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Acctcy career


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A presentation by our Managing Partner to Madi Students Association

Published in: Business
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Acctcy career

  1. 1. PROFESSIONAL CAREERS -ACCOUNTANCY Saturday: March 17, 2012
  2. 2. About Your presenter Osillo Justin Keith, CPA Founder & Managing Partner – Osillo & Company A Certified Public Accountant (CPA) Uganda Bachelor of Commerce (Accounting) 2nd Upper – Makerere University Master of Finance & Control – Amity University Xero Certified Adviser – Xero Global (NZ: XRO) NetSuite Expert – NetSuite (NYSE: N)
  3. 3. About Osillo & Company Local accountancy firm owned and managed by 2 Ugandans Regulated by Institute of Certified Public Accountants of Uganda (ICPAU) Registered with the Office of the Auditor General Registered with Bank of Uganda for audit of banks, MFIs & Deposit taking Institutions Registered with Insurance Regulatory Authority to audit Insurance businesses
  4. 4. About Osillo & Company Uganda’s member of Kreston International, a global network of accounting firms NetSuite (NYSE: N) Solution Partner in East Africa Recognized as a fast growing accountancy firm We provide “better advice for success” Serving clients in business, Not-profit, development organisations and Government We are disrupting the game!
  5. 5. Osillo & Company Services Audit – Financial statements, special, internal, accountancy, agreed upon procedures & fraud Tax – compliance, planning, health checks & litigation support Advisory – financial consulting, assessments, training, human resources, management support, IT consulting, governance, financial planning, budgeting, business valuation, corporate finance & insolvency
  6. 6. Accountants: Who are they Professional Accountant – a member of a professional body of accountants that is a member of the International Federation of Accountants (IFAC) Accountants Act (CAP 266) Laws of Uganda: Accountant – a person who is a member of the Institute of Certified Public Accountants of Uganda (ICPAU) ICPAU is a member of IFAC & PAFA ICPAU members are Professional Accountants
  7. 7. Accountants: What they do –Financial Accounting Accountants in business – these are the most common Employed in organisations to perform day to tasks such as: book keeping, transaction procession, budgeting, payments, controlling resources etc Preparing reports on the financial activities of the organisation Most employment opportunities are found in this area
  8. 8. Accountants: What they do –Management Accounting Management Accountants analyze costs, budgets, and help management make informed decisions based on the numbers Perform a critical role in the financial planning of the organization Most employment opportunities in this area are in large organisations May require specialist certification such as CIMA, CGMA
  9. 9. Accountants: What they do –External Audit External audit – issuing an opinion on historical and prospective financial statements External audit firms such as Osillo & Company provide assurance to users of the financial statements that they report on enhancing credibility of that information The Companies Act (CAP 110): An auditor must be a member of ICPAU External audit offers exciting careers opportunities
  10. 10. Accountants: What they do –Internal Audit Internal audit – independent continuous consulting service that is a control in an organisation Checks if other controls are working They are internal because they are employed by the organisation Usually report to the board of the organisation Very exciting careers available in internal audit This is usually present in large organisations Some accounting firms also outsource internal audit
  11. 11. Accountants: What they do –Tax Tax accountants - assist organisations with tax compliance, tax planning, tax litigation, transfer pricing, employee mobility and advice Accounting firms offer tax services I foresee a future of tax only firms Large organisations have tax departments There are opportunities in tax authorities Very exciting careers available in tax
  12. 12. Accountants: What they do – ITAudits IT auditors – provide assurance on business systems and security Accounting firms offer IT audit services Large organisations have IT auditors as part of their Internal audit departments Requires additional training IT auditing: course such as CISA can propel you there Very exciting careers available in this area
  13. 13. Accountants: What they do – Fraud& Forensic Accounting Specialize in investigating fraud Expert witness in court on fraud cases Assist law enforcement in asset tracing and recovery Requires certification such as: Certified Fraud Examiner (CFE)
  14. 14. Accountants: What they do –Corporate Finance & Insolvency These specialize in advising on merger and acquisitions, business valuation, raising funds, turning around troubled companies, liquidating insolvent companies, recovery of debts, etc Still an underdeveloped area in Uganda with lots of potential Requires additional certification such as: Professional Insolvency Practitioner
  15. 15. Accountants: What they do –Business Technology These accountants specialize in developing, testing and implementing business systems for running organisations Additional certification can enable you have unique skills to deploys systems such as: NetSuite, SAP, Oracle etc Technology is changing the way accountants do things with the advent of cloud computing Accountants are driving that change
  16. 16. Accountants: What they do –Education & Research These are committed to researching new knowledge and ideas for the profession Opportunities are in educational and training institutions Training companies such Emily Wolfe International specialize in offering training to the profession world wide There is a big gap in academia in Uganda Most universities do not have professional accountants among the fulltime staff to teach accounting
  17. 17. Accountants: What they do – Otheropportunities Accountancy & Book keeping – usually outsources, performed by firms: There are a number of book keeping only firms in Uganda Consulting – specialized consulting firms need accountants for their wide expertise in varied areas Secretarial services – share registration for large companies (usually listed) Business services – company registration, filling resolutions, returns, etc
  18. 18. Accountancy: Qualities that areessential Ethical Honesty Integrity Confidentiality Communication Good with numbers Technologically aware Pleasant personality Leadership Teamwork
  19. 19. Accountancy: How do you getthere Open to everyone regardless of your background ICPAU requires: University degree (at worst 2nd lower), exemptions are granted if you are eligible (accounting degrees); or A-level (2 principal passes); or ATC route (O-level) Max 10 years to complete the course Can be self study or through tuition provider
  20. 20. Accountancy: How do you getthere After completion of the course you will need 3 years experience (supervised and documented) After that, you will be admitted as a member of ICPAU You may use CPA (U) after your name You are automatically recognized in EAC member countries
  21. 21. Accountancy: EAC Issues There is a mutual recognition agreement in place for all EAC members states Alls members to work in any country Non EAC accountancy qualifications will have to sit additional exams: ACCA, etc There is a framework for cooperation through EACAIs form EAC wide qualification & exam may be possible in future with further regional integration
  22. 22. Accountancy: Summary Immense opportunities in accountancy – most advertised jobs in Uganda, every organisation requires an accountant Shortage of professional accountants in Uganda Most CEOs of the largest companies are accountants Real possibilities for entrepreneurial people – you can start your own accounting practice
  23. 23. Accountancy: Summary The CPA (U) is relevant, recognised, and most direct route to becoming an accountant Possible to do CPA with your bachelors Wide variety of career choices Accountancy rewards – among the best paid Expanding demand for professionals in all sectors Despite your current course or background you can pursue accountancy
  24. 24. Osillo & CompanyBetter advice for success!
  25. 25. Osillo & Company – Reach us! Website: Email: Osillo & Company @osillocpa Osillo & Company