Action Plan Developed by
Institute of Certified Public Accountants of Uganda (ICPAU)
BACKGROUND NOTE ON ACTION PLANS
SMO Action Plans are developed by IFAC Members and Associates to demonstrate fulfillment of IFAC Statements of Membership Obligations
(SMOs). SMOs require IFAC Members and Associates to support the adoption 1 and implementation2 of international standards and other
pronouncements issued by independent standard-setting boards under the auspices of IFAC as well as by the International Accounting Standards
Board (IASB); and to establish a Quality Assurance (QA) review and Investigation and Disciplinary (I&D) systems.
IFAC Members and Associates conduct a self-assessment against the requirements of SMOs and identify areas where improvements are needed.
Based on the results of the assessment, Members and Associates develop an SMO Action Plan to (a) demonstrate how they fulfill the requirements
of the SMOs and (b) where some requirements are not yet addressed, to present plans towards their fulfillment.
SMO Action Plans are designed to be ever-green documents that provide a comprehensive description of the accountancy profession and its
legislative and regulatory environment in the jurisdiction as well as the actions undertaken by IFAC Members or Associates to support adoption and
implementation of international standards and best practices.
Regular updates of the SMO Action Plans are required as part of the IFAC Member Compliance Program.
Use of Information
Please refer to the Disclaimer published on the IFAC Member Compliance Program website.
ACTION PLAN
IFAC Member:
Approved by:
Original Published Date:
Last Updated:
Next Update:
Institute of Certified Public Accountants of Uganda
CEO of the Institute of Certified Public Accountants of Uganda
May 2009
April 2016
April 2018
1
Adoption is concerned with the decision that international standards are appropriate for use in specific national financial reporting environments and with the actions necessary to effect
those decisions, including incorporation into national requirements or requiring the use of international standards through law. Adoption may include a process to review draft international
standards, translation, public exposure of proposed standards, approval, incorporation into national requirements as necessary, and promulgation of final standards, and, where
applicable, a convergence process to eliminate or minimize differences between international and national standards.
2
Implementation may include a process to build awareness of the adopted standards, provide relevant education and training, develop or disseminate implementation guidance and any
other activities that promote proper understanding and use of the standards in practice.
Status as of Date of Publication
Page 1 of 20
Action Plan Developed by
Institute of Certified Public Accountants of Uganda (ICPAU)
GLOSSARY
ATD
CEO
CIPFA
CPA
CPD
CTA
IAASB
IAESB
IASB
ICAS
ICPAU
IES
IESBA
IFAC
IFRS
IPSAS
IPSASB
IRBA
ISA
ISQC
QAB
PAEB
SME
SMO
SMP
Accounting Technicians Diploma
Chief Executive Officer
Chartered Institute of Public Finance and Accountancy
Certified Public Accountant
Continuing Professional Development
Certified Tax Advisor
International Auditing and Assurance Standards Board
International Accounting Education Standards Board
International Accounting Standards Board
Institute of Chartered Accountants of Scotland
Institute of Certified Public Accountants of Uganda
International Educational Standards
International Ethics Standards Board of Accountants
International Federation of Accountants
International Financial Reporting Standards
International Public Sector Accounting Standards
International Public Sector Accounting Standards Board
Independent Regulatory Board of Auditors
International Standards on Auditing
International Standard on Quality Control
Quality Assurance Board
Public Accountants Examinations Board
Small and Medium-sized Entities
Statement of Members Obligations
Small and Medium Practitioners
Status as of Date of Publication
Page 2 of 20
Action Plan Developed by
Institute of Certified Public Accountants of Uganda (ICPAU)
The Accountants Act, 2013
The Institute of Certified Public Accountants of Uganda (ICPAU) was established in 1992 by the Accountants Act, Cap 266. The Act was repealed
and replaced by the Accountants Act, 2013. The functions of the Institute under the new Act are to: regulate and maintain the Standard of
Accountancy in Uganda; and to prescribe and regulate the conduct of accountants and practising accountants in Uganda.
East African Community (EAC) Mutual Recognition Agreement
In September 2011, the Institute of Certified Public Accountants of Uganda (ICPAU), the Institute of Certified Public Accountants of Rwanda
(ICPAR), the Institute of Certified Public Accountants of Kenya (ICPAK), the National Board of Accountants and Auditors (NBAA) of Tanzania and
the Ordre des Professionnels Comptables (OPC) of Burundi signed a mutual recognition agreement (MRA) to promote the development of the
accountancy profession in the East African region. The agreement provides for mutual recognition of the respective accountancy qualifications,
institutional capacity building, development of learning material and cooperation in areas of standard setting & implementation, disciplinary
measures, member education and quality assurance reviews.
