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Deputy Speaker Thomas Tayebwa speaking at the accountants’ meet on Wednesday, 13 November 2024 in Kampala
The Deputy Speaker expressed concern over rising cases of fraud and money laundering, especially in sectors like banking, where he shared that he regularly hears from Ugandans abroad who report issues such as unauthorised bank withdrawals and delays in funds recovery.
Tayebwa highlighted the risk these issues pose, noting, “The moment fraud starts coming in, we’re now starting to have issues of money laundering and financing terrorism.”
He warned that unchecked corruption and malpractice risk undoing Uganda’s progress in the financial sector and could make the economy appear “risky” and unreliable to both local and international investors.
Tayebwa urged accountants to follow industry standards and “police” themselves as professionals, explaining that professional accountability could act as a safeguard against bad actors who, he said, “are killing businesses” through short-term gains and dishonest auditing.
He noted that this commitment to integrity was particularly essential in the private sector, where the public often sees auditors as the final line of defence against corruption.
“We are relying on you as accountants, for example, to help us improve our tax-to-GDP ratio. We are looking at how many people are dodging tax, there are many people in the streets who will ask, now how much should I indicate?” he said, calling on professionals to support the country’s efforts to enhance tax compliance and financial accountability.
Tayebwa also highlighted the importance of innovation in the accounting field, encouraging practitioners to embrace technology such as block chain, big data, and digitalisation to improve accuracy and efficiency in their work.
“If you embrace technology and embrace innovation, you will save time,” he said, stressing that these advancements could streamline processes and allow accountants to focus on higher-level tasks, including analysis and fraud detection.
He went on to emphasise that accounting should be rooted in a commitment to making a positive impact on society, urging accountants to go beyond the numbers and ensure their work genuinely benefits the community.
“What impact does it have on the community? Are you doing it because that is what is written?” Tayebwa asked, challenging them to prioritise the public good.
He recalled instances where public institutions celebrated receiving “unqualified” opinions from the Auditor General, only for communities to see failing services and wasted funds.
In closing, Tayebwa appealed to the accountants to not only comply with their professional standards but also customise their approach to meet public expectations, noting that bridging the gap between technical standards and community expectations would restore confidence in both public and private sectors.
Source:Parliament of Uganda.