Kampala, Uganda – The Deputy Speaker, Thomas Tayebwa, has called on accounting professionals to lead the fight against corruption, emphasizing integrity’s crucial role in sustainable economic growth.
Speaking at the Association of Chartered Certified Accountants (ACCA) Uganda Members’ Convention 2024 at Munyonyo Commonwealth Resort on Wednesday,13 November 2024, Tayebwa emphasised the critical role accountants play in safeguarding both public and private institutions, describing integrity as “the number one engine” of a sustainable economy.
He also noted that accountants are in a unique position to detect, deter, and expose unethical practices, which are increasingly threatening the country’s economic stability and reputation.
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 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.
Tayebwa further 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.