DFID-IFAC Professional Accountancy Organisation Capacity Development Programme
Under a project funded by the Department for International Development (DFID) aimed at developing the accountancy profession in emerging
economies, the International Federation of Accountants (IFAC) engaged the Institute of Chartered Accountants of Scotland (ICAS) and the
Chartered Institute of Public Finance and Accountancy (CIPFA) to partner with the Institute of Certified Public Accountants of Uganda (ICPAU) to
strengthen accountancy education, qualification, and examinations; quality assurance; continuing professional development; and public sector
financial management in Uganda. The work under this project is scheduled for completion by 31 March 2017.
Status as of Date of Publication
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Action Plan Developed by
Institute of Certified Public Accountants of Uganda (ICPAU)
Action Plan Subject:
Action Plan Objective:
SMO 1–Quality Assurance
To develop and implement a Quality Assurance Review System in line with SMO 1 requirements.
Background:
Section 36 of Accountants Act 2013 establishes the Quality Assurance Board (QAB) of ICPAU with the responsibility of implementing a Quality
Assurance Programme and monitoring compliance with professional standards. Audit Quality Reviews are conducted as part of the Institute’s Quality
Assurance Programme.
Since 2007, ICPAU has conducted mandatory audit quality reviews, of all registered accounting firms in Uganda, in three-year cycles. The audit
quality reviews cover all audits of financial statements. Accounting firms are required to implement and maintain a quality control system in
accordance with the most update version of ISQC 1 and relevant ISAs issued by the IAASB.
The audit quality reviews are conducted by staff of the Institute who constitute the Quality Review Team. The Quality Review Team is required to
be independent of the accounting firms reviewed and to maintain a high level of expertise. The Quality Review Team maintains documentation of
evidence to support independence and the conduct of the audit quality reviews and issues a report for each accounting firm that is reviewed.
The second cycle of audit quality reviews was completed in March 2014 and report presented to the Council and the members of ICPAU. The third
cycle of audit quality reviews commenced in April 2014. The ICPAU Quality Assurance Framework was updated in May 2014 to bring it in line with
the Accountants Act, 2013 and SMO 1 (Revised). ICPAU’s Quality Assurance Programme meets all the requirements of SMO 1 (Revised).
#
Start Date
Actions
Completion
Date
Responsibility
Resource
Design and Implementation of the Quality Assurance Review System
1.
January 2015
Review and update Quality Assurance training content.
December 2016
Quality Assurance
Board
Quality Review
Team
2.
April 2014
Conduct the 3rd cycle of audit quality reviews of all
licensed accounting firms.
April 2017
Quality Assurance
Board
Quality Review
Team
3.
April 2014
Provide quarterly activity reports on the progress of the
quality assurance programme to the Quality Assurance
Board.
April 2017
Secretary of QAB
Quality Review
Team
4.
April 2014
Refer Practising Accountants to the ICPAU Disciplinary
Committee based on the results of the Audit Quality
Reviews.
May 2017
Quality Assurance
Board
Secretary of QAB,
Quality Review
Team
Status as of Date of Publication
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Action Plan Developed by
Institute of Certified Public Accountants of Uganda (ICPAU)
#
Start Date
Actions
Completion
Date
Responsibility
Resource
Development of Resources to Support the Quality Assurance Review System
5.
6.
December
2015
Conduct training for Practising Accountants on quality
control and practice management.
Annually
Education
Committee
Technical Staff,
CEO of ICPAU
January 2016
Develop guidance and tools, to support small and
medium practitioners (SMPs) in the areas of practice
management, human resources management, client
engagement and disengagement, engagement
performance and monitoring.
December 2017
Technical Committee
Technical Staff
December 2017
Quality Assurance
Board, CEO of
ICPAU
Quality Review
Team, ICAS
Review and Continuously Improve the Quality Assurance Review System
7.
January 2015
Provide training for the Quality Assurance Team.
Examples of trainings conducted on an annual basis
include review of SMO 1, ISAs, IFRSs, IFRS for SMEs,
IPSAS and IESBA Code of Ethics.
8.
January 2016
Provide training for the team responsible for audit
quality related training.
December 2016
CEO of ICPAU
Quality Review
Team, ICAS
9.
January 2015
Continuously update the ICPAU Quality Assurance
methodology and review procedures to reflect changes
in the standards and the regulatory environment.
Ongoing
Quality Assurance
Board
Quality Review
Team
Ongoing
Technical Committee
Technical Staff
Maintaining Ongoing Processes
10.
