Upload
doantuong
View
240
Download
5
Embed Size (px)
Citation preview
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
1A n n u a l R e p o r t
Annual Report2012
INSTITUTE OF CERTIFIED PUBLICACCOUNTANTS OF UGANDA
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
2Annua l Repor t
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
A n n u a l R e p o r t i
ACRONYMS / ABBREVIATIONS ii
1. BACKGROUND INFORMATION 1
2. MANAGEMENT INFORMATION 2
3. STATEMENT OF COUNCIL MEMBERS’ RESPONSIBILITIES 3
4. REPORT OF THE PRESIDENT FOR 2012 4-6
5. REPORT OF THE COUNCIL FOR 2012 7-32
6. INDEPENDENT AUDITOR’S REPORT TO MEMBERS OF THE ICPAU 34-35
7. STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2012 36
8. STATEMENT OF COMPREHENSIVE INCOME 37
9. STATEMENT OF CHANGES IN MEMBER’S FUNDS 38
10. STATEMENT OF CASH FLOWS 39
11. NOTES TO THE FINANCIAL STATEMENTS 40-54
Institute of Certified Public Accountants of UgandaAnnual Report 2012
TA
BLE
OF
CO
NTE
NTS
TABLE OF CONTENTS
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
Annua l Repor tii
AAT(U) : Association of Accounting Technicians of Uganda
AAU : Associate Accountant of Uganda
CPA : CertifiedPublicAccountant
CPD : ContinuingProfessionalDevelopment
EACIAs: EastAfricanCommunityInstitutesofAccountants
ICPAK : InstituteofCertifiedPublicAccountantsofKenya
ICPAR : InstituteofCertifiedPublicAccountantsofRwanda
ICPAU : InstituteofCertifiedPublicAccountantsofUganda
IDA : InternationalDevelopmentAssociation
IFAC : InternationalFederationofAccountants
FiRe : FinancialReporting
NBAA : NationalBoardofAccountantsandAuditorsofTanzania
NSSF : NationalSocialSecurityFund
OPC : OrdreofProfessionalAccountantsofBurundi
PAEB : PublicAccountantsExaminationsBoard
PAFA : Pan African Federation of Accountants
PAYE : PayAsYouEarn
PPE : Property,PlantandEquipment
PSFU : PrivateSectorFoundationUganda
RBS : RetirementBenefitsScheme
URA : UgandaRevenueAuthority
Ushs : UgandaShillings
VAT : ValueAddedTax
ACRONYMS / ABBREVIATIONS
iiAnnua l Repor t
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
1A n n u a l R e p o r t
1.1 About the Institute
The Institute of Certified Public Accountants of Uganda (ICPAU) is the national body foraccountants in Uganda. It was established by the Accountants Act, Cap. 266. in 1992. Itcommencedoperationsin1994andopenedafull-timeSecretariatin1995.
TheAccountantsAct,mandatestheInstituteto;
(i) RegulateandmaintaintheStandardofAccountancyinUganda;
(ii) PrescribeorregulatetheconductofaccountantsinUganda.
1.2 VisionTobeaworld-classprofessionalaccountancyInstitute.
1.3 MissionTodevelopandpromotetheaccountancyprofessioninUgandaandbeyond.
1.4 AffiliationsICPAUisamemberof;
• TheInternationalFederationofAccountants(IFAC).
• ThePanAfricanFederationofAccountants(PAFA). ICPAUisaboardmemberofPAFA,representingtheEasternregionofAfrica.
• PrivateSectorFoundationUganda(PSFU).
PROFESSIONAL EXCELLENCE
COMMITMENTINTEGRITY
GOOD GOVERNANCE
SOCIAL RESPONSIVENESS
BACKGROUND INFORMATION1.0
Core Values
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
2Annua l Repor t
2.1 Registered office and principal place of business
42BukotoStreet,Kololo,P.O.Box12464,Kampala,UGANDA.Tel:041-4540125,031-2262333/2265590Email: [email protected],Website:www.icpau.co.ug
2.2 Council
CPA Narendra A. Thakkar : PresidentCPA Patrick Ben Kagoro : Vice PresidentCPA Assoc. Prof. Simeon Wanyama : MemberCPA Muhammed M. Ssempijja : MemberCPA Murtuza Dalal : MemberCPA Protazio Begumisa : MemberCPA Jacqueline B. Lutaya : MemberCPA Henry Lwetabe : MemberCPA Godfrey B. Ssemugooma : MemberCPA Keto N. Kayemba : MemberMs. Sarah Namuli Tamale : Member
2.3 Management
ThekeymanagementpersonnelforICPAUwere;
CPA Derick Nkajja : Secretary/CEOSimon P. O. Oola : Governance & Relations ManagerJohn Bosco Ntangaare : Examinations ManagerCPA Mark Anthony Omona : Technical ManagerCPA Robert K. Tebasuulwa : Finance Manager
2.4 BankersStanbic Bank Uganda Ltd,Forest Mall Branch,Rotary Avenue, Lugogo,P.O. Box 7131,Kampala.
Housing Finance Bank (U) Ltd,Kololo Branch,Lower Kololo Terrace,P.O. Box 1539,Kampala.
2.5 Lawyers 2.5 Auditor
Turyakira & Co. Advocates,Plot 13/15 Kimathi Avenue,4th Floor, Impala House,P.O. Box 30624,Kampala.
CPA Gerald Charles Mugerwa,C/o Jasper-Semu & Associates,Plot 22, Entebbe Road,7th Floor, Conrad Plaza,P.O. Box 8294,Kampala.
2.0 MANAGEMENT INFORMATION
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
3A n n u a l R e p o r t
3.0 STATEMENT OF COUNCIL MEMBERS’ RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2012
TheAccountantsAct(Cap266)requirestheCounciltopreparefinancialstatementsforeachfinancialyear,whichgiveatrueandfairviewofthestateofaffairsoftheInstituteasattheendofthefinancialyearandofitsoperatingresultsforthatyear.ItalsorequiresthatCouncilensurestheInstitutekeepsproperaccounting records, which disclose with reasonable accuracy, the financial position of the Institute.CouncilisalsoresponsibleforsafeguardingtheassetsoftheInstitute.
TheCouncilacceptsresponsibilityfortheyear’sfinancialstatements,whichhavebeenpreparedusingappropriate accounting policies supported by reasonable and prudent judgment and estimates,in conformitywith International Financial Reporting Standards. TheCouncil is of theopinion that thefinancialstatementsgiveatrueandfairviewofthestateofthefinancialaffairsoftheInstituteandofitsoperatingresults. TheCouncil furtheracceptsresponsibility forthemaintenanceoftheaccountingrecordswhichwererelieduponinthepreparationoffinancialstatements,aswellasadequatesystemsofinternalfinancialcontrol.
NothinghascometotheattentionoftheCounciltoindicatethattheInstitutewillnotremainagoingconcernforatleastthenexttwelvemonthsfromthedateofthisstatement.
........................................CPA N. A. Thakkar
..................................CPA Murtuza Dalal
PRESIDENT COUNCIL MEMBER/CHAIR- FINANCE & ADMINISTRATION COMMITTEE
Date Date
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
4Annua l Repor t
4.0 REPORT OF THE PRESIDENT FOR 2012
IhavethepleasureofpresentingtoyoutheICPAUannualreportfortheyear,2012.
During2012,Uganda’seconomyexperiencedavolatileseriesofeconomicshocksthathaveinexorablyimpactedeverysector.ThesevereeconomicdownturnexacerbatedbytheEuro-debtcrisiscrippledeconomiesworldoverforthegreaterpartof2011,andthefirsthalfof2012.Thiswasevidentinpersistentinflationarypressuresbothonthedomesticandglobalscene.TheglobaleconomiccrisiswasundoubtedlyahugesetbacktotheUgandaneconomy,withtheshock-wavescausinganupsurgeinheadlineandcoreinflation,andacutedepreciationoftheshilling.TheUgandaneconomystartedrecoveringtowardsthesecondhalfof2012.
DespitethechallengingeconomicconditionstheInstitutemanagedtoachieveagoodper-centageofitsobjectivesfor2012.
Ourfinancialperformancewasasfollows:
• Total income increasedby Shs. 939.4million (33.7%); from Shs. 2.788billion to Shs. 3.728billionwhiletotalexpensesincreasedbyShs.1.264billion(61%);fromShs.2.06billiontoShs.3.324billion.
• Netcomprehensiveincomedecreasedby44.6%(Shs.325million);fromShs.728milliontoShs.403.3million.Thisismainlyattributedtoanincreaseinstudents’examinationexpensesandotheroperatingexpenses.
• Totalassetsfinancedbytotalmembers’fundsandliabilitiesincreasedby9.7%(Shs.696.2million);fromShs.7.185billiontoShs.7.882billion.
For years on end,wedesired to have theAccountants Bill passed. Wewere engaged inregulardialogueandconsultationwithkeypolicymakersandfinallyoureffortspaidoff.TheBillwasreadinParliament,forthefirsttime,on7February2012,andthereafterreferredtotheParliamentaryCommitteeonFinance,PlanningandEconomicDevelopment,forscrutiny.TheCommitteepresenteditsrecommendationstoParliamenton14December2012,withearliercontroversialclausesamended. TheBillwasdebatedand finallypassedbyParliamenton6 February2013,andnowawaitsPresidentialassent. Thepassingof theAccountantsBill isindeedalandmarkachievementforallaccountants,giventheirsignificanceinthefinancialmanagementprocessesoftheeconomy.
