By KT Reporter
Young accountants and other professionals have been warned that they risk losing out in the employment world unless they embrace digital knowledge and artificial intelligence transformation.
Grace Muliisa, the Managing Director at Ecobank Uganda, says it is no longer enough to rely on what the courses provide a student with because digital innovations can do much of that, faster, cheaply and more efficiently.
“The best accountants are not just number crunchers; they are strategists and storytellers. Your ability to turn data into meaningful insights is what makes you invaluable,” Muliisa told finalists of different accountancy courses.
Speaking at the graduation ceremony for the 404 accountancy students by the Certified Public Accountancy of Uganda (ICPAU), Muliisa said that technology was not replacing accountants but rather empowering them to be problem solvers.
Noting the challenges that are coming with digital transformation, like cyber fraud, Muliisa reminded the graduates of the importance of being ethical, transparent and persons of integrity, which is vital to the profession.
ICPAU is the body created by law to regulate the accountancy profession in the country, including quality assurance, training, enforcing professional standards and licensing practitioners.
Muliisa said that with the world’s business terrain constantly evolving, professionals should be ready to keep learning and adapting to the changes if they are to create an impact on society, especially as leaders in a digital-led economy and society.
A total of 353 students graduated with the Certified Public Accountancy (CPA) and 32 with the Accounting Technicians Diploma (ATD), while 19 graduated as Certified Tax Advisors (CTA), a post-graduate course.
CPA Ronald Mutumba, the ICPAU Vice President, added, “Those who leverage AI, automation, and digital tools will lead the future of finance. Adapt or be left behind.”
According to him, sooner or later, technology will be the basis for corporate management, which means that any professional who fails to embrace the new order will drop out.
The graduation ceremony also featured 81 accountants who held foreign professional qualifications, and a Masterclass was organised to prepare and make them ready to apply for the ICPAU membership and Ugandan practicing certificate.
According to the law, a foreign qualified accountant cannot practice in the country unless he is given a license by ICPAU.
Mutumba said the second and last such masterclass is planned for June this year, explaining that having the ICPAU membership enhances the opportunities of the accountant.
He also urged the CPA finalists to take advantage of the Uganda Accountancy Qualification Framework, which made CPA now a prerequisite for a Master’s Degree in Business Administration and a Master of Science Accountancy or Finance.
The framework was also aimed at responding to the confusion within the employment market, where some employers insist on the first degree as a requirement for employment, yet, according to Mutumba, a CPA holder has all the qualifications of a bachelor’s degree holder.
To this effect, Uganda Martyrs University, Nkozi reached a Memorandum of Understanding with ICPAU so that CPA holders can complete the Bachelor of Science Degree in Finance and Accountancy in one year, to make it easy for the employers whose Human Resource Manuals demand a degree as a requirement-URN. Give us feedback on this story through our email: kamwokyatimes@gmail.com
