acctcy career
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A presentation by our Managing Partner to Madi Students AssociationTRANSCRIPT
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: [email protected] Osillo & Company @osillocpa
Osillo & Company