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Today's Accountant Magazine Issue 19 The Magazine for The Institute of Certified Public Accountants of Uganda (ICPAU) ISSUE 19, AUGUST 2019 CPA Patricia Ojangole: The transformation of Artificial Uganda Development Bank intelligence (AI) and the future of accountancy The Revised and Taxing Income from Restructured Code of illegal activities Ethics for professional Accountants Value Your Business Certified Public Accountants (CPAs) possess business advisory skills that are relevant to your business growth Always Seek the services of CPAs The Secretary, ICPAU, Plot 42 Bukoto Street, Kololo, P.O. Box 12464, Kampala, Tel: 0393 - 262333 / 265590 Email: [email protected], Website: www.icpau.co.ug @ICPAU1 ICPAU in Institute of Certified Public Accountants of Uganda Unlock your Business Potential Value Your Business Certified Public Accountants (CPAs) possess Are you an employer business advisory skills that are relevant to or business owner? your business growth Do you wish to grow your business to greater heights? Then Certified Public Accountants Always Seek the services of CPAs (CPAs) are your ideal business partners. CPAs posses the requisite training and skills in; financial management and reporting, business law, audit, professional values & ethics, The Secretary, management decision making & control, with ICPAU, Plot 42 Bukoto Street, Kololo, P.O. Box 12464, Kampala, business advisory, tax and strategic Tel: 0393 - 262333 / 265590 Email: [email protected], management. Website: www.icpau.co.ug With a CPA on your team, you can be sure to @ICPAU1 ICPAU in Institute of Certified Public Accountants of Uganda soar high in today’s dynamic business world. Always seek the services of a CPA The Secretary, ICPAU, Plot 42 Bukoto Street, Kololo, P.O. Box 12464, Kampala. Tel: 0312 - 262333 / 265590, Email: [email protected], [email protected] Website: www.icpau.co.ug AUGUST 20 19 Contents The evolving Prudent 19 role of the 15 Finance Financial Management Professional - for The customer’s Cooperatives perspective in Uganda ISA 540 UPDATES: Auditing Accounting 12 Estimates and related disclosures ACCOUNTANCY PROFILE Pictorial 30 28 30 Recruit Ugandans, in order to achieve inclusive growth Taxing Income from illegal 33 activities: The Ugandan Perspective ICPAU Introduces CPA 22 27 37 Scholarship Programme ICPAU Boosts 10th Junior Woodball Championship 36 ICPAK Elects 23rd Chairperson 38 40 Sustainability for Uganda’s big infrastructural investments 53 Stress Management in the ICPAR elects Corporate World CPA Dr. Patrick Uwizeye 39 as President Cyber security: 47 44 Safeguarding data Sustaining Uganda Airlines 50 An Accountant’s 58 Perspective Artificial intelligence Technology and (AI) and the the Accountant The Revised and restructured future of 56 Code of Ethics for professional accountancy Accountants Today’s Accountant | AUGUST 2019 6 FROM THE EDITOR The Magazine for The Institute of Certified Public Accountants of Uganda (ICPAU) Artificial ISSUE 19, AUGUST 2019 CPA Patri intelligence The transformationcia Ojangole: of Uganda Development Bank (AI) and the future of Hello there readers! accountancy We are pleased to introduce to you issue 19 of Today’s Accountant SERVICES Magazine. The Revised and This revamped issue features: key revisions in the restructured code of Restructured Code of Taxing Income from Ethics for professional illegal activities Accountants ethics for professional accountants, a debate on whether illegal income should be taxed, ISA 540 updates, financial management for cooperatives, and the viability of Uganda’s budding infrastructural developments, among others. PUBLISHERS’ CREDITS HOW TO REACH US The pace of the advancements in technology has more than doubled over [email protected] Published by: the past couple of years. Conversations around Artificial Intelligence (AI), robotics and blockchain technologies are common, with the dominant concern being the impact of said advancements on the accountancy profession. INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF UGANDA (ICPAU) In issue 19, we tackle the technology question, delving into: the new Plot 42 Bukoto Street -Kololo technologies, the impact on accountants, and most importantly, how P.O Box 12464, Kampala Uganda E-mail: [email protected] , accountants can better prepare themselves to remain relevant. [email protected] , Tel: +256 031-2262333/2265590 Issue 19 also features an article on cyber security, an issue which if not appropriately managed can plunge an organisation in absolute jeopardy. In this article, accountants will discover why it is important for the CFO Editors Nancy Akullo to put more attention on the digital asset register, which includes key Edna Mubiru application systems, and data that is the lifeblood of the business. Photography John