Ongoing
Create awareness through magazines, e-newsletters
and seminars, make available by providing website
links to the Implementation Guides issued by IFAC’s
SMP Committee.
11.
Ongoing
Ensure that training and awareness about
requirements of ISQC 1 and the ISAs are incorporated
in the CPD programme.
Ongoing
Educational
Committee
Technical Staff
12.
Ongoing
Ensure that ICPAU’s Quality Assurance Review is
effective and operates in compliance with SMO 1
requirements.
Ongoing
Quality Assurance
Board
Quality Review
Team
Status as of Date of Publication
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Action Plan Developed by
Institute of Certified Public Accountants of Uganda (ICPAU)
#
Actions
Completion
Date
Responsibility
Resource
Review the SMO 1 information annually and provide
regular updates to the IFAC compliance staff.
Annually
CEO of ICPAU
Compliance Staff
Start Date
Review of ICPAU’s Compliance Information
13.
Annually
Status as of Date of Publication
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Action Plan Developed by
Institute of Certified Public Accountants of Uganda (ICPAU)
Action Plan Subject:
SMO 2–International Education Standards for Professional Accountants and Other Pronouncements Issued by the
IAESB
To ensure that ICPAU’s Ongoing Processes adopt and implement IAESB Pronouncements.
Action Plan Objective:
Background:
The Public Accountants Examination Board (PAEB) as provided for under Section 15 of the Accountants Act 2013 designs the syllabus, conducts
the examinations for the Certified Public Accountants (CPA) and Accounting Technicians Diploma (ATD) qualification, appoints and trains examiners,
and defines the rules governing the examinations process. Since 2007, the PAEB and the Education Committee have mapped the ICPAU syllabi
to the IESs to ensure that the Initial Professional Development Requirements are met in the ICPAU courses.
Under the Universities and Other Tertiary Institutions Act, 2001 (as amended), the National Council of Higher Education as supervisor of both
accountancy and non-accountancy tertiary institutions does not develop or maintain any syllabi and curricula in its own right. NCHE’s role under the
law is to “receive, consider and process applications for accreditation of the academic and professional programmes...in consultation with
Professional Associations and Regulatory Bodies”. ICPAU is required by law to supervise and regulate the practical training and education and to
advise regulators of educational institutions on the curricula of study in accountancy related courses. As such, the PAEB/ICPAU have sufficient
discretion and autonomy in designing and determining the syllabi and curricula of its courses.
In 2014, PAEB reviewed and updated the CPA and ATD syllabi to bring them in line with the revised IESs and other changes in legislation. A new
Certified Tax Advisor (CTA) qualification was also introduced by PAEB. The revised syllabi (CPA and ATD) and the new CTA qualification will be
examined starting 2016.
The candidates for ICPAU membership are required to complete approved professional examinations. To qualify for ICPAU membership, CPA
graduates must obtain a minimum of three years of practical experience. In August 2014, the Council of ICPAU approved the ICPAU practical training
guidelines which were developed in line with requirements of IES 5 (revised). The practical training guidelines provide competency framework
focused on work outcomes, in both technical and non-technical areas, that must be achieved by an applicant for ICPAU membership.
In December 2013, the ICPAU CPD guidelines were revised to ensure that they meet the requirements of IES 7 (revised). The Council of ICPAU
implements licensing requirements that ensure that Certified Public Accountants performing the role of an Engagement Partner demonstrate the
level of professional competence required by IES 8 (revised).
ICPAU’s Initial Professional Development and Continuing Professional Development Requirements comply with the IESs.
#
Start Date
Actions
Completion
Date
Responsibility
Resource
December 2020
PAEB
Examinations Staff
Continuous Improvement of the Required Accounting Education Content
14.
January 2016
Implement the revised CPA and ATD syllabi, and the
new CTA syllabus.
Status as of Date of Publication
Page 7 of 20
Action Plan Developed by
Institute of Certified Public Accountants of Uganda (ICPAU)
Start Date
Actions
Completion
Date
Responsibility
Resource
January 2015
Develop study materials for the CPA and ATD
qualifications and ensure that study materials are in line
with the most recent IFRS, IFRS for SMEs, ISAs, ISQC
1, and the Code of Ethics for Professional Accountants,
and IPSASs.
December 2016
Education Committee
Examinations Staff,
ICAS
16.
January 2015
Conduct
reviews
and
accreditation/recognition of
providers.
Ongoing
Education
Committee,
National Council for
Higher Education
ICPAU Staff
17.
January 2016
Conduct annual reviews of the ICPAU education
syllabus and examinations administration system and
address on existing gaps.
