Osillo Justin Keith, a Certified Public Accountant and founder of Osillo & Company accounting firm, discussed career opportunities in accountancy. Osillo & Company provides audit, tax, advisory, and accounting services. Accountants work in various roles such as financial accounting, management accounting, external and internal audit, tax, IT audit, and fraud investigation. Becoming a professional accountant requires a university degree and passing exams to become a Certified Public Accountant, along with 3 years of supervised work experience. The accounting profession offers diverse and growing opportunities across industries in Uganda and within the East African Community.
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. 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. 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. 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. 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. 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. 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. 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. 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. 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. Accountants: What they do – IT
Audits
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. 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. 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. 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. 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. Accountants: What they do – Other
opportunities
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. Accountancy: Qualities that are
essential
Ethical
Honesty
Integrity
Confidentiality
Communication
Good with numbers
Technologically aware
Pleasant personality
Leadership
Teamwork
19. Accountancy: How do you get
there
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. Accountancy: How do you get
there
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. 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. 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. 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