Accounts Urged to Use Set Skills to Ensure Business Survival amidst COVID-19

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Accountants urged to rise to the occasion and ensure revival and survival of businesses amidst COVID-19 pandemic

Accountants in Uganda have been encouraged to embracing all the profession’s skill sets so as to offer solutions that can help business and economies revive their operations.

The call was made by the Chief Executive Officer of the Institute of Certified Public Accountants of Uganda (ICPAU), CPA Derick Nkajja during the opening of the three days 25th Annual Seminar of the institute.

The event that has for years been organized in the month of September was organized under the theme; “Value Creation and Sustainability during and beyond the COVID-19 Pandemic”.

CPA Nkajja said that the human race has totally been disrupted by the Covid-19 pandemic but history has revealed that this is not the first generation to be disrupted.

“We must therefore, more than ever practice learning, un-learning, re-learning as a way of navigating the new environs around us,” Nkajja said

Accountants attending the 25th Annual Seminar

Nkajja noted that the accountancy profession has been able to ride several waves of change or development over the centuries and has thus demonstrated the ability to transition to new realities.

“The International Federation of Accountants (IFAC) conducted a study during this pandemic which indicated that the profession is more than able to survive this disruptive pandemic by embracing all our skill sets and offering solutions that can help business and economies revive their operations,” Nkajja said.

“I call upon all accountants to be the change needed for the survival of our Ugandan businesses and where you need technical assistance, the institute is ready to discuss with you the possibilities for your way through,” Nkajja added.

During the event, the Private Sector Foundation Uganda (PSFU) Board Chairman, Dr. Elly Karuhanga rallied accountants to take knee interest in the Oil and Gas sector which has got a lot of opportunities that they can tap into.

Dr. Karuhanga who was delivering a keynote address said that Uganda is in an exceptional position were investors are still willing to invest in its oil and gas when almost everybody is running away from the sector due to the COVID-19 pandemic.

Karuhanga said that the oil and gas sector can’t thrive without accountants who are at the core of directing the trade.

“Nothing will happen without accounting, so you should all be involved in this oil and gas sector; we are now sitting on over 6.5 barrows of oil and a lot of money is involved,” Karuhanga said.

The 25th Annual seminar that is taking place at Imperial Resort Beach Hotel in Entebbe will run upto Friday 27th November, 2020.

According to the 8th ICPAU President, CPA Fredrick Kibbedi, the Annual Seminar is the premium event on the accountants’ calendar in Uganda attracting over 1000 accountants annually.

“It’s an honour to welcome to this 25th Annual Seminar, it’s by God’s grace that we have been able to hold it this year given the circumstances of the pandemic,” Kibbedi said.