December 2020
PAEB
Examinations Staff
18.
January 2016
Identify and implement measures to improve training
provision by accountancy training providers.
December 2018
Education Committee
Examinations Staff
19.
January 2016
To develop a system to effectively and efficiently
monitor institutions providing accountancy education.
December 2018
Education Committee
Examinations Staff,
ICAS
20.
Ongoing
Share the revised IESs with all accountancy training
providers and continue to raise awareness of IESs
among all relevant stakeholders.
Ongoing
Education Committee
Examinations Staff
#
15.
participate
in
the
accountancy training
Implementation of Practical Experience Requirements
21.
January 2015
Implement the ICPAU practical training guidelines and
conduct implementation workshops and developing
guidance for both trainees and employers.
December 2018
Education Committee
CEO of ICPAU,
ICPAU Staff, ICAS
22.
January 2016
Conduct a pilot program to implement the ICPAU
practical training guidelines.
December 2016
CEO of ICPAU
ICPAU Staff
23.
January 2015
Assess, approve
providers.
December 2018
Education Committee
CEO of ICPAU,
ICPAU Staff
24.
Ongoing
Ongoing
Members’ Services
Committee
CEO of ICPAU,
ICPAU Staff
and
review
practical
training
Continue to review and vet the practical experience
obtained by applicants for ICPAU membership.
Status as of Date of Publication
Page 8 of 20
Action Plan Developed by
Institute of Certified Public Accountants of Uganda (ICPAU)
#
Start Date
Actions
Completion
Date
Responsibility
Resource
Technical Staff
Continuous Improvement of the CPD programme
25.
January2015
Ensure full compliance by practicing accountants with
the revised CPD guidelines.
Ongoing
CEO of ICPAU
26.
January 2015
Continuously improve the online CPD reporting
system.
Ongoing
CEO of ICPAU
IT Staff
27.
Annually
Randomly sample and review ICPAU members for
compliance with CPD requirements.
Annually
CEO of ICPAU
ICPAU Staff
28.
Annually
Publish an annual report on member’s compliance with
CPD obligations.
Annually
CEO of ICPAU
ICPAU Staff
January 2016
Review and enhance the material supporting the
ICPAU CPD Program and compliance monitoring
system focusing on the practical application of IFRS,
IFRS for SMEs, ISAs, ISQC 1, IPSASs and the IESBA
Code.
December 2016
Council of ICPAU
CEO of ICPAU,
Technical Staff,
ICAS
29.
Competence of Engagement Partners
30.
October 2015
Provide training on the requirements of IES 8 (revised).
June 2016
Education Committee
Technical Staff
31.
January 2016
Review Practising Accountants for compliance with IES
8 requirements.
Ongoing
Quality Assurance
Board
Quality Review
Team
Use of IAESB Resources and Tools to Support Implementation of the Revised IESs
32.
January 2016
Conduct training for the ICPAU staff on the revised
IESs.
December 2016
CEO of ICPAU
ICPAU Staff
33.
January 2016
Review the processes and the system for monitoring,
tracking, and quality control in support of the
professional qualifications.
December 2017
CEO of ICPAU
Examinations Staff,
ICAS
34.
January 2016
Conduct training for the ICPAU staff on Development
and Management of Written Examinations.
December 2016
CEO of ICPAU
ICPAU Staff
Status as of Date of Publication
Page 9 of 20
Action Plan Developed by
Institute of Certified Public Accountants of Uganda (ICPAU)
#
Start Date
Actions
Completion
Date
Responsibility
Resource
35.
January 2016
Use the Ethics Education Toolkit to carry out ethics
training for Practising Accountants.
December 2017
CEO of ICPAU
Technical Staff
December 2016
CEO of ICPAU
Examinations Staff
Ongoing
CEO of ICPAU
Examinations Staff
Maintaining Ongoing Processes
Provide training for ICPAU’s examiners, moderators
and accountancy trainers on the revised CPA and ATD
syllabi.
36.
January 2016
37.
Ongoing
Provide training for the examinations
accountancy education and assessment.
38.
Ongoing
Conduct a periodic review of the ICPAU education
syllabus to ensure that it continues to meet IES
requirements.
Ongoing
PAEB
Examinations Staff
39.
Ongoing
Continue to implement a CPD Training Programme and
promote compliance with CPD requirements.
Ongoing
Education Committee
ICPAU Staff
40.
Ongoing
Continue to make comments on IAESB’s Consultation
Papers and Exposure Drafts.
Ongoing
Education Committee
Examinations Staff,
Technical Staff
41.
Ongoing
Continuously update members and other stakeholders
on the Pronouncements, Exposure Drafts and other
Papers issued by the IAESB.
