Rwandan businesses are set to benefit from the recently established Institute of Certified Public Accountants of Rwanda (ICPAR), an official has said.

Evelyn Kamagaju, president of interim governing council of the ICPAR said that in the past, the accountancy profession was not formally regulated, leading to various irregularities in financial reporting.

But she believes that with the establishment of ICPAR and the law governing it, compliance with international accounting and auditing standards in the country will improve.

This was during a sensitization workshop on Monday at Kigali Serena.

The workshop gathered all stakeholders including business people, students, practitioners and regulators to discuss the implementation of the law establishing the institute.

Kamagaju said that once the law is implemented, it will improve transparency and accountability in the country.

ICPAR aims at preserving the integrity of the accounting profession and promote competence and the capacity of its members.

Accordingly, the law says that the institute will take disciplinary measures against members unable to perform their duties and those guilty of misconduct.

Gurmit Santokh the Vice President of IGC, economic growth can not take place with out a much better and well regulated environment.

He said that more professional educational forums are to be conducted.

It’s expected that once the institution is well established they will consider joining the International Federation of Accountants. 

The International Federation of Accountants (IFAC) is an association of national professional accountancy organizations that represent accountants employed in public practice, business and industry, the public sector and education, as well as some specialized groups that interface frequently with the profession.

IFAC works to develop the profession globally and to harmonize professional standards to enable accountants to provide services of consistently high quality in the public interest.

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