Accountants Act

Section Interpretation

Meetings of the institute must be held in accordance with the First Schedule to this Act.

The institute's governing body is the council, made up of eleven members and including specified office-holders; one member is elected president.

Sets how council members are chosen, their term length, internal elections, resignation process and vacancy-filling.

The council has a list of functions including admitting members, approving courses, registering students, supervising training, issuing certificates and licences, maintaining rolls and registers, promoting standards and publications, prescribing fees, making byelaws, and performing incidental acts.

Meetings of the council shall be in accordance with the Second Schedule to this Act.

Establishes the Institute of Certified Public Accountants of Uganda as a corporate body with perpetual succession that may sue or be sued and may hold, acquire or dispose of property.

The institute must have a common seal; the council's seal must be authenticated by signatures of the president and secretary in the presence of two other council members who also sign independently.

The institute must regulate and maintain the standard of accountancy in the country and must prescribe or regulate the conduct of accountants in Uganda.

The institute must have full, associate and honorary membership; the council may set eligibility rules, qualifications, and award honorary membership; a person who passes prescribed exams and training or who is a member of an approved equivalent body is eligible.

Eligible persons may apply to the council to be enrolled as full or associate members; the council must, if satisfied of eligibility, direct the secretary to enroll the applicant upon payment of the enrollment fee and annual subscription fee; the secretary must enroll and issue a certificate.

No person may be enrolled in or continue as a member of the institute if they are adjudged of unsound mind, are an undischarged bankrupt, or have been convicted of a serious criminal offence or an offence involving fraud or dishonesty.

A person enrolled under section 6 must present their certificate of enrollment to the registrar to be registered as a certified public accountant of Uganda and have their name entered on the register of accountants.

People who are enrolled as full members under section 6 and registered under section 8 may use the title "certified public accountant of Uganda" (CPA(U)) after their name.

Establishes the Public Accountants Examinations Board, specifies its membership, and requires the Minister to appoint a chairperson from among the board members on the advice of the council.

The examinations board must determine syllabuses and curricula, conduct public accountants examinations, appoint examiners and moderators, make rules for those examinations, and do related things connected with conducting accountants examinations.

The council must appoint a secretary; the secretary is the institute's chief executive, a full-time employee, records minutes and keeps custody of documents.

The Auditor General is required to be the registrar of accountants under this Act.

The institute must have other officers and employees appointed by the council, and those officers and employees must hold office on terms and conditions determined by the council.

At commencement and before the qualifying exam is prescribed, certain persons may apply to the interim council to be enrolled as full or associate members of the institute; where an institute has multiple membership classes, only professionally qualified persons are eligible.

The Minister must, within three months of commencement, appoint an eligible person as interim president and interim secretary; that appointee holds office until a president is elected at the first general meeting. The interim secretary must promptly inform ex officio members; together they form the interim council which must organise the institute's initial establishment.

The interim president must publish a notice calling eligible persons to apply for first enrollment, enroll eligible persons within three months of that notice with advice from the interim council, and persons enrolled must pay fees determined by the interim council.

The interim council may require the first members to pay sums to the institute to establish and run it.

The interim president must convene the institute's first general meeting after initial enrollment and organisation; the first general meeting must be convened within twelve months of commencement; the interim president must present a progress and financial report to members; the members must elect council members.

The interim council must hand over all powers and responsibilities to the elected council as soon as practicable after the council's election.

Practising accountancy is defined; no one may practise accountancy in Uganda unless they possess a practising certificate or practising licence issued under this Act.

Enrolled and registered persons may apply for a certificate of practice; applications must be in the council's prescribed form and addressed to the secretary; the council must grant a certificate on satisfaction of enrollment/registration and payment of the prescribed fee; certificates expire on 31 December of the year of issue and may be renewed; the council must not grant a certificate to a firm of accountants.

If no renewal application is made within three months from the start of the year, the secretary must send a registered-mail notice to the accountant; the council may, on advice of the disciplinary committee and after inquiry, refuse to renew a certificate of practice.

Certain persons who were engaged in public practice or are associate members may apply to the council for a licence of practice; the council may grant a licence if satisfied and on payment of the prescribed fee; licences run to 31 December of the year issued and may be renewable on application; the council shall not grant a licence to a firm of accountants.

If no renewal application is made within three months of the new calendar year, the secretary must send a registered-mail notice to the accountant that the licence has not been renewed; the council may, on advice of the disciplinary committee and after inquiry, refuse to renew a practising licence.

A person issued a licence of practice under section 23 is known as an associate accountant of Uganda and may use that title after his or her name.

A disciplinary committee of five members is established; members are appointed by the council from institute members; committee members serve for one year and may be reappointed.

Complaints alleging professional misconduct may be made by the council or any person; upon receipt the secretary must refer the matter to the disciplinary committee, which must fix a hearing date and must give the accountant an opportunity to be heard and supply copies of the complaint and relevant documents at least seven days before the hearing.

The secretary to the council must serve as the secretary to the disciplinary committee.

The disciplinary committee must follow the procedure set out in the Third Schedule to this Act.

The committee may, after hearing the complainant and the accountant and considering the evidence, dismiss the complaint or impose penalties on the accountant including admonishment, suspension of certificate or membership for up to two years, fines, compensation to victims, or striking the name off the roll.

The committee must write a report of its findings to the council when the case concludes; the council must give a copy of that report to the complainant and the accountant as soon as is practicable.

An aggrieved accountant or complainant may appeal the committee's decision to the High Court within three months; the appeal must be made by petition in writing and will be heard by a High Court judge after a summary hearing.

The council must implement the committee’s orders and must require persons to return cancelled certificates or licences.

The institute's monies include member fees, service fees, grants/donations and borrowed money; all monies are to be managed through a fund to be established by the council; the institute may operate a bank account in a bank determined by the council and the account must be operated in a manner decided by the council.

The council may borrow money on terms agreed by the council to perform the institute's functions.

The council may invest the institute's monies in securities issued or guaranteed by the Government or in other securities approved by the council.

The institute's financial year is the calendar year from 1 January to 31 December each year.

The institute must keep proper accounting records and prepare annual financial statements by 31 March; the institute may appoint an auditor at the annual general meeting; the auditor has the same powers and duties as auditors under section 160 of the Companies Act; the council must provide audited accounts and the auditor's report to the Minister and members by 31 May each year.

The council sets the annual subscription fee and the council may remove an accountant from the roll if their annual subscription fee remains unpaid for more than four months.

The registrar must keep separate registers for three types of accountants and must publish the up-to-date registers each year in the Gazette; the council may prescribe the particulars to be entered.

An accountant may obtain an extract from the register if they pay the prescribed fee.

The registrar may correct and remove names from the register in specified circumstances; if the registrar sends a notice and no reply is received within six months the registrar must remove the name; the council must furnish the registrar with relevant information for that purpose.

The council may appoint committees and may regulate their proceedings; the chairperson of such a committee must be a member of the council.

The council may inspect an accountant's premises or offices at any time (including before or after granting a certificate or licence) to check suitability and supervision of subordinates working elsewhere.

Every accountant enrolled under this Act must follow the professional code of ethics in the Fourth Schedule; contravening it is professional misconduct and the disciplinary committee will deal with it.

The council may make byelaws, by statutory instrument and with the approval of the Minister, on a range of institute matters listed in the section.

The Minister may, upon the recommendation of the council, by statutory instrument amend the Schedules to this Act.

Where a law specifies auditor qualifications, those qualifications must be read as referring to a certified public accountant of Uganda, an associate accountant of Uganda, or other qualifications prescribed under this Act.