Ongoing
CEO of ICPAU
Technical Staff
Annually
CEO of ICPAU
Compliance Staff
staff
on
Review of ICPAU’s Compliance Information
42.
Ongoing
Continue to review the SMO 2 information annually and
provide regular updates to the IFAC compliance staff.
Status as of Date of Publication
Page 10 of 20
Action Plan Developed by
Institute of Certified Public Accountants of Uganda (ICPAU)
Action Plan Subject:
Action Plan Objective:
SMO 3–International Standards and other Pronouncements Issued by the IAASB
To ensure that ICPAU’s Ongoing Processes adopt and implement IAASB Pronouncements.
Background:
The Council of ICPAU has the responsibility, under Section 12 of Accountants Act 2013 of approving the auditing standards in Uganda. Since 1999,
all ISAs issued by the International Auditing and Assurance Standards Board (IAASB) have been adopted for application in Uganda without
modifications and become effective on the dates prescribed by the IAASB. All the clarified ISAs are applicable in Uganda.
#
Start Date
Actions
Completion
Date
Responsibility
Resource
Continuous Improvement of the Adoption and Implementation of IAASB’s Standards
43.
Annually
Review Practising Accountants for compliance with
IAASB’s Standards.
Annually
Quality Assurance
Board
Quality Review
Team
44.
October 2015
Conduct training on the revised and new auditor
reporting standards.
December 2016
Education
Committee
Technical Staff
45.
January 2016
Update training
requirements.
December 2017
Education
Committee
Technical Staff
46.
January 2015
Create awareness and publish articles on requirements
of revised and new auditor reporting standards.
December 2016
CEO of ICPAU
Technical Staff
47.
January 2016
Actively promote the SMP Guides on Review
Engagements and Compilation Engagements.
December 2017
Education
Committee
Technical Staff
48.
January 2016
Develop practice guides, information papers, sample
documents, manuals and audit programmes to assist
SMPs to apply IAASB pronouncements.
Ongoing
Technical Committee
Technical Staff
49.
Ongoing
Create awareness through magazine articles, enewsletters and seminars and encourage use of
Implementation Guides and other resource tools
developed by the IAASB Staff and the SMP Committee.
Ongoing
Technical Committee
Technical Staff
50.
Ongoing
Continue to create awareness and knowledge of IAASB
pronouncements.
Ongoing
Technical Committee
Technical Staff
Status as of Date of Publication
and
CPD
materials
on
ISA
Page 11 of 20
Action Plan Developed by
Institute of Certified Public Accountants of Uganda (ICPAU)
#
Start Date
Actions
Completion
Date
Responsibility
Resource
Participate in the Development of IAASB’s Standards
51.
Ongoing
Regularly provide a summary, to all members, on the
IAASB exposure drafts requiring comment and receive
their input and views.
Ongoing
CEO of ICPAU
Technical Staff
52.
Ongoing
Make comments on IAASB’s Consultation Papers and
Exposure Drafts.
Ongoing
Technical Committee
Technical Staff
Maintaining Ongoing Processes
53.
Ongoing
Continue to ensure that ICPAU’s education syllabus
includes
testing
of
knowledge
of
IAASB
pronouncements.
Ongoing
PAEB
Examinations Staff
54.
Ongoing
Continue to support Ongoing adoption
implementation of the IAASB pronouncements.
Ongoing
Technical Committee
CEO of ICPAU,
Technical Staff
Annually
CEO of ICPAU
Compliance Staff
and
Review of ICPAU’s Compliance Information
55.
Ongoing
Annually review SMO 3 information and provide regular
updates to the IFAC compliance staff.
Status as of Date of Publication
Page 12 of 20
Action Plan Developed by
Institute of Certified Public Accountants of Uganda (ICPAU)
Action Plan Subject:
Action Plan Objective:
SMO 4–IESBA Code of Ethics for Professional Accountants
To ensure that ICPAU’s Ongoing processes adopt and implement the IESBA Code of Ethics.
Background:
Section 38 of the Accountants Act 2013 provides for a Professional Code of Ethics for accountants in Uganda. ICPAU currently implements the
ICPAU Code of Ethics alongside the IESBA Code of Ethics for Professional Accountants. Practising accountants are required to comply with both
the ICPAU and IESBA Code of Ethics under the ICPAU Quality Assurance Programme. In addition, the ICPAU Disciplinary Committee relies on
both the ICPAU and IESBA Code of Ethics as a basis for disciplinary action.
Secondary regulations are being developed to support the implementation of the IESBA Code of Ethics.
