The Institute of Certified Public Accountants of Rwanda (ICPAR) says it is mulling ways to address the current shortage of qualified accounting professionals amid high recruitment demands. The development was announced Thursday, April 11, during a media briefing on the upcoming East African Congress of Accountants (EACOA) slated for April 16-19, in Kigali. The major accounting congress is expected to draw over 800 participants including industry leaders, policymakers, and practitioners from the accounting and finance sectors across East Africa, with some 300 other delegates expected to attend virtually. ALSO READ: ICPAR releases April results for public accountants ... Hosting the congress is a shot in the arm for Rwanda. Still, it is not all rosy for the country’s accounting profession which has nearly lasted for 15 years, according to ICPAR Vice President, John Kaijuka Bugunya. The industry currently boasts of only 1,200 certified professional accountants, with nearly 6,000 others in training under the Certified Public Accounting (CPA) and Certified Accounting Technician (CAT) programmes. Yet, as ICPAR explained, an economy like Rwanda needs over 10,000 certified public accountants and accounting technicians. “We see the cost of opportunity in our economy especially as the country positions itself as an international financial hub with the introductions of the likes of the Kigali International Financial Centre,” said Bugunya. “The cost is high sadly, but we are seeing growth in the talent pool. Rwanda has also got one of the best reputations when it comes to a highly regulated, secure system. That is a strong pillar in building the capacity of the accounting profession and strengthening the accounting infrastructure,” he added. Attracting and retaining more talent Last month, ICPAR signed an MoU with CHANCEN with an aim to enhance access to financing for students pursuing ICPAR accredited programs through Income Share Agreements (ISA),a study now and pay later financing service. “We continue to see several incentives that will support our goal of attracting and retaining more talent in the profession,” Bugunya noted. ICPAR has similar existing partnerships with local higher learning institutions. “These partnership arrangements are aimed at strengthening the accountancy profession and increasing the number of professional accountants to respond to the labor market needs,” he said. At the regional meeting next week, ICPAR is looking to push for deliberations such as accounting standards, audit practices, taxation, financial reporting, and digital transformation in the accounting profession. “We look forward to hosting the region’s finest in the accounting profession and industry stakeholders for a week of learning, networking, and collaboration shaping the future of the accounting landscape in East Africa,” ICPAR President, Obadiah Biraro said. Under the theme “Beyond borders and exploring global perspective,” Biraro explained that this year’s congress seeks to encourage participants to look beyond traditional boundaries, embrace diversity, and gain insights from a global perspective, to drive innovation and excellence in the accounting profession. “We want to learn from our counterparts, for a fifteen-year-old institute, we have registered tremendous achievements, but more work needs to be done,” Biraro reiterated. The congress is a biennial event jointly organized by the five East Africa Community Institutes of Accountants from Kenya, Tanzania, Uganda, Burundi, and Rwanda. Regional integration is crucial When asked about the current pace of regional integration, ICPAR’s Chief Executive, Amin Miramago, pointed out that; “The integration spirit is crucial. Even if the prevailing situation lasts for 5 years, the East African Community continues to exist. Therefore we must find ways to interact, transact, and promote the integration efforts.” He added; “Accountants support businesses across the region, therefore, conventions such as the EACOA provide an ideal platform for accountants to discuss and share strategies for the EAC integration, notably, the harmonization of regulations that impede mobility and the ease of trade.” In recognizing the value of regional integration as enshrined in the East African Community (EAC) Common Market Protocol, the regional accountancy Institutes formalized their relationship through a Mutual Recognition Agreement (MRA) which was signed in 2011. The development provides a framework for developing, regulating, and facilitating regional integration of the accountancy profession in the EAC.