Linonn Sengendo In the face of mounting career demands, stress has become rampant at Design & Layout the workplace. Clinical Psychologist, Maurice Osire also shares ways in Stephen Segawa Mobile: +256 772 589 190 which employers and employees can address burnout and maintain a Email: [email protected] productive workforce. President CPA Frederick Kibbedi Email: [email protected] Vice President Issue 19 brings into perspective the most pressing issues for accountants, CPA Ruth Doreen Mutebe Nseko Email: [email protected] at present. Secretary/CEO CPA Derick Nkajja Email: [email protected] Enjoy your reading. ISSN No. 2312-7651 Disclaimer: Today’s Accountant Magazine is published by The Institute of Certified Public Accountants of Uganda (ICPAU) The information contained in this publication is given in good faith and has been derived from sources believed to be reliable and accurate. No part of this publication may be reproduced, Nancy Akullo stored in any retrieval system, or transmitted in any form or by any Head of Communications, means electronic, mechanical, photocopying, recording or inkjet ICPAU printing without prior written permission of the relevant parties. Today’s Accountant ISSUE 19 7 AUGUST 20 19 CONTRIBUTORS’ PROFILES CPA Augustine Lule CPA Mustapha B Mugisa CPA Augustine Lule is the Managing Partner at Augustus Associates, CPA. CPA Lule has experience in audit of CPA Mustapha B Mugisa is the Director at the cooperatives and training of cooperatives. He studied Institute of Forensics and ICT Security (www. the Professional Financial Cooperative Management forensicsinstitute.org). The Institute is approved Program (PFCMP) course of Moshi University College by the National Council for Higher Education of Cooperative and Business Studies (MUCCoBS), in to offer the Diploma in Cyber Security and the collaboration with Uganda Cooperative Alliance (UCA). Diploma in Risk Management. CPA Lule is a member of ICPAU and a member of the Association of Chartered Certified Accountants (ACCA). Ms. Elizabeth Kaheru CPA Charles Ndyabahika Ms. Elizabeth Kaheru is a Technical Officer at ICPAU. She has over 10 years’ experience CPA Charles Ndyabahika is the Senior Principal in accounting and finance. She previously Auditor at Bank of Uganda. He is a Certified worked with Post Bank and Kisaka and Co. Fraud Examiner and a Forensic Certified Public Certified Public Accountants. She holds Accountant. He has 16 years’ experience in a Master of Business Administration and audit, integrity enhancement, compliance a Bachelor of Arts Degree, of Makerere management and investigations, gained from University. Elizabeth is an associate Inspectorate of Government, Uganda Revenue member of ICPAU. Authority and currently Bank of Uganda. CPA Ndyabahika is a member of ICPAU and a member of the Institute of Internal Auditors. Mr. Maurice Osire Tukei (BCP, Msc. Clin Psy) CPA Lydia Nankabirwa Mr. Maurice Osire Tukei is a Clinical Psychologist who CPA Lydia Nankabirwa is a Technical Officer is passionate about working with people in distress. - Public Financial Management and Tax, at He is a practicing Clinical Psychologist at International ICPAU. CPA Nankabirwa holds a Master of Hospital Kampala, and a University Counselor Science in Development Economics (MSC. and lecturer at Clarke International University. Dev. Econ) of Uganda Martyrs University, Occasionally, he holds Continuing Medical Education and a Bachelor of Business Studies (CME) sessions with medical practitioners on mental (Accounting). She is a member of ICPAU. health. CPA Mark Anthony Omona CPA Clayton Mwaka CPA Mark Omona is the Director - Standards CPA Clayton Mwaka is a Partner at Clayton & Company and Regulation at ICPAU. He holds a CPA. He is also a Partner at Gloryland Christian College Master of Business Administration (MBA) and a Certified Business Mentor. CPA Mwaka has 27 of Makerere University and Bachelor of years’ working experience locally and internationally. Laws (LLB) of Makerere University. He is a He holds a Master of Science of the University of Certified Internal Auditor and a Certified London and a Bachelor of Commerce of Makerere Fraud Examiner. Mark is a member of ICPAU. University. He enjoys developing capacity, in people and organizations. CPA Mwaka is a member of ICPAU and a member of ACCA. He blogs through www. thewiseentrepreneur.co.ug. CPA Dr. Protazio Begumisa CPA Dr. Protazio Begumisa is the immediate past President of ICPAU. He is the Commissioner for Internal Audit and Compliance at Uganda Revenue Authority. CPA Begumisa has over 24 years’ experience in revenue collection, budgeting, compliance, taxation and audit. CPA Begumisa holds a Bachelor of Commerce of Makerere University and a Diploma in Tax and Revenue Administration. He is a member of ICPAU and
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