#
Start Date
Actions
Completion
Date
Responsibility
Resource
Implementing the IESBA Code of Ethics
56.
January 2015
Promote awareness through magazine articles, enewsletters and seminars of IESBA Code of Ethics and
make available relevant implementation material.
Ongoing
CEO of ICPAU
Technical Staff
57.
January 2015
Provide training on various aspects on the IESBA Code
of Ethics by incorporating ethics topics into various
CPD seminars.
Ongoing
Education
Committee
Technical Staff
58.
Annually
Review Practicing Accountants for compliance with the
ICPAU and the IESBA Code of Ethics.
Ongoing
Quality Assurance
Board
Quality Assurance
Team
59.
Ongoing
Publish decisions of the Disciplinary Committee and the
results of any interpretation/advice on ethical questions
that are of broad interest to ICPAU members.
Ongoing
Technical Committee
Technical Staff
December 2017
Minister for Finance
CEO of ICPAU,
ICPAU Staff
Updating the ICPAU Code of Ethics and Supporting Ethical Compliance
60.
January 2015
Issue Regulations prescribing the Professional Code of
Ethics for accountants in Uganda.
Status as of Date of Publication
Page 13 of 20
Action Plan Developed by
Institute of Certified Public Accountants of Uganda (ICPAU)
#
61.
Start Date
Actions
Completion
Date
Responsibility
Resource
January 2015
Development of guidance and support tools to assist
members to apply the IESBA Code of Ethics and
circulate to them the website link to the IESBA Code of
Ethics.
Ongoing
Technical Committee
Technical Staff
Raise Awareness and Participate in the Development of IESBA’s Standards
62.
Ongoing
Regularly provide a summary, to all members, on the
IESBA’s Exposure Drafts and Consultation Papers
requiring comments and receive their input and views.
Ongoing
CEO of ICPAU
Technical Staff
63.
Ongoing
Make and submit comments on IESBA Work Programs,
Consultation Papers and Exposure Drafts.
Ongoing
Technical Committee
Technical Staff
64.
Ongoing
Continue to support accountancy education providers
to ensure coverage of the requirements of the IESBA
Code as required in the ICPAU syllabi.
Ongoing
Education
Committee
Examinations Staff
Maintaining Ongoing Processes
65.
January 2016
Update the CPD programme and training materials to
align with the IESBA Code of Ethics.
December 2017
Education
Committee
Technical Staff
66.
Ongoing
Continue to ensure that the ICPAU’s education syllabus
includes testing of the knowledge of Professional
Values, Ethics and Attitudes.
Ongoing
PAEB
Examinations Staff
67.
Ongoing
Continue to support the Ongoing adoption and the
implementation of the IESBA Code of Ethics.
Ongoing
CEO of ICPAU
Technical Staff
Annually
CEO of ICPAU
Technical Staff
Review of ICPAU’s Compliance Information
68.
Ongoing
Annually review SMO 4 information and provide regular
updates to the IFAC compliance staff.
Status as of Date of Publication
Page 14 of 20
Action Plan Developed by
Institute of Certified Public Accountants of Uganda (ICPAU)
Action Plan Subject:
Action Plan Objective:
SMO 5–International Public Sector Accounting Standards and Other Pronouncements Issued by the IPSASB
To continue to use best endeavours to assist the adoption and implementation of IPSASs in Uganda.
Background:
Section 12 of the Accountants Act empowers the Council of ICPAU to issue or adopt both private and public sector accounting standards in Uganda.
Since 2006, all IPSASs, issued by the International Public Sector Accounting Standards Board (IPSASB), have been adopted for application in
Uganda without modifications.
Under section 3 and 46 of the Public Finance Management Act 2015 the Accountant General has authority to approve the accounting standards to
be used in preparation of the financial statements by government entities. The Accountant General currently implements a modified form of the Cash
Basis IPSAS and has expressed commitment towards full adoption of Accrual IPSAS.
#
Start Date
Actions
Completion
Date
Responsibility
Resource
Continue to Develop and Maintain an Active Program for Adoption and Implementation of IPSASs in Uganda
69.
Ongoing
Regularly provide a summary, to all members, on the
IPSASB’s Exposure Drafts and Consultation Papers,
requiring comments and receive their input and views.
Ongoing
CEO of ICPAU
Technical Staff
70.
Ongoing
Continue to raise awareness and knowledge of the
IPSASB’s Standards through magazine articles, enewsletters and seminars.
Ongoing
Technical Committee
Technical Staff
December 2017
CEO of ICPAU
Technical Staff,
CIPFA
Continue to work closely with the Accountant General’s
Office to agree on a roadmap and strategies for IPSAS
implementation by:

71.
