Accountants have been asked to reaffirm commitment to public finance management for enhanced service delivery by generating alternative thoughts, views or efforts towards the development of excellent Public Finance Management (PFM) services.
CPA Ronald Mutumba, Vice President of the Institute of the Certified Public Accountants of Uganda (ICPAU), while speaking at the 2nd Public Finance Management Conference, noted that as accountants, they are reminded of their roles not only as stewards of financial resources, but also as guardians of public trust and advocates for accountability and transparency.
He noted that as ICPAU, they have continued to encourage for the adoption of the International Public Sector Accounting Standards.
“The Standards emphasise a number of disclosures which are critical in enhancing transparency in public sector financial reporting. The issue of comparability of government accounts among the central and the local governments can also be addressed if the standards are applied,” he explained.
Adding, “Through the Public Sector Working Group and the Financial Reporting awards we shall continue to provide guidance regarding the implementation of the standards.”
This year’s conference is being held under the theme, “Public Finance Management for Enhanced Service Delivery underscores the pivotal role that effective public financial management plays in delivering essential services to our communities.”
Meanwhile, CPA Keto Kayemba, the President of the Pan African Federation of Accountants (PAFA), highlighted the critical importance of trust in the field of accountancy.
She stressed that trust plays a pivotal role in building strong relationships, fostering cooperation, collaboration, and mutual understanding and driving business growth and economic development.
CPA Keto further discussed the International Ethics Standards Board for Accountants (IESBA) code of ethics, which outlines fundamental principles such as integrity, objectivity, professional competence, confidentiality, and professional behavior, reflecting the profession’s recognition of its public interest responsibility.
Meanwhile, in his keynote speech, Prof Vincent Bagire, the Dean for the Faculty of Graduate Studies and Research at Makerere University Business School (MUBS), noted that in the realm of public finance, the concept of an ecosystem resonates profoundly.
“We require well-managed functional interfaces to cultivate robust and dependable systems for the benefit of our citizens,” he said.