The Deputy Speaker of Parliament, Thomas Tayebwa, has urged stakeholders in the accounting profession to prioritize integrity in their work to tackle the challenges facing the sector.

Speaking at the opening of a three-day 2024 association of Chartered Public Certified Accountants Uganda members convention on November 13, 2024, Tayebwa said that a lot of harm has been caused by unethical auditors who misadvise businessmen.

The event focused on empowering finance professionals for a sustainable future, covering topics such as sustainable finance and mental health in the workplace. This gathering served as a platform for networking and professional development among accountants in Uganda.

According to Tayebwa, many businesses have closed down because owners evade taxes, and they end up being caught by the law.

He, therefore, encouraged accountants to work together and find sustainable solutions to the growing issue of bank fraud, which has shaken public confidence.

“When the tax bit is small as a businessman, you are happy because the business is going on well, but suddenly you receive a huge bill from URA. Call your auditor, and he switches off, leaving you in trouble. Many businesses have closed because of the quack and dishonest auditors who need to be hunted down because they are killing businesses,” Tayebwa said.

The convention addressed challenges faced by public accountants in Uganda by focusing on key areas like regulatory framework, professional development, and public financial management.

The conference held at Speke Resort Munyonyo, under the theme Empowering the Finance Professionals for a Sustainable Future, was attended by finance professionals nation-wide to explore the profession’s challenges and opportunities.