January 2016



Developing a situation report on PFM reform in
Uganda;
Building a knowledge bank on PFM reform in
Uganda;
Identifying existing capabilities, capacity gaps and
resources for IPSAS implementation; and
Organising a stakeholder workshop to discuss and
agree on a roadmap for IPSAS implementation.
Status as of Date of Publication
Page 15 of 20
Action Plan Developed by
Institute of Certified Public Accountants of Uganda (ICPAU)
#
Start Date
Actions
Completion
Date
Responsibility
Resource
72.
April 2016
Conduct an IPSAS Training of Trainers Workshop,
aimed at building capacity for IPSAS implementation in
Uganda.
December 2017
Education
Committee
Technical Staff
73.
January 2016
Develop training materials to support the training and
implementation of the International Public Sector
Accounting Standards in Uganda.
December 2017
Education
Committee
Technical Staff
Ongoing
Technical Committee
CEO of ICPAU,
Technical Staff
Ongoing
PAEB
Examinations Staff
Annually
CEO of ICPAU
Ongoing
Maintaining Ongoing Processes
74.
Ongoing
Continue to identify opportunities to further assist in
implementation of IPSASs. This includes review of the
existing activities, identification of IPSAS partners and
preparation of the Action Plan for future activities
necessary for implementation.
75.
Ongoing
Continue to ensure that the ICPAU’s education
syllabus includes testing of knowledge of all current
IPSASs.
Review of ICPAU’s Compliance Information
76.
Ongoing
Annually review SMO 5 information and provide regular
updates to the IFAC compliance staff.
Status as of Date of Publication
Page 16 of 20
Action Plan Developed by
Institute of Certified Public Accountants of Uganda (ICPAU)
Action Plan Subject:
Action Plan Objective:
SMO 6–Investigation and Discipline
To implement a just and effective investigation and disciplinary system.
Background:
Section 39 of Accountants Act 2013 establishes a Disciplinary Committee with responsibility to handle and deliver judgment on cases of professional
misconduct. The Act also establishes a Disciplinary Appeals Committee with responsibility to hear and determine the appeals from the decisions of
the Disciplinary Committee.
Members of the Disciplinary Committee and Disciplinary Appeals Committee include both professional accountants and non-professional
accountants and are required to be independent of the subject of investigation and disciplinary action. Based on the outcome of the investigation
and disciplinary process the Disciplinary Committee and Disciplinary Appeals Committee may impose a wide range of sanctions including loss of
professional designation; restriction and removal of practicing rights; and exclusion from membership.
In March 2013, the Council of ICPAU published guidelines on the ICPAU Disciplinary Process outlining: the types of misconduct against which
complaints and allegations can be made against a professional accountant; the ways in which a complaint can be made; the investigation and
disciplinary process; and the sanction that can be imposed. ICPAU implements both a complaints-based and information-based approach to its
investigation and disciplinary system. Practising accountants may be referred to the disciplinary committee for appropriate action based on the
results of audit quality reviews.
Records of investigation and disciplinary processes are maintained and a tracking mechanism exists to monitor progress of the investigation and
disciplinary process. The requirements of the ICPAU Investigation & Disciplinary system comply with those of the revised SMO 6.
Secondary regulations are being developed to further enhance the investigation and disciplinary process.
#
Start Date
Actions
Completion
Date
Responsibility
Resource
Review of the Investigation and Disciplinary (I&D) System
77.
January 2015
Issue regulations prescribing the ICPAU investigation
and disciplinary procedure.
December 2017
Minister for Finance
CEO of ICPAU,
ICPAU Staff
78.
October 2015
Update the ICPAU’s Investigation and Disciplinary
guidelines in line with the SMO 6 (revised), the
Accountants Act and regulations.
December 2016
CEO of ICPAU
Compliance Staff
Status as of Date of Publication
Page 17 of 20
Action Plan Developed by
Institute of Certified Public Accountants of Uganda (ICPAU)
Start Date
Actions
Completion
Date
Responsibility
Resource
79.
January 2015
Educate members and the public on the ICPAU’s
Investigations and Disciplinary procedures by making
publicly available disciplinary regulations and
guidelines and participation in roadshows.
December 2017
CEO of ICPAU
Compliance Staff
80.
Ongoing
Publish details of the significant cases handled by the
Disciplinary Committee and Disciplinary Appeals
Committee.
Ongoing
CEO of ICPAU
Compliance Staff
81.
December
2015
Publish a report on the number of: disciplinary
complaints received, complaints disposed of, number
of convictions or acquittals.
