Cries to Save Mother Earth Stir ICPAU Annual Seminar

Public accountants, stakeholders and participants at the 29th Annual Seminar of the Institute of Certified Public Accountants of Uganda have made loud appeals to organisations to save Mother Earth.

“Mother earth is in pain. We are experiencing a climate crisis, and if we do not act soon, we will soon be headed for destruction,” said Stephen Mukasa, the Managing Director of CEO Summit Uganda.

According to him, the earth is in a state of chaos, trees are declining in number and they are drying out fast.

He said the earth is heating up at an alarming rate, plastic is chocking life in the seas, and the weather patterns are changing drastically hence the need for deliberate efforts to control the impact of human activities on the environment.

Mukasa encouraged accountants to leverage sustainable finance to meet their organisations’ financial goals and generate long-term value for society and the environment.

Mukasa’s discussion focused on how sustainable finance integrates Environmental, Social, and Governance (ESG) factors into financial decision-making, effectively aligning the finance system with broader sustainability objectives.

He highlighted the critical relationship between the finance sector and sustainability, explaining the sector’s pivotal role in supporting government efforts to build a socially and environmentally sustainable economy.

Mukasa elaborated on various green investments, including those aimed at reducing greenhouse gas emissions, like renewable energy, energy efficiency, green buildings, clean transportation, and forest preservation.

He also addressed initiatives focused on climate adaptation, such as urban infrastructure, climate-resilient agriculture, and climate-friendly agribusiness value chains, as well as efforts to tackle other environmental issues like biodiversity conservation and pollution prevention.

On her part, the former Chief Executive Officer of the Institute of Certified Public Accountants of Kenya (ICPAK), FCPA Caroline Jebet Kigen, urged Professional Accountancy Organisations (PAOs) to uphold international accounting standards as well as the International Standards on Auditing to foster the sustainability of the PAOs.

FCPA Kigen stressed that achieving a sustainable economy requires international cooperation, corporate responsibility, and a focus on equity and environmental sustainability. She underscored the importance of accountants in this effort, stating,

“An accountant by any other name is not an accountant,” highlighting the legal definitions of the profession in Uganda and Kenya.

She outlined the key factors that contribute to a sustainable economy, including responsible management of resources, efficiency and innovation in economic systems, financial stability at the macro level, a focus on equity, social inclusion, and environmental sustainability.

She also emphasised the importance of Corporate Social Responsibility, and international cooperation and partnerships between governments, public entities, and the private sector.

John Bosco Ntangaare, the Board Chairperson of Pearl Capital Partners Uganda and former Director Education at ICPAU, described PAOs as organisations which link professional accountants with regional and international regulators like the Pan African Federation of Accountants and the International Federation of Accountants.

He highlighted ICPAU’s progress towards sustainability, including automation of previously manual processes, the growing staff numbers, an impactful Continuing Professional Development programme, a robust framework for professional accountancy education, and being a reliable advisor to the government on matters concerning financial accountability and management.

Makerere University lecturer and cartoonist, Dr Jimmy Spire Ssentongo, urged accountants to engage in profound self-discovery and personal mastery.

His message emphasised the importance of understanding one’s own strengths and weaknesses in various aspects of life, including interpersonal relations, anger management, and leadership.

According to Dr Ssentongo, self-discovery is not merely about uncovering what one already possesses but it is about finding one’s purpose and navigating life’s complexities with a deeper understanding of oneself.

He stressed that without self-awareness, individuals may find themselves merely going through the motions of life without meaningful engagement or satisfaction.

Dr Ssentongo delved into philosophical questions about the meaning and purpose of life. He challenged participants to consider whether their lives are pre-scripted or if they have the freedom to shape their destinies through their choices.

Referencing historical and philosophical perspectives on human purpose and freedom, he argued that while some may believe in a preordained script, others view life as a canvas for creating meaning through personal effort and choice.

“Our lives are not merely a series of accidental events but rather opportunities to uncover and embrace our unique potential,” said Dr Ssentongo.

“Accountants should look beyond traditional practices and innovate in their roles, aligning their personal strengths and passions with their professional responsibilities,” he added.

Credit: ICPAU