource Constraints & Brain Drain.
– Collaborations along economic blocs
– Mutual Recognition agreements
Page 20 | Proprietary and Copyrighted Information
• The development and implementation of the SMO Action
Plan has guided ICPAU’s professional activities and
• Challenges and constraints notwithstanding, ICPAU and
PAFA members continue to promote SMO framework as
part of the profession’s contribution to the growth and
development of strong economies.