Annually
CEO of ICPAU
Compliance Staff
January 2016
Enhance public awareness of the role of the
Disciplinary Committee and Disciplinary Appeals
Committee through newspaper and magazine articles,
press releases and participation in roadshows.
Ongoing
CEO of ICPAU
Public Relations
Staff
Ongoing
Council of ICPAU
Compliance Staff
Annually
CEO of ICPAU
Technical Staff
#
82.
Maintaining Ongoing Processes
83.
Ongoing
Continue to use best endeavours to ensure ICPAU’s
investigation and disciplinary processes continue to
addresses all SMO 6 requirements.
Review of ICPAU’s Compliance Information
84.
Ongoing
Annually review SMO 6 information and provide regular
updates to the IFAC compliance staff.
Status as of Date of Publication
Page 18 of 20
Action Plan Developed by
Institute of Certified Public Accountants of Uganda (ICPAU)
Action Plan Subject:
Action Plan Objective:
SMO 7–International Financial Reporting Standards and Other Pronouncements Issued by the IASB
To ensure that ICPAU’s Ongoing processes adopt and implement the IASB Pronouncements.
Background:
Under Section 12 of the Accountants Act 2013, the Council of ICPAU has the responsibility for approving private and public sector accounting
standards in Uganda. Since 1998, all the IFRSs issued by the International Accounting Standards Board (IASB) have been adopted for application
in Uganda without modifications and become effective on the dates prescribed by the IASB (http://www.ifrs.org/Use-around-theworld/Documents/Jurisdiction-profiles/Uganda-IFRS-Profile.pdf).
The IFRS for Small and Medium-sized Entities (IFRS for SMEs) became effective, in Uganda, on 1 January 2010 under Guidelines issued by the
Council of ICPAU. The 2015 IFRS for SMEs will become effective from 1 January 2017.
Section 156 of the Companies Act 2012 requires every company in Uganda to prepare financial statements that give a true and fair view of the state
of affairs of the company. ICPAU provides guidance on the accounting standards that can be applied in order to achieve a true and fair view in
financial statements prepared.
#
Start Date
Actions
Completion
Date
Responsibility
Resource
Continue to Develop and Maintain an Active Program for Implementation of IFRSs in Uganda
85.
Ongoing
Within the Quality Assurance Programme, review the
audited financial statements for compliance with IFRS
requirements.
Ongoing
Quality Assurance
Board
Quality Review
Team
86.
Ongoing
Conduct the Financial Reporting Awards.
Annually
Financial Reporting
Awards Committee
Technical
Committee,
Technical Staff
87.
Ongoing
Conduct IFRS training, with the CPD programme, to
raise capacity for IFRS implementation, including
implementing an annual IFRS conference.
Ongoing
Education Committee
ICPAU Staff
88.
January 2016
Update training and CPD material on IFRS and IFRS
for SMEs.
December 2017
Education Committee
ICPAU Staff
89.
June 2016
Conduct IFRS Trainers’ Workshop to build capacity of
accountancy trainers.
December 2017
Education Committee
ICPAU Staff
90.
Ongoing
Continue to promote the platforms for interaction with
accountancy trainers, as a vehicle for imparting IFRSs
at early stage.
Ongoing
Education Committee
Technical Staff
Status as of Date of Publication
Page 19 of 20
Action Plan Developed by
Institute of Certified Public Accountants of Uganda (ICPAU)
#
Start Date
Actions
Completion
Date
Responsibility
Resource
Raise Awareness and Participate in the Development of IESBA’s Standards
91.
Ongoing
Regularly provide a summary of the IASB’s Exposure
Drafts and Consultation Papers, requiring comments to
all members.
Ongoing
Technical Committee
Technical Staff
92.
Ongoing
Make comments on IASB’s Consultation Papers and
Exposure Drafts.
Ongoing
Technical Committee
Technical Staff
93.
Ongoing
Strengthen activities to raise awareness
knowledge of the IASB pronouncements.
Ongoing
Technical Committee
Technical Staff
Ongoing
CEO of ICPAU
Technical Staff
Ongoing
PAEB
Examinations Staff
Annually
CEO of ICPAU
Ongoing
and
Maintaining Ongoing Processes
94.
Ongoing
Continue to support Ongoing
implementation of IFRSs.
adoption
and
95.
Ongoing
Continue to ensure that the ICPAU’s education
syllabus includes testing of knowledge of all current
IFRSs.
Review of ICPAU’s Compliance Information
96.
Ongoing
Annually review SMO 7 information and provide regular
updates to the IFAC compliance staff.
Status as of Date of Publication
Page 20 of 20