In2012,theInstitutesuccessfullyimplementedthesecondyearofitsfive-yearstrategicplan,whosecoreobjectiveistoincreasetheInstitute’sproductivityandsustainability.Iamhappytoinformyouthatwearemilesaheadinachievingtheobjectivesofourstrategicplan.
The implementation of the EACIA’s Mutual Recognition Agreement (MRA) is progressing,a roadmap for its implementation havingbeendeveloped in 2012. The initial goal of theroadmapistoensureuniformauditqualityreviewmethodologiesandsyllabi.
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
5A n n u a l R e p o r t
InanefforttoexpandthescopeoftrainingofICPAUcoursestheInstitutesignedMemorandaofUnderstanding(MOUs)withNkumbaUniversityandIslamicUniversityinUganda.ThisbringsthetotalnumberofuniversitiesthatICPAUhasofficialworkingrelationswithto5,takingintoaccountMOUspreviouslysignedwith3universities,in2011.EffortstosignMOUswithotheruniversitiesarein theoffing.Thiswill re-alignandharmonise the framework for the initial stagesof traininganaccountant in Uganda.
ICPAU has continued tomonitor practising accountants, as per the Institute’s Audit PracticeQualityReviewscheme.65ofthe184 practisingfirmsdulyauthorisedbyICPAUweremonitoredin2012,comparedto31outof184in2011.Thesecondcyclemonitoringschemeshowedanimprovementintheperformanceofmostfirmscomparedtotheresultsofthefirstcycle.
WeheldthesecondFinancialReporting(FiRe)AwardsinNovember2012,inpartnershipwiththeCapitalMarketsAuthority (CMA)and theUgandaSecurities Exchange (USE),NewVisionwasthemediasponsor.The2012FiReAwardsattracted47entries,comparedto37in2011.EntriesweresubmittedinBankingServices,InsuranceServices,ConsumerandIndustrialProducts,Non-GovernmentOrganizations, Public Sector and Regulatory Bodies andAssociations. The 2012FiReAwardsevaluators’reportshaveshowntremendousimprovementinthefinancialreportingframeworksoforganisationsthatparticipatedinboththe2012and2011Awards.
Iamalsopleasedtoinformyouthatweoperationalisedourplanstoestablishregionalexami-nationscentres. InJune2012,theNorthernregionexaminationscentrewasopenedwhiletheEasternandWesterncentreswereopenedinNovember2012.
In2012,wealsoembarkedontakingContinuingProfessionalDevelopment(CPD)programmetotheregions,withCPDsheldforthefirsttimeintheNorthern,WesternandEasternregionsofUganda.ThisisinadditiontotheCPDsconductedintheCentralregion.
InAugust2012,wecontractedconsultantstodesignthemasterplanfortheInstitute’spropertyinLubowa.Thesubsequentstepistoembarkonthearchitecturaldesignforthestructuressothatconstructioncancommence.
Ourmembershipissteadilygrowing.Membersincreasedfrom1,536in2011,to1,614in2012whilestudentsalsoincreasedduringtheyear,withtheInstituterecordingahighof8,347students,upfrom6,639in2011.In2012,206candidatescompletedtheCPAcoursewhile93completedtheATCcourse,comparedto215(CPA)and87(ATC)in2011.
TheICPAUorganisationalstructurewasexpandedtoprovideforthechallengesofimplementingthestrategicplan.Anewdepartment,GovernanceandRelations,tohandleissuespertainingtorelationswithICPAU’sstakeholdersamongothermatterswascreated.ICPAUrecruited4newstaff;thePublicRelationsOfficer,aRelationsOfficer,anExaminationsOfficerandanOfficeAttendant.ICPAUalsoimplementedacontributorystaffRetirementBenefitsScheme(RBS)from1January2012,forallpermanentstaffaspartofimprovingstaffwelfare.TheInstitute,inpartnershipwiththeUgandaCountryCapacityBuildingProgramme(UCCBP),facilitatedatraininginregulatoryandcomplianceactivities,forfivestaffattheInstituteofCharteredAccountantsofScotland(ICAS).SomemembersofstaffalsoattendedtheEACIA’sannualseminarsandothertrainings.
ICPAU continuously recognizes the importance of giving back to community through itsCorporateSocialResponsibility (CSR)programme. The InstitutemobilizedUshs.11.7million fortheconstructionofadormitoryfordisabledchildrenatKatalemwaCheshireHome(KCH).TheInstitutehasre-surveyedtheKCHlandandhadalayoutmapdrafted,whichhadcausedadelayintheapprovalofbuildingplans.
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
6Annua l Repor t
Intheareaofsports,theInstitutesponsoredthe2012ICPAUJuniorWoodballChampionship,thesecondyearround.ICPAUalsodonatedastateofthearttheatretableandlamptoEntebbeHospital,duringthe17thAnnualSeminarinSeptember2012.
AsweembraceVision2040,astrategyaimedattransformingtheUgandaneconomyfrompeasantry toexuberantgrowthanddevelopmentwithin thenext twentyfiveyearsor so,we,thecustodiansoftheeconomyarepromptedtoenhanceourperformancetomatchtheplannedgrowthanddevelopment.TheVisionisoptimistic,focusingonkeyinvestmentsareas;agriculture, industry, tourismandeducation,amongothers, throughharnessingthecountry’shumanandcapital resourcebase. Asaccountants,our task remains toensuretheefficientutilizationofresourcesandproperaccountability,aswellasconsistentstrategicbusinessandfinancialadvisoryinkeydecisionmakingprocesses.
MytenureasICPAUPresidentendsinJune2013.ImustthankallthosewithwhomwehaveworkedassiduouslytopromotetheInstitute’smissionandvision.SpecialcreditgoestotheICPAUCouncil, ICPAUmembers and students, theGovernment of Uganda,Members ofParliament,theICPAUSecretariatandallstakeholderswithoutwhoseintellectual,financialandphysicalsupportwewouldnothaveachievedtheaforementionedmilestones.TherewillbeelectionsforCouncilmembersatthe19thAnnualGeneralMeetingon28June2013.IwishallCouncilaspirantsthebestofluck.
AswerecognizeouraccomplishmentsmayIremindyouthatalongjourneystillliesaheadrequiringdiligence,prudenceandutmostdevotiontothetasksofdevelopingaworld-classprofessionalaccountancyinstitute.Ittakesarobustteamtobuildsuchasoundinstitution.Maywenothastentoadvise,supportandparticipateinthebuildingofthisvitalprofessionsothattogetherwecanepitomizeprofessionalisminaccountancy,inUgandaandbeyond.
CPA N. A. ThakkarPRESIDENT
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
7A n n u a l R e p o r t
5.1 CorporAte GoVernAnCe
5.1.1 Introduction
In itsapproach togovernance, theCouncilembracesbestpracticeprinciplesbasedontheunderstandingthatsoundgovernancepracticesarefundamentaltoearningthetrustofallourstakeholders.ThisiscriticalinsustainingtheInstitute’ssuccessandembracingitsvision.
The Institute’s governance framework enables the Council to fulfil its role ofproviding oversight and strategic counsel in balance with its responsibility toensureconformancewithregulatoryrequirementsandguidelines.
5.1.2 The Council
TheCouncil iscomposedof11members; 8electedmembersand3ex–officiomembers(theAuditorGeneral,theAccountantGeneralandtheCommissionerinChargeofHigherEducationintheMinistryofEducationandSports).Ofthe8electedmembersofCouncil,5mustbeinpublicpractice.
ThePresidentandVicePresidentareelectedbyCouncilmembersfromamongtheelectedmembers.TheCouncilistheInstitute’shighestdecision-makingbodyanditisultimatelyresponsibleforgovernance.TheInstitutehasaunitaryCouncilstructureandtherolesofthePresidentandSecretary/ChiefExecutiveOfficerareseparateanddistinct.
SevenmembersofCouncilwereelected inJune2010andtheir termsofofficewillexpireatthe2013AnnualGeneralMeeting(AGM).Theyareeligibleforre-election.CPAN.A.Thakkarwasre-electedtoCouncilattheAGMheldon24June2011.HistermonCouncilwillexpireatthe2014AGM.
5.0 REPORT OF THE COUNCIL FOR 2012
8 Annua l Repor t
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
CPA N. A. Thakkar,President.Managing Partner, A.H.Thakkar& Sons.
CPA Patrick Ben Kagoro,Vice President.Advisor Operations & Accounts,Bank of Uganda.
CPA Muhammed Moses Ssempijja,Member.Country Leader,Ernst & Young.
CPA Protazio Begumisa,Member.Assistant Commissioner, Uganda Revenue Authority.
CPA Henry Lwetabe, Member.Practitioner, Cartwright.
CPA Keto N. Kayemba, Auditor General’s Representative.
CPA Ass. Prof. Simeon Wanyama,Member.Uganda Martyrs University, Nkozi.
CPA Murtuza Dalal,Member.Regional Executive Partner,PKF Uganda.
CPA Jacqueline B. Lutaya,Member.Partner, AA&L Associates.
CPA Godfrey B. Ssemugooma,Accountant General’s Representative
Ms. Sarah NamuliTamale, Min. of Educ. & Sports Representative
CPA Derick Nkajja, Secretary to Council
5.1.3 Council Members during the year 2012
8Annua l Repor t
NoneoftheCouncilmembershadanyinterestofafinancialnature,ormadeanysuppliestotheInstituteforafinancialreward.
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
9A n n u a l R e p o r t
5.1.4 Council Meetings
FourregularmeetingsofCouncilwereheldonaquarterlybasisin2012;on5March2012,4&18June2012,7September2012,and10&18December2012.
Threespecialmeetingswereheldon13January2012,14May2012and23July2012.
TheCouncilmemberswereprovidedwithnoticesandthedocumentationformeetingsatleastoneweekpriortoeachofthescheduledmeetings.
TheattendanceoftheCouncilmeetingswasasfollows:
Name Designation No. of Meetings
2012 2011
1 CPA Narendra A. Thakkar President 6/7 8/10
2 CPA Patrick Ben Kagoro Vice President 5/7 8/10
3 CPA Assoc. Prof. Simeon Wanyama Member 7/7 9/10
4 CPA Muhammed M. Ssempijja Member 3/7 3/10
5 CPA Murtuza Dalal Member 5/7 8/10
6 CPA Protazio Begumisa Member 6/7 7/10
7 CPA Jacqueline B. Lutaya Member 7/7 5/10
8 CPA Henry Lwetabe Member 6/7 8/10
9 CPA Godfrey B. Ssemugooma Accountant General’s Rep. 5/7 5/10
10 CPA Keto N. Kayemba Auditor General’s Rep. 3/7 3/10
11 Ms. Sarah Namuli Tamale Min. of Educ. & Sports Rep. 1/7 2/2
12 Mr. Baker Balunywa Min. of Educ. & Sports Rep. N/A 1/4
Secretary to Council
1 CPA Derick Nkajja Secretary/CEO, ICPAU 7/7 10/10
5.1.5 Committees of Council
The Accountants Act, 1992 gives Council themandate to establish committees. All theCommittees,withtheexceptionofPAEBandDisciplinary&Ethics,canhaveupto10members,includingachairperson,drawnfromthemembersoftheInstitute.
The Council exercises its oversight role through a governance structure comprising ofCommittees.Thesecommitteesoperatebasingontermsofreference(TORs)approvedbyCouncilonanannualbasis.TheTORsspellouttherole,responsibilities,composition,scopeofauthority,quorumformeetings,appointment,meetingdatesandproceduresforreportingtotheCouncil.
TheCouncilandthecommittees’membersbringtotheInstitutevastskills,knowledgeandexperiencesfromtheirrespectivefields.
TheCommitteesofCouncilinclude:
Public Accountants Examinations Board (PAEB)
PAEBwasestablishedbytheAccountantsAct, togovernthe Institute’sexaminations. It iscomposedofninemembers. Itschairperson isappointedby theMinister for Finance,on
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
10Annua l Repor t
theadviceofCouncil,fromamongtheBoardmembers.ItsSecretaryistheSecretaryoftheUgandaNationalExaminationsBoard.
Disciplinary & Ethics Committee
Thisisastatutorycommitteecomprisingof5members.ThisCommitteewasestablishedbytheAccountantsAct,Cap.266.ItisthecustodianofthecodeofethicsandhasaformalprocessofhandlingcomplaintsraisedagainstmembersoftheInstitute.
Thedisciplinaryprocess isguidedbytheprinciplesof fairness(theright foramembertoputforwardtheircase),confidentiality,independence,andtherighttoappeal.Theprocesstakesintoconsiderationthepublicinterestaswellaspreservationoftherightsofmembers.
TheCommittee’smajor roles are; to handle anddeliver judgment on cases of professionalmisconduct;andtodevelopandissueguidanceontheprofessionalcodeofconduct.
Education Committee
TheEducationCommitteecomprisedof10members.Ithandlesissuesrelatedtotheeducationand training of the Institute’s members and students; provision of Continuing ProfessionalDevelopment(CPD)tomembersaswellascoordinatingresearch.
Events Management Committee
ThisisaspecialpurposeCommitteeoftheInstitutecomprisingof5memberswhosemainroleistoorganizetheInstitute’sevents.
Finance & Administration Committee
TheFinance&AdministrationCommitteedealswithfinanceandadministrativemattersforthesmoothoperationsoftheInstitute.Itcomprisedof10members.
Marketing Committee
ThisCommitteeoverseesthedevelopmentandimplementationoftheInstitute’smarketingandcommunicationprogrammes.TheCommitteehad9members.
Members’ Services Committee
TheMembers’ServicesCommitteehandlesadmissionofmembersandlooksaftertheinterestsoftheInstitute’sMembers.Ithad10members.
Planning & Development Committee
ThisCommitteegeneratesandmonitorsstrategicanddevelopmentplansof the Institute. Ithad10members.
Technical Committee
This Committee’s main purpose is to promote and maintain compliance with professionalstandards,legalandotherregulatoryrequirements.Itcomprisedof10members.
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
11A n n u a l R e p o r t
Withtheincreasingdemandsof theaccountancyprofessioninUgandaanddiversityoftheInstitute’smembership,Councilcreated5sub-committeesin2012tosupporttheTechnicalCommittee.Theseare:
AccountantsinPublicPractice.
AccountantsinBusiness&Industry.
Accountants in Education.
AccountantsinPublicSector.
TaxationandEconomicPolicy.
Eachsub-committeeischairedbyamemberoftheTechnicalCommittee.
FiRe Awards Committee
ThisisaspecialpurposeCommitteeoftheInstituteundertheTechnicalCommittee,comprisingof7memberswhosemainroleistopromoteandorganiseFinancialReporting(FiRe)Awards.
5.1.5 Remuneration to Members of Council and its Committees
NomemberofCouncilorofitsCommitteesreceivedanypaymentinrespectoftheservicesrenderedto the Institute. They only receivedapartial refundof their transport costswhen theyattendedmeetings.
5.1.6 Committees’ Attendance.
Public Accountants Examinations Board (PAEB)
Name Designation No. of Meetings
2012 2011
1. CPA Patrick Ben Kagoro Chairperson 6/9 2/2
2. Ms. Mercy Mugowa Ntale Member 4/9 1/1
3. CPA Assoc Prof. Simeon Wanyama Member 8/9 2/2
4. Prof. F. I. Kayanja Member 3/9 0/2
5. CPA Twaha Kaawaase Member 7/9 1/2
6. CPA Dr. Samuel Sejjaaka Member 3/9 0/2
7. Mr. Mathew Bukenya Secretary 5/9 2/2
Disciplinary & Ethics Committee
Name Designation No. of Meetings
2012 2011
1. CPA Jacqueline B. Lutaya Chairperson 3/3 7/7
2. CPA Justine N. Tumwesigye Member 2/3 5/7
3. CPA George W. Opiyo Member 2/3 5/7
4. CPA Rupam Bhatia Member 3/3 5/7
5. CPA Sam R. L. Bisase Member 3/3 4/7
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
12Annua l Repor t
Education Committee
Name Designation No. of Meetings2012 2011
1. CPA Assoc Prof. Simeon Wanyama Chairperson 1/1 9/92. CPA Micheal Twinomujuni Member 1/1 8/93. CPA Dr. Fixon Akonya Okonye Member 0/1 4/94. CPA Betty Higenyi Naula Member 1/1 2/95. CPA Edna Rugumayo Member 0/1 6/96. CPA Paul Olweny Member 1/1 2/97. CPA Hitesh Mahendra Mehta Member 0/1 6/98. CPA Gloria Tuhaise Wakooba Member 1/1 1/19. CPA Ruth Mutebe Member 1/1 1/110. CPA John C. Ntale Kayondo Member 0/1 1/1
Events Management Committee
Name Designation No. of Meetings2012 2011
1. CPA John Muhaise-Bikalemesa Chairperson 8/8 10/102. CPA Dr. Samuel Sejjaaka Member 0/8 3/103. CPA Harriet Kiwanuka Member 5/8 6/104. CPA Laura Orobia Member 3/8 7/105. CPA David Sserebe Member 7/8 2/2
Finance & Administration Committee
Name Designation No. of Meetings2012 2011
1. CPA Murtuza Dalal Chairperson 3/4 5/102. CPA Gervase Ndyanabo Member 1/4 4/103. CPA Moses Bwire Member 1/4 5/104. CPA Ronald Akankwasa Member 0/4 1/105. CPA Sarah Muzungyo Chelangat Member 4/4 6/106. CPA Samalie Kisekka Member 3/4 4/107. CPA Paul Lobe Member 1/4 3/108. CPA Fred Andema Member 2/4 1/19. CPA Paul Senyomo Member 3/4 1/110. CPA Constant O. Mayende Member 2/4 0/1
Marketing Committee
Name Designation No. of Meetings2012 2011
1. CPA M. M. Ssempijja Chairperson 2/5 5/72. CPA Ronald Mutumba Member 4/5 6/73. CPA Thomas Mwanje Member 4/5 2/74. CPA Justin Keith Osillo Member 4/5 5/75. CPA Anil Patel Member 1/5 3/76. CPA Frank Kasule Member 5/5 7/77. CPA Pius Bahemuka Member 3/5 1/1
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
13A n n u a l R e p o r t
Name Designation No. of Meetings8. CPA Anthony Kitongo Member 2/5 1/19. CPA Emmanuel Zinabala Member 1/5 0/1
Members’ Services Committee
Name Designation No. of Meetings2012 2011
1. CPA Henry Lwetabe Chairperson 7/7 8/112. CPA Fawn E. Cousens Member 4/7 6/113. CPA Mathias Tumwesigye Member 4/7 6/114. CPA Mustapha Mugisa Member 4/7 5/115. CPA Deus Tirwakunda Member 5/7 6/116. CPA Clare Agaba Member 1/7 4/117. CPA Andrew Ssentumbwe Member 4/7 1/18. CPA James Ebonga Member 6/7 0/19. CPA Hon. Edward Sempala Mbuga Member 2/7 0/110. CPA James Magson Musabe Member 2/7 0/1
Planning & Development Committee
Name Designation No. of Meetings2012 2011
1. CPA Protazio Begumisa Chairperson 3/4 7/82. CPA Paul Kiyingi Banadda Member 4/4 6/83. CPA Alfred Kabuchu Member 3/4 4/84. CPA Obed Bampe Tindyebwa Member 1/4 6/85. CPA Fulgence Mungereza Member 4/4 4/86. CPA Robert Kajoro Member 1/4 3/87. CPA John Peter Opeduru Member 4/4 7/88. CPA Silajji Baguma Kanyesigye Member 3/4 5/89. CPA Barbara Muchilwa Member 3/4 1/110. CPA Kenneth Brian Amagu Member 2/4 0/1
Technical Committee
Name Designation No. of Meetings2012 2011
1. CPA Keto N. Kayemba Chairperson 1/3 3/112. CPA Frederick Cliff Kato Member 3/3 11/113. CPA Sameer N. Thakkar Member 1/3 4/114. CPA Stephen Ineget Member 3/3 5/115. CPA Charles Oguttu Member 2/3 6/116. CPA Frederick Kibbedi Member 2/3 7/117. CPA Julius Rwajekare Member 1/3 N/A8. CPA Julius B. Mwesigye Member 1/3 N/A9. CPA Henry Duku Member 2/3 N/A10. CPA Sophia Kyomuhendo Member 2/3 N/A
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
14Annua l Repor t
Accountants in Education – a Technical Sub-Committee
Name Designation No. of Meetings
2012
1. CPA Sameer Thakkar Chairperson 3/4
2. CPA Henry Duku Member 4/4
3. CPA Dr. Charles T. Kazooba Member 3/4
4. CPA Maurice N. Mukokoma Member 2/4
5. CPA Titus Ambayo Member 1/4
6. CPA Joseph K.M. Kizza Member 2/4
7. CPA Daniel B. Mwase Member 3/4
8. CPA Pius Mawanda Ssuuna Member 1/4
Accountants in Public Sector – a Technical Sub-Committee
Name Designation No. of Meetings
2012
1. CPA Charles Oguttu Chairperson 2/3
2. CPA David Kabaale Member 3/3
3. CPA Frederick Kalyango Member 2/3
4. CPA Julius Bamuturaki Mwesigye Member 0/3
5. CPA Charles Alumai Member 2/3
6. CPA Willy Ssenkindu Member 1/3
7. CPA Dr. Fixon Akonya Okonye Member 2/3
8. CPA Peter Kajubi Member 1/3
Accountants in Public Practice – a Technical Sub-Committee
Name Designation No. of Meetings
2012
1. CPA Cliff Kato Chairperson 2/2
2. CPA Mathias Tumwesigye Member 1/2
3. CPA Robert Jack Busuulwa Member 2/2
4. CPA Joseph Barungi Member 1/2
5. CPA Julius Rwajekare Member 1/2
6. CPA Thomson Kwizina Member 1/2
7. CPA James Magson Musabe Member 1/2
8. CPA Stephen Ineget Member 0/2
Accountants in Business & Industry – a Technical Sub-Committee
Name Designation No. of Meetings
2012
1. CPA Frederick Kibbedi Chairperson 3/3
2. CPA Gerard Paul Kasaato Member 2/3
3. CPA Joel Byaruhanga Member 3/3
4. CPA Paul Gimeyi Member 2/3
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
15A n n u a l R e p o r t
Name Designation No. of Meetings
5. CPA Walter Nono Yorac Member 3/3
6. CPA Geoffrey Barigye Member 1/3
7. CPA Sophia Kyomuhendo Member 1/3
8. CPA Israel Opio Member 2/3
9. CPA Charles Ndyabahika Member 1/3
10. CPA Joseph Mukasa Kaggwa Member 1/3
Taxation and Economic Policy – a Technical Sub-Committee
Name Designation No. of Meetings
2012
1. CPA Stephen Ineget Chairperson 2/3
2. CPA Ronald Akankwasa Member 1/3
3. CPA Sarah Muzungyo Chelangat Member 2/3
4. CPA Obed Bampe Tindyebwa Member 3/3
5. CPA Peter Kyambadde Member 0/3
6. CPA Martin Makumbi Member 2/3
7. CPA Plaxeda Namirimu Member 2/3
8. CPA Johnson Semikore Member 1/3
9. CPA Charles Luzinda Member 2/3
10. CPA Annet Bazalilaki Member 2/3
Financial Reporting Awards Committee
Name Designation No. of Meetings
2012 2011
1. CPA Frederick Kibbedi Chairperson 5/5 3/3
2. CPA Keto N. Kayemba Member 1/5 0/3
3. Mr. Kenneth Senyondwa Member 3/5 2/3
4. Mr. Paul Busharizi Member 3/5 2/3
5. CPA Moses M. Kajubi Member 0/5 1/3
6. CPA Derick Nkajja Member 5/5 3/3
7. CPA Florence N. Kawuma Member 4/5 2/3
note: Mr. Paul Busharizi andMr. Kenneth Senyondwa are notmembers of ICPAU. Mr. PaulBusharizirepresentsTheNewVision,whoaretheFiReAwardsofficialmediasponsors.Mr.KennethSenyondwaandCPAFlorenceN.KawumarepresentUgandaSecuritiesExchangeandCapitalMarketsAuthority,respectively,whopartneredwithICPAUforFiReawards.
5.1.7 Code of Ethics
It is thecardinaldutyof the Institute’smembers,membersofCouncil,Committeemembers,studentsandstafftomaintainthevaluesoftheInstitute.Eachstakeholderhasaresponsibilityof fosteringhighethical standardsandvalues, touphold the reputationof theaccountancyprofessioninUgandaandbeyond.
MembersmustadheretotheCodeofEthicsissuedbyICPAUandlawsofthecountry.
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
16Annua l Repor t
Students must adhere to the students’ Code of Ethics, and Examinations Rules &RegulationsissuedbyICPAU,andthelawsofthecountry.
5.1.8 Succession Planning
SuccessionplanningisakeyfocusoftheCouncilwhich,onanongoingbasis,considersthecompositionoftheCouncilanditscommitteestoensurecontinuedeffectiveness.
TheCouncilalsoensuresthatthereiseffectivemanagementinplacetoimplementtheInstitute’sstrategy.Managementsuccessionplanningisanongoingconsideration.TheCouncil issatisfiedthatthecurrentpooloftalentavailablewithintheInstituteandtheworkbeingdonetostrengthenthetalentpoolprovidesadequatesuccessiondepthforboththeshortandlongtermstabilityandsustainabilityoftheInstitute.
5.2 FUtUre oUtLooK
Duringtheyear2012,theInstituteimplementedthesecondyearofits5yearstrategicplan. The plan sets out the Institute’s strategic objectives as; enhancing the scopeandqualityofproductsandservices;developingandmaintainingmutuallybeneficialpartnerships;increasingtheInstitute’sandmembers’profilesinthemarket;wideningthefinancialresourcebase;andstrengtheningorganizationalsystemsandstructures.
It isgearedatmeeting theneedsofmembers, students, theaccountancyprofessionandotherstakeholders.ThestrategicplanalsosetsthetonefortheInstitutetofulfilitsmandateandfunctionsinlinewithmoderngovernanceprinciples,ethicsofprofessionalbodiesanddevelopmenttrends.
Intheyearstocome,ICPAUwillfocuson;
FulfillingIFAC’smembershipobligations,aswellasthoseofPAFA.
Producing and maintaining accountants and accounting technicians who canserveinanysectorofUganda’seconomyandbeyond.
Diversifyingandimprovingservicestomembers,studentsandotherstakeholders.
Regularlyreviewingitssystemsandorganizationalstructure.
Developingandmaintainingpartnershipsforthebenefitofmembers,studentsandtheaccountancyprofessioningeneral.
ImprovingthestandardoffinancialreportinginUganda.
DevelopingitslandatLubowa(SeeMasterPlanonPage54).
Wideningitsfinancialresourcebase.
Beingsociallyresponsive.
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
17A n n u a l R e p o r t
5.3 SuSTAINABIlITy REPoRT
5.3.1 Introduction
Sustainabilityisthelong-termmaintenanceofresponsibility,whichhasenvironmental,economic,health,andsocialdimensions,andencompassestheconceptofstewardshipandresponsiblemanagementofavailableresources.
Sustainability involves meeting the needs of the present generation withoutcompromising the ability of future generations to meet their own needs. ICPAUrecognisesthatthedevelopmentofaprocessormanagementsystemthathelpstocreateavibrantexistenceandhighqualityoflifewhilerespectingtheneedtosustainnaturalresourcesandprotecttheenvironmentrequiresoutrightcommitment.
Aspartofitssocialinvestment,theInstitutewasengagedineducation,health,charity,sportsandenvironmentalinitiativesin2012.
5.3.2 Education
Through its Career Guidance Outreach (CGO), ICPAUdelivered talks to students in secondary schools,universities and other tertiary institutions in eight sub-regions of Uganda, covering 18 districts. The studentsreceived information on how to succeed in theiracademics;leadingmeaningfullifestyles;andprofessionalaccountancytraining.
5.3.3 Health
TheInstitutedonatedanoperatingtableandlamptoEntebbeHospital.Theequipmentworth UShs. 12.3 million, was received by the hospital Medical Superintendent, Dr.MosesMuwanga.
Mr. Godfrey Neema, ICPAU’s Senior Administrative Officer delivering a CGO talk to students.
ICPAU Vice President, CPA Patrick B. Kagoro (Right) hands over a Theatre table to Dr. Moses Muwanga of Entebbe Hospital.
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
18Annua l Repor t
5.3.4 Charity
ICPAUmobilizedUshs.11.7million, fortheconstructionofadormitoryfordisabledchildrenatKatalemwaCheshireHome(KCH).ThenettotalfundsavailablefortheprojectstoodatShs.154millionat31December2012.AtopographicalsurveywasconductedfortheHome.
Dr. Moses Muwanga
demonstrates how the
operating table and theatre lamp work.
A participant at the 17th
Annual Seminar has her eyes
checked by an ophthalmologist.
TheInstitutealsoorganisedeyecheck-upsforparticipantsatthe17thAnnualSeminarfrom13-14September2012.283participantswereattendedto.
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
19A n n u a l R e p o r t
HabitatConsultantsdonatedthearchitecturalplanswhileSekaAssociatesConsultingEngineersLtddonatedthestructuralplans.ICPAUhiredasurveyortodrawasitemapforKCHaspartoftheplanstobesubmittedtoKampalaCapitalCityAuthorityforapprovalin2013.
5.3.5 Sports
In sports, the Institute sponsored the 2012 Junior Woodball Championship, held at BuddoSecondarySchool.ThechampionshipwasorganizedbytheUgandaWoodballFederation.Itattracted141participantsfrom5primaryschoolsand9secondaryschools.
CPA Mark Omona, ICPAU’s Technical Manager flags off the 2012 ICPAU Junior Woodball Championship
Participants taking part in corporate exercises
Participants at the 17th Annual Seminar engaged in sports activities, namely; woodball,corporateexercises,jogging,beachvolleyball,beachfootballandswimming.
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
20Annua l Repor t
5.3.6 Environment
The Institute is conscious of the natural environment in all its operations. This includes theusageofpaperwhichisre-cycledwhereverpossible. Italsodisposesoffshreddedpapertoorganizations that recycle it. The Institute’sactivitiesproduce limitedeffluence. The Instituteoperates fromnaturally litofficepremises foragreaterpartof theyear,asourcontributiontowardsconservingenergyandtheenvironment.
5.3.7 Membership and Studentship
Members Students
CPA AAU CPA ATC
At 1 January 2012 1,525 11 5,020 1,619
Net Additions/(Reduction) during the year 88 (1) 1,555 153
At 31 December 2012 1,613 10 6,575 1,772Net Additions / (Reductions):
Members Students
Additions: CPA AAU CPA ATC
New 90 - 1,752 250
Reductions:
Deceased (2) (1)
Completed Course - - (197) (97)
Net Additions/(Reduction) during the year 88 (1) 1,555 153
5.3.8 Membership Fees Structure
CPA AAU
2013 2012 2013 2012
Shs Shs Shs Shs
Enrolment 220,000 220,000 - -
Annual Subscription 350,000 350,000 300,000 300,000
Practicing 1,000,000 700,000 1,000,000 700,000
Development Fund (Minimum) 300,000 300,000 - -
5.3.9 Audit Practice Quality Reviews
IncompliancewithIFAC’sStatementofMembership’Obligation1(SMO1):QualityAssurance,ICPAU continued to monitor practising accountants, in line with its Audit Practice QualityReviewscheme.EstablishedinSeptember2007,theschemeisaninvaluabletoolforensuringthatpractisingaccountantsdeliverqualityservicetotheirclients.
The second cycle of the auditmonitoring programme started in April 2011. 65 of the 184 practisingfirmsdulyauthorisedbyICPAUweremonitoredin2012,comparedto31outof184in2011.Fivefirmshadfollow–upvisits.TheInstituteobservedanimprovementinperformanceformostofthefirmsvisitedinthesecondcycle,comparedtothefirstcycleperformance.
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
21A n n u a l R e p o r t
5.3.10 Continuing Professional Development (CPD)
In2012,theInstituteheld15one-dayseminars(10in2011),3two-dayseminars(3in2011)andathree-dayresidentialannualseminar.Threeoftheone-dayseminarswereheldatregionallevelinGulu,MbaleandMbarara.
Thethemesforthe2012CPDseminarswere;
Theme No. Date
1. Financial Institutions Seminar 129 20 January 2012
2. Internal Auditors’ Seminar 252 3 February 2012
3. Training of Trainers Seminar (University Lecturers) 37 10 February 2012
4. Training of Trainers Seminar (Training Colleges) 49 17 February 2012
5. IFRS Workshop 272 23-24 February 2012
6. Regional CPD Seminar - Gulu 59 9 March 2012
7. Public Sector Seminar 319 15-16 March 2012
8. Taxation Seminar 209 13 April 2012
9. Non-Finance Managers’ Seminar 99 27 April 2012
10. Practitioners’ Forum 87 11 May 2012
11. Finance and Management Accounting Seminar 159 18 May 2012
12. Regional CPD Seminar - Mbarara 36 1 June 2012
13. Budget Breakfast 304 15 June 2012
14. Regional CPD Seminar - Mbale 76 3 August 2012
15. Oil and Gas Sector Seminar 314 10 August 2012
16. NGO Seminar 178 24 August 2012
17. 17th Annual Seminar 785 12-14 September 2012
i. East African and Global Developments 12 September 2012
ii. Infrastructure and Development 13 September 2012
iii. Business Development 14 September 2012
18. Practitioners’ Seminar 228 18-19 October 2012
19. Taxation Seminar 173 16 November 2012
Participants at the Oil and Gas CPD seminar
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
22Annua l Repor t
Hon. Maria Kiwanuka,
Minister for Finance
addressing guests at the 14th Budget
Breakfast
the 14th Budget Breakfast
The 14th Budget Breakfast was held on 15 June 2012, at the Imperial Royale Hotel,Kampala,todiscusstheprovisionsofthe2012/13GovernmentofUgandaBudget.TheBudgethadasitstheme:“PrioritiesforRenewedEconomicGrowthandDevelopment.”Thebreakfastwasattendedby304participants from thepublicandprivate sectors.TheMinisterforFinance,Hon.MariaKiwanuka,officiatedasChiefGuest.
the 17th Annual Seminar
TheInstitutehostedthe17thAnnualSeminar,from12-14September2012,attheImperialResortBeachHotel,Entebbe.Theseminarhadthreethemes,namely:East African and Global Developments, Infrastructure and Development, and Business Development. The MinisterofStateforEastAfricanCommunityAffairs,Hon.ShemBageineofficiatedattheopening.Thekeynotespeaker,Prof.P.L.OLumumba,stressedtheroleofaccountantsinchampioning theEastAfricanCommunity (EAC) integration. Dr. LouisKasekende,DeputyGovernor,BankofUganda,presidedovertheclosingceremony.785participants(662in2011)fromUgandaandtheEACattendedtheseminar.
Some ICPAU Council
members and other
delegates at the 17th Annual
Seminar
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
23A n n u a l R e p o r t
5.3.11 EACIAs Mutual Recognition Agreement (MRA)
HavingsignedaMRAon14September2011,theEACIAsdevelopedaroadmapfortheimplementationoftheMRAin2012.Thefirststageoftheroadmapaimsatreviewingand identifyingdifferences inauditquality reviewmethodologies,andexaminations’syllabi;withtheultimateaimofhavinguniformauditqualityreviewmethodologiesandsyllabi.
CPA Pius Bahemuka, ICPAU’s past Secretary raises a point after a presentation, at the 17th Annual Seminar.
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
24Annua l Repor t
5.3.12 Financial Reporting (FiRe) Awards
InitscontinuedefforttoboostfinancialreportinginUganda,ICPAUorganizedthe 2012 FiRe Awards; in conjunction with the Uganda Securities Exchange(USE)andtheCapitalMarketsAuthority(CMA).TheNewVisionGroupwasthemediasponsor.
StanbicBankUgandascooped theGoldAward;whileCentenaryBankandBritishAmerican Tobacco (BAT) Ugandawon the Silver and BronzeAwards,respectively.
TheMinister for Finance, Planning and Economic Development, Hon.MariaKiwanuka,officiatedasChiefGuest. Sheappealed toorganizations, tousetheIFRSforSMEsastheychampiongoodfinancialreportingandtoparticipateinthe2013FiReAwards.
The Winners, Stanbic Bank pose for a photo with the Minister and organisers of 2012 FiRe Awards
The2012Awardswereheldunderthetheme“The Accountancy Profession 50 years and Beyond”. 47organizationsparticipated in theawards (37 in2011Awards),whichwerecategorized into: Banking Services, InsuranceServices,Consumer and Industrial Products, Non-Government Organizations, PublicSectorandRegulatoryBodies&Associations.
The Financial Reporting
Awards
3
2
1Stanbic Bank Uganda Ltd
Centenary Rural Development Bank Ltd
British American Tobacco Uganda Ltd
12
7
58
10
5
2012 FiRe Awards Participants
Banking Services
Insurance Services
Public Sector
Non-Governmental Organisations
Consumer & Industrial Products
Regulatory Bodies & Associations
95
182
224
192 197
145
125
104
79
97
0
50
100
150
200
250
2008 2009 2010 2011 2012
Num
ber o
f Gra
duat
es
Year
CPA & ATC GRADUATES: 2008-2012
CPA
ATC
24Annua l Repor t
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
25A n n u a l R e p o r t
REPoRT oF THE yEAR AWARD
Stanbic Bank Uganda Ltd Gold Award
Centenary Rural Development Bank Ltd Silver Award
British American Tobacco Uganda Ltd Bronze Award
SPECIAl AWARDS
A. SuSTAINABIlITy AWARD
Stanbic Bank Uganda Ltd Winner
Centenary Rural Development Bank Ltd 1st Runner–Up
Housing Finance Bank Ltd 2nd Runner–Up
B. CorporAte GoVernAnCe
Stanbic Bank Uganda Ltd Winner
Centenary Rural Development Bank Ltd 1st Runner–Up
DFCU Ltd 2nd Runner–Up
FINANCIAl REPoRTING CATEGoRy WINNERS
A. BANKING SERVICES
Centenary Rural Development Bank Ltd Gold Award
Stanbic Bank Uganda Ltd 1st Runner–Up
DFCU Ltd 2nd Runner–Up
B. INSuRANCE SERVICES
National Insurance Corporation Ltd Winner
Lion Assurance Company Ltd Runner up
C. PuBlIC SECToR
National Water & Sewerage Corporation Winner
National Social Security Fund Runner-Up
CoNSuMER & INDuSTRIAl PRoDuCTS
British American Tobacco Uganda Ltd Winner
Umeme Ltd 1st Runner–Up
Uganda Baati Ltd 2nd Runner–Up
Joseph Kitamirike (L), the CEO, Uganda Securities Exchange presents the Award for best financial report in the Insurance Services category, to Bayo Folayan, the
MD, National Insurance Corporation (NIC).
CPA Jean Mutabazi, the Financial Controller, National Social Security
Fund (NSSF) shows off the NSSF Award for their achievement in the
Public Sector category.
Paul Sine, BAT’s Finance Director receiving an award.
Sam Mwogeza (L), Stanbic Bank’s Financial Controller, receiving the
Sustainability Reporting Award from CPA George Egaddu, ICPAU’s first President.
25A n n u a l R e p o r t
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
26Annua l Repor t
D. NoN-GoVERNMENTAl oRGANISATIoNS
Brac Uganda Winner
ActionAid International in Uganda 1st Runner–Up
Opera San Francesco Saverio-CUAMM 2nd Runner–Up
E. REGulAToRy BoDIES AND ASSoCIATIoNS
Bank of Uganda Winner
CERTIFICATES oF RECoGNITIoN
A. Excellent Report in Presentation & Communication
KCB Bank Uganda Ltd
Crane Bank Ltd
Umeme Ltd
B. Most Improved in Quality of Financial Reporting
DHL Global Forwarding Ltd
Uganda Baati Ltd
British American Tobacco Uganda Ltd
Housing Finance Bank Ltd
5.3.13 ICPAu Examinations
TheCPAandATCexaminationswereheld inJuneandNovember2012 forLevels1 to4andLevels1to3,respectively.TheJune2012examinationswereheldinKampalaandGulu,whiletheNovember2012examinationswereheldinKampala,Gulu,MbaleandMbarara.Studentsaccessed their results via email, the website and printed copies posted to their respectiveaddresses. They also access past examinations paper questions and solutions through theirstudentshipaccountsontheInstitute’swebsite.
Some students writing their exams at the Eastern region examinations centre (Mbale), in November 2012
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
27A n n u a l R e p o r t
Somestudentscompletedthecoursesasshownbelow;
Course 2012 2011June Nov Total June Dec Total
CPA 108 89 197 93 99 192ATC 52 45 97 38 41 79
TheInstitutehascumulatively,produced1,046CPAand1,382ATCgraduates,sincethefirstexaminationsheldinDecember1997andJune2001forCPAandATC,respectively.
Belowisagraphshowingthegraduatesofthecoursesoverthelastfiveyears;
5.3.14 Graduation Ceremony
The Institute held its fourth Graduation ceremony on 31 August 2012, at theMandelaNationalStadium,Namboole.Therewere206CPAgranduands,fromboththeDecember2011andJune2012examinationsdiets.Ofthese,60werefemalewhile146weremale.
Therewere93granduandsofATC.41ofthesewerefemalewhile52weremale.
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
28Annua l Repor t
5.3.15 Memoranda of understanding with universities
Inordertoachieveitsstrategicobjectives,theInstituteincreaseditscollaborationwithtertiaryinstitutionsfortheteachingoftheCPAandATCcourses.TheInstitutesignedMemorandaofUnderstanding(MOUs)withNkumbaUniversityandIslamicUniversityinUganda.In2011,ICPAUhadsignedMOUswithNdejje,GuluandMakerereUniversities.
5.3.16 Appeal on the Revocation of the Institute’s Tax Exemption Status
TheInstituteobjectedtoTheUgandaRevenueAuthority’srescindingoftheInstitute’staxexemptionstatusandtheobjectionwasdeclined.ThematterwasappealedtotheTaxAppealsTribunalandhearingscommencedinDecember2012.
5.3.17 The Association of Accounting Technicians of uganda (AATu)
The Association of Accounting Technicians of Uganda (AATU) was formed in 2003and registeredwith the Registrar ofCompaniesasanassociation. It commencedoperationsin2005.TheAssociationisresponsiblefororganising,supervisingandinstillingprofessionalisminaccountingtechniciansaswellasorganisingCPDprogrammesforthem.Ithad71membersandtwomembersofstaffasat31December2012.
AATU received a seed grant from the Ministry of Finance, Planning & EconomicDevelopment of Shs. 320million in 2005. As per thecondition of thegrant, ICPAUwasrequiredtosupervisetheAssociation.Thegrantamountwasfullyutilisedin2011.Witheffectfrom2012,theCouncilofICPAUdecidedtosupportAATUtocaterforitsemployeecosts.ThisamountedtoShs.21.7million.
Some graduates and other
officials at the 4th graduation
ceremony
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
29A n n u a l R e p o r t
5.4 THE ICPAu SECRETARIAT
5.4.1 Introduction
TheSecretariathandlestheday-to-dayoperationsoftheInstituteandimplementsCouncil’sdecisionsandInstitute’spolicies.TheSecretary/ChiefExecutiveOfficerheadstheSecretariatcomprisingoffourdepartments.Eachdepartmentisheadedbyamanager.
TheSecretariatalsosupervisestheAssociationofAccountingTechniciansofUganda(AATU)andthePresidentofICPAUisitspatron.
5.4.2 organisational Structure
TheorganisationalstructureoftheInstitutefortheyearended2012wasasfollows;
COUNCIL
COMMITTEES OF COUNCIL
TECHNICAL EXAMINATIONS GOVERNANCE & RELATIONS
FINANCE
SECRETARY / CEO’S OFFICE
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
30Annua l Repor t
5.4.3 Staffing as at 31 December 2012
Asat31December2012,theSecretariathadatotalof25staffagainstanannualstaffingbudgetof28.
TheInstituterecruitedfourmembersofstaff,namely:thePublicRelationsOfficer,aRelationsOfficer,anExaminationsOfficerandanOfficeAttendant.Astaffturnoverof0%wasregisteredduringtheyear.
37.8 yearswas theaverageageof staff (37.5 years in2011)while theaverageperiodofservicewas5.3years(5.2yearsin2011).
5.4.4 Staff Training and Development
Inpartnershipwith theUgandaCountryCapacityBuildingProgramme, ICPAUtrainedfivestaffinvolvedintheInstitute’sregulatoryandcomplianceactivities.Thetraining,whichtookplacefrom20-24August2012,wasconductedattheInstituteofCharteredAccountantsofScotland,bythe latter’s staff. It isexpectedthatwith this training, ICPAUwill improvethequalityofitsauditmonitoringprogrammeandtheinvestigationsanddisciplinaryprocesses.ICPAUalsoplans to establish apracticemanagement course for practitioners to enablethembetterappreciatethedynamicsofmanagingprofessionalfirms.
SomemembersofstaffalsoattendedtheannualseminarsoftheEastAfricanCommunityInstitutesofAccountants;andothertrainings.
TheformerPublicRelationsOfficerofICPAU,Ms.DianaNaisunaNambi,successfullycompletedaMasters’Degree inCorporateCommunicationsandPublicRelationsat theUniversityofLeeds,UnitedKingdom.ShewasredeployedasRelationsOfficer inthenewly-establishedGovernanceandRelationsdepartment.
Membersofstaffpursuingprofessionalandacademiccoursesweregivencompassionateleavetoenablethemsitforexaminations.
5.4.5 Staff Medical Care
AARHealthServicesLtdcoveredallstaffandtheirspousesformedicalinsurancewhileAPAInsuranceUgandaLtdcoveredforpersonalaccidentandworkman’scompensation.
5.4.6 Staff Retirement Benefits Scheme
Council approved a staff retirement benefits scheme which became operational on 1January2012,forallpermanentstaff.Thestaffcontributed5%oftheirbasicsalariestotheschemewhiletheInstitutecontributed5%ofeachemployee’sbasicsalary.
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
31A n n u a l R e p o r t
5.5 FInAnCIAL perForMAnCe oVerVIeW
Thisoverviewshowstheperformanceof2012ascomparedto2011.Itfocusesonthestatementofcomprehensiveincomeandstatementoffinancialposition.
5.5.1 Statement of Comprehensive Income
Total Income
Thetotalincome,comprisingrevenueandotherincome,increasedbyShs.939.4million(33.7%);fromShs.2.788billiontoShs.3.728billion.Thisismainlyattributedtoanincreaseinexaminationfeesandinvestmentincome.TotalexpensesincreasedbyShs.1.264billion(61%);fromShs.2.06billiontoShs.3.324billion.Thisismainlyattributedtoanincreaseinexaminationcostsandotheroperatingexpenses.Belowisagraphshowingthetotalincomeandtotalexpensesovertheyears;
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
2008 2009 2010 2011 2012
Shs.
000
s
Year
Total Income & Total Expenses
Total Income
Total Expenses
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2008 2009 2010 2011 2012
Shs.
000
s
Year
Net Comprehensive Income
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
2008 2009 2010 2011 2012
Shs.
000
s
Year
Total Income & Total Expenses
Total Income
Total Expenses
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2008 2009 2010 2011 2012
Shs.
000
s
Year
Net Comprehensive Income
5.5.2 Net comprehensive income for the last 5 years
Thenetcomprehensiveincomedecreasedby44.6%(Shs.325million);fromShs.728.3milliontoShs.403.3million.Thisismainlyattributedtoanincreaseinstudents’examinationexpenses andotheroperatingexpenses.
Thenetcomprehensiveincomeforthelast5yearsisshownbelow;
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
32Annua l Repor t
5.5.3 Total assets over the last 5 years
Totalassetsincreasedby9.7%(Shs.696.2million);fromShs.7.185billiontoShs.7.882billion.
Belowisagraphshowingthetotalassetsoverthelast5years;
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
2008 2009 2010 2011 2012
Shs.
000s
Year
Total Assets
Non-Current Assets
Current Assets
Total Assets
2008 2009 2010 2011 2012
Funds & Reserves 3,287,316 3,959,588 5,801,647 6,688,114 7,135,437
Non-Current Liabilities 64,880 61,606 57,941 54,472 51,084
Current Liabilities 297,844 352,832 391,844 443,157 695,430
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
Shs.
000s
Members' Funds & Liabilities
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
2008 2009 2010 2011 2012
Shs.
000
s
Year
Total Assets
Non-Current Assets
Current Assets
Total Assets
2008 2009 2010 2011 2012
Funds & Reserves 3,287,316 3,959,588 5,801,647 6,688,114 7,135,437
Non-Current Liabilities 64,880 61,606 57,941 54,472 51,084
Current Liabilities 297,844 352,832 391,844 443,157 695,430
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
Shs.
000
s
Members' Funds & Liabilities
5.5.4 Members’ funds and liabilities
The totalmembers’fundsandliabilitiesincreasedby9.7%;fromShs.7.185billiontoUShs.7.882billion.
Themembers’fundsandliabilitiesaredepictedbelow;
5.6 Auditor
CPACharlesGeraldMugerwawasappointedasauditoroftheInstitutewitheffectfromthefinancialyear2011.Hehasexpressedwillingnesstocontinueinoffice.
ByOrderoftheCouncil
CPA Derick NkajjaSECRETARY TO COUNCIL
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
33A n n u a l R e p o r t
INDEPENDENT AUDITOR’S REPORT 2012
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
34Annua l Repor t
I haveaudited the financial statementsof the InstituteofCertifiedPublicAccountantsofUgandafortheyearended31December2012,whichcomprisetheStatementofFinancialPosition,theStatementofComprehensiveIncome,theStatementofChangesinMembers’Funds,theStatementofCashFlows,andasummaryofsignificantaccountingpoliciesandotherexplanatorynotes.
Council’s responsibility for the financial statementsThe ICPAUCouncil is responsible for thepreparationand fairpresentationof thefinancialstatements in accordance with the International Financial Reporting Standards. Thisresponsibility includes: designing, implementing and maintaining internal control relevantto thepreparationand fairpresentationof financial statements thatare free frommaterialmisstatements,whetherduetofraudorerror;selectingandapplyingappropriateaccountingpolicies;andmakingaccountingestimatesthatarereasonableinthecircumstance. Auditor’s responsibilityMyresponsibility is toexpressanopiniononthesefinancial statementsbasedonmyaudit. Iconducted my audit in accordance with the International Standards on Auditing. ThoseStandards require that I complywith ethical requirements andplanandperform theauditto obtain reasonable assurance whether the financial statements are free from materialmisstatements. Anaudit involvesperformingprocedures toobtainauditevidenceabout theamountsanddisclosures in the financial statements. The procedures selected depend on the auditor’sjudgement,includingassessmentofriskandmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.Inmakingthoseriskassessments,theauditorconsidersinternalcontrolsrelevanttotheentity’spreparationandfairpresentationofthefinancialstatementsinordertodesignauditproceduresthatareappropriateinthecircumstance,butnotforthepurposeofexpressinganopinionontheeffectivenessoftheentity’sinternalcontrol.Anauditincludesevaluatingtheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesmadebymanagement,aswellasevaluatingtheoverallpresentationofthefinancialstatements.Ibelievethattheauditevidenceobtainedissufficientandappropriatetoprovideabasisformyauditopinion.
opinionInmyopinion,thefinancialstatementssetoutonpages36to54andthenotesthereonpresentfairly,inallmaterialrespectsthefinancialpositionoftheInstituteasat31December2012andofitsfinancialperformancefortheyearthenendedandcomplyinallmaterialrespectswiththeInternationalFinancialReportingStandardsissuedbytheInternationalAccountingStandardsBoard.
INDEPENDENT AUDITOR’S REPORT TO MEMBERS OF THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF UGANDA IN RESPECT OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012
6.0
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
35A n n u a l R e p o r t
Report on other legal requirements
AsrequiredbytheAccountantsAct,Cap266,Ireporttoyoubasedonmyaudit,that;
a) I obtained all the information and explanations, which were necessary forpurposesoftheaudit;
b) Inmyopinion,properbooksofaccounthavebeenkeptbytheInstitute,insofarasappearsfrommyexaminationofthosebooks;and
c) TheInstitute’sfinancialstatementsareinagreementwiththebooksofaccount.
CPA Charles Gerald MugerwaP.O.Box8294Kampala
Date: …………………………
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
36Annua l Repor t
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2012
Note 2012 2011
ASSETS Ushs.’ 000 Ushs.’ 000
NON-CURRENT ASSETS
Prepaid Operating Lease 11.3 28,434 29,296
Property and Equipment 11.4 2,893,932 2,814,817
Capital Work in Progress 11.5 60,735 26,318
Total Non-current Assets 2,983,101 2,870,431
CURRENT ASSETS
Inventory 11.6 55,839 25,875
Receivables 11.7 212,406 140,527
Prepayments 11.8 61,767 53,768
Investments 11.9 4,268,313 3,191,520
Bank and Cash balances 11.10 300,525 903,622
Total Current Assets 4,898,850 4,315,312
TOTAL ASSETS 7,881,951 7,185,743
MEMBERS’ FUNDS AND LIABILITIES
FUNDS AND RESERVES
Accumulated Fund 11.11 6,563,124 6,156,459
Revaluation Surplus 11.12 46,466 49,785
Development Fund 11.13 525,847 481,870
Total Funds 7,135,437 6,688,114
NON-CURRENT LIABILITIES
Capital Grant 11.14 46,808 50,408
Endowment Fund 11.15 4,276 4,064
Total Non-current Liabilities 51,084 54,472
CURRENT LIABILITIES
Payables and Accrued Expenses 11.16 691,830 439,557
Current portion of Capital Grant 11.17 3,600 3,600
Total Current Liabilities 695,430 443,157
Total Liabilities 746,514 497,629
TOTAL MEMBERS’ FUNDS & LIABILITIES 7,881,951 7,185,743
ThesefinancialstatementswereapprovedbytheCouncilon………………………2013andweresignedonitsbehalfby:
…............................... …...................................……CPA N. A. Thakkar CPA Murtuza DalalPresident Chairman, Finance & Administration
The significant accounting policies and the notes on pages 40 to 54 form part of the financial statements.
7.0
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
37A n n u a l R e p o r t
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 20128.0
Note 2012 2011
Ushs.’ 000 Ushs.’ 000
INCOME
Revenue 11.18 2,706,448 2,262,331
Other income 11.19 1,021,250 525,958
Total Income 3,727,698 2,788,289
EXPENDITURE
Employee costs 11.20 1,328,069 1,013,240
Administrative expenses 11.21 614,123 409,360
Students Examinations expenses 11.22 551,057 260,587
Depreciation and amortization 11.3 & 11.4 81,601 44,107
Other operating expenses 11.23 749,502 32,680
Total Expenditure 3,324,352 2,059,974
Net comprehensive income for the year 403,346 728,315
…................................. ...................................………CPA N. A. Thakkar CPA Murtuza DalalPresident Chairman, Finance & Administration
The significant accounting policies and the notes on pages 50 to 54 form part of the financial statements.
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
38Annua l Repor t
9.0
Accumulated Fund
Revaluation Surplus
Development Fund
Total
Funds
Ushs.’ 000 Ushs.’ 000 Ushs.’ 000 Ushs.’ 000
Balance at 1 January 2011 5,424,825 53,104 323,718 5,801,647
Net Comprehensive Income for the year 728,315 - - 728,315
Revaluation Surplus release 3,319 (3,319) - -
Development fund receipts - - 158,152 158,152
Balance at 31 December 2011 6,156,459 49,785 481,870 6,688,114
Balance at 1 January 2012 6,156,459 49,785 481,870 6,688,114
Net Comprehensive Income for the year 403,346 - - 403,346
Revaluation Surplus release 3,319 (3,319) - -
Development fund receipts - - 43,977 43,977
Balance at 31 December 2012 6,563,124 46,466 525,847 7,135,437
The significant accounting policies and the notes on pages 40 to 54 form part of the financial statements.
STATEMENT OF CHANGES IN MEMBERS’ FUNDS FOR THE YEAR ENDED 31 DECEMBER 2012
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
39A n n u a l R e p o r t
10STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 201210
2012 2011
Particulars Notes Ushs 000s Ushs 000s
CASH FLOWS FROM OPERATING ACTIVITIES
Net Comprehensive Income for the year 8 403,346 728,315
Adjustments:
Depreciation & amortisation 11.3 &11.4 81,603 44,107
Loss on stolen items 811 0
Insurance Claim 960 0
Gain on sale of Motor vehicle - (1,720)
Investment income from call account 11.19 (9,695) (30,554)
Investment income from treasury bills 11.19 (358,017) (267,741)
Investment income from fixed deposits 11.19 (242,059) 0
Capital grant release 11.17 (3,600) (3,600)
Operating Income before Working Capital Changes (126,651) (468,807)
Decrease/(Increase) in inventory 11.6 (29,964) (14,511)
Decrease/(Increase) in receivables 11.7 (71,879) (50,356)
(Increase)/Decrease in prepayments 11.8 (7,999) (33,402)
Increase in payables 11.16 252,273 51,313
Net cash from operating activities 15,780 421,851
CASH FLOWS FROM INVESTING ACTIVITIES
Development fund contributions received 43,977 158,152
Investment income from Call account 11.19 9,695 30,554
Investment income from treasury bills 11.19 358,017 267,741
Investment income from fixed deposits 11.19 242,059 0
Decrease / (Increase) in Investments 11.9 (1,076,793) (2,567,336)
Purchase of property & equipment 11.4 (161,627) (109,240)
Proceeds from sale of motor vehicle - 3,020
Decrease / (Increase) in capital work in progress 11.5 (34,417) (26,318)
Net cash (used) in Investing Activities (619,089) (2,243,427)
CASH FLOWS FROM FINANCING ACTIVITIES
(Decrease) / Increase in Endowment fund 11.15 212 131
Net Cash from financing activities 212 131
Net (Decrease) in Cash and Cash Equivalents (603,097) (1,821,445)
Cash and Cash Equivalents at 1 January 11.10 903,622 2,725,067
CASH AND CASH EQUIVALENTS AT 31 DECEMBER 11.10 300,525 903,622
The significant accounting policies and the notes on pages 40 to 54 form part of the financial statements.
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
40Annua l Repor t
11
11.1 STATuS oF THE ACCouNTING ENTITy
TheInstituteofCertifiedPublicAccountantsofUganda(ICPAU)isaprofessionalaccountancybodyestablishedbytheAccountantsAct,1992Cap266.ItsmajorfunctionsaretoregulateandmaintainthestandardofaccountancyinUgandaandprescribe/regulatetheconductofAccountantsinUganda.
The Institute is a member of the International Federation of Accountants (IFAC), the Pan AfricanFederationofAccountants (PAFA)andPrivate Sector FoundationUganda (PSFU). The InstitutewasamemberoftheEasternCentralandSouthernAfricaFederationofAccountants(ECSAFA)upto31December2011,whenitwoundup.TheInstituterepresentstheEasternAfricaregiononthePAFABoard.
11.2 PERTINENT ACCouNTING PolICIES
11.2.1 Basis of Accounting
ThefinancialstatementsoftheInstitutearepreparedinaccordancewiththeInternationalFinancialReportingStandards(IFRSs).Theaccountingpoliciesadoptedareconsistentwiththoseofthepreviousyear.
Thepreparationof the financial statements inconformitywith the International Financial ReportingStandardsrequiresestimatesandassumptionsthataffectthereportedamountsofassetsandliabilitiesand disclosure of contingent assets and liabilities at the date of the financial statements and thereportedamountsofrevenuesandexpensesduringthereportingperiod.AlthoughtheseestimatesarebasedontheCouncil’sbestknowledgeofcurrenteventsandactions,actualresultsmayultimatelydifferfromthoseestimates.
At31December2012,currentassetsexceededcurrentliabilitiesbyUshs.4.20billion(2011:Ushs.3.87billion). The Institutemeets its day to day obligations from its current assets.On this basis,CouncilconsidersitappropriatetopreparethefinancialstatementsonagoingconcernbasiswhichassumesthattheInstitutewillbeinoperationalexistencefortheforeseeablefuture.
11.2.2 New and amended standards adopted by the Institute
There are no IFRSs or IFRIC interpretations that are effective for the first time for the financial yearbeginning1January2012thatwouldbeexpectedtohaveamaterialimpactontheInstitute.
11.2.3 Accounting for Grants
Grants were received from the Government of Uganda in accordance with the agreementsbetweentheRepublicofUgandaandtheInternationalDevelopmentAssociation,andbetweentheInternationalDevelopmentAssociationandtheICPAUsignedon9June1995,tocovermainlypropertyandequipment,consultanciesandaportionoftheoperatingexpenditure.Theperiodofthefundingagreementsexpired intheyear2000. Grants relatedtotheacquisitionofpropertyandequipmentweretreatedasdeferredincome.Thegrantamountequivalenttothedepreciationofthebuilding(onlyassetthatisstillbeingdepreciated)istransferredtoincomeannually.
11.2.4 Investment Securities
NOTES TO THE FINANCIAL STATEMENTS OF ICPAU FOR THE YEAR ENDED 31 DECEMBER 2012
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
41A n n u a l R e p o r t
AllinvestmentsecuritiesheldbytheInstituteareclassifiedasheldtomaturity.Councildeterminestheclassificationof its investment securitiesat initial recognitionand re-evaluates thisateveryreportingdate.
Held-to-maturity financial assets are non-derivative financial assets with fixed or determinablepaymentsandfixedmaturitiesthattheCouncilhasthepositive intentionandabilitytoholdtomaturity. Marketable securities comprising of treasury bills are classified in this category andinitiallyrecognisedatcostbeingthefairvalueoftheconsiderationgiven,includingtransactioncosts.Theyaresubsequentlycarriedatamortisedcostusingtheeffectiveyieldmethod,lessanyprovisionforimpairment.
11.2.5 Property and Equipment
Allpropertyandequipmentareinitiallyrecordedatcostandsubsequentlyshownathistoricalcostorre-valuedamountslessaccumulateddepreciation.Propertyandequipmentaredepreciatedonastraight-linebasisovertheirestimatedusefullivesasfollows:
Freeholdland NilBuilding 5% perannumMotorvehicles 20% perannumFurniture 10% perannumOfficeequipment 20% perannumComputers 33.3% perannumLibrarybooks 20% perannum
11.2.6 Prepaid operating leases
Prepaidoperatingleasesareamortisedonastraight-linebasisovertheremaininglifeoftheleasesmadeupasfollows:
Plot42BukotoStreet-34years(2011:35years)
11.2.7 Inventories
Inventoriesarevaluedatcost.Costisdeterminedbythefirst-infirst-out(FIFO)costformula.Theyareheldforresale.
11.2.8 Subscription Fees
Members’subscriptionfeesaretakentoincomeintheyeartowhichtheyrelate.Unlessreceiptiscertain,