PROFESSIONAL CAREERS - ACCOUNTANCY

Saturday: March 17, 2012

About Your presenter

Osillo Justin Keith, CPA Founder & Managing Partner – Osillo &

Company A Certified Public Accountant (CPA)

Uganda Bachelor of Commerce (Accounting) 2nd

Upper – Makerere University Master of Finance & Control – Amity

University Xero Certified Adviser – Xero Global (NZ:

XRO) NetSuite Expert – NetSuite (NYSE: N)

About Osillo & Company

Local accountancy firm owned and managed by 2 Ugandans

Regulated by Institute of Certified Public Accountants of Uganda (ICPAU)

Registered with the Office of the Auditor General

Registered with Bank of Uganda for audit of banks, MFIs & Deposit taking Institutions

Registered with Insurance Regulatory Authority to audit Insurance businesses

About Osillo & Company

Uganda’s member of Kreston International, a global network of accounting firms

NetSuite (NYSE: N) Solution Partner in East Africa

Recognized as a fast growing accountancy firm

We provide “better advice for success” Serving clients in business, Not-profit,

development organisations and Government

We are disrupting the game!

Osillo & Company Services

Audit – Financial statements, special, internal, accountancy, agreed upon procedures & fraud

Tax – compliance, planning, health checks & litigation support

Advisory – financial consulting, assessments, training, human resources, management support, IT consulting, governance, financial planning, budgeting, business valuation, corporate finance & insolvency

Accountants: Who are they

Professional Accountant – a member of a professional body of accountants that is a member of the International Federation of Accountants (IFAC)

Accountants Act (CAP 266) Laws of Uganda: Accountant – a person who is a member of the Institute of Certified Public Accountants of Uganda (ICPAU)

ICPAU is a member of IFAC & PAFA ICPAU members are Professional Accountants

Accountants: What they do – Financial Accounting

Accountants in business – these are the most common

Employed in organisations to perform day to tasks such as: book keeping, transaction procession, budgeting, payments, controlling resources etc

Preparing reports on the financial activities of the organisation

Most employment opportunities are found in this area

Accountants: What they do – Management Accounting

Management Accountants analyze costs, budgets, and help management make informed decisions based on the numbers

Perform a critical role in the financial planning of the organization

Most employment opportunities in this area are in large organisations

May require specialist certification such as CIMA, CGMA

Accountants: What they do – External Audit

External audit – issuing an opinion on historical and prospective financial statements

External audit firms such as Osillo & Company provide assurance to users of the financial statements that they report on enhancing credibility of that information

The Companies Act (CAP 110): An auditor must be a member of ICPAU

External audit offers exciting careers opportunities

Accountants: What they do – Internal Audit

Internal audit – independent continuous consulting service that is a control in an organisation

Checks if other controls are working They are internal because they are employed by

the organisation Usually report to the board of the organisation Very exciting careers available in internal audit This is usually present in large organisations Some accounting firms also outsource internal

audit

Accountants: What they do – Tax

Tax accountants - assist organisations with tax compliance, tax planning, tax litigation, transfer pricing, employee mobility and advice

Accounting firms offer tax services I foresee a future of tax only firms Large organisations have tax departments There are opportunities in tax authorities Very exciting careers available in tax

Accountants: What they do – IT Audits

IT auditors – provide assurance on business systems and security

Accounting firms offer IT audit services Large organisations have IT auditors as

part of their Internal audit departments Requires additional training IT auditing:

course such as CISA can propel you there Very exciting careers available in this

area

Accountants: What they do – Fraud & Forensic Accounting

Specialize in investigating fraud Expert witness in court on fraud

cases Assist law enforcement in asset

tracing and recovery Requires certification such as:

Certified Fraud Examiner (CFE)

Accountants: What they do – Corporate Finance & Insolvency

These specialize in advising on merger and acquisitions, business valuation, raising funds, turning around troubled companies, liquidating insolvent companies, recovery of debts, etc

Still an underdeveloped area in Uganda with lots of potential

Requires additional certification such as: Professional Insolvency Practitioner

Accountants: What they do – Business Technology

These accountants specialize in developing, testing and implementing business systems for running organisations

Additional certification can enable you have unique skills to deploys systems such as: NetSuite, SAP, Oracle etc

Technology is changing the way accountants do things with the advent of cloud computing

Accountants are driving that change

Accountants: What they do – Education & Research

These are committed to researching new knowledge and ideas for the profession

Opportunities are in educational and training institutions

Training companies such Emily Wolfe International specialize in offering training to the profession world wide

There is a big gap in academia in Uganda Most universities do not have professional

accountants among the fulltime staff to teach accounting

Accountants: What they do – Other opportunities

Accountancy & Book keeping – usually outsources, performed by firms: There are a number of book keeping only firms in Uganda

Consulting – specialized consulting firms need accountants for their wide expertise in varied areas

Secretarial services – share registration for large companies (usually listed)

Business services – company registration, filling resolutions, returns, etc

Accountancy: Qualities that are essential

Ethical Honesty Integrity Confidentiality Communication Good with numbers Technologically aware Pleasant personality Leadership Teamwork

Accountancy: How do you get there

Open to everyone regardless of your background

ICPAU requires: University degree (at worst 2nd lower), exemptions are granted if you are eligible (accounting degrees); or A-level (2 principal passes); or ATC route (O-level)

Max 10 years to complete the course Can be self study or through tuition

provider

Accountancy: How do you get there

After completion of the course you will need 3 years experience (supervised and documented)

After that, you will be admitted as a member of ICPAU

You may use CPA (U) after your name You are automatically recognized in

EAC member countries

Accountancy: EAC Issues

There is a mutual recognition agreement in place for all EAC members states

Alls members to work in any country Non EAC accountancy qualifications will

have to sit additional exams: ACCA, etc There is a framework for cooperation

through EACAIs form EAC wide qualification & exam may be

possible in future with further regional integration

Accountancy: Summary

Immense opportunities in accountancy – most advertised jobs in Uganda, every organisation requires an accountant

Shortage of professional accountants in Uganda

Most CEOs of the largest companies are accountants

Real possibilities for entrepreneurial people – you can start your own accounting practice

Accountancy: Summary

The CPA (U) is relevant, recognised, and most direct route to becoming an accountant

Possible to do CPA with your bachelors Wide variety of career choices Accountancy rewards – among the best paid Expanding demand for professionals in all

sectors Despite your current course or background

you can pursue accountancy

Osillo & CompanyBetter advice for success!

Osillo & Company – Reach us! Website: www.osillocpa.com Email: info@osillocpa.com Osillo & Company @osillocpa

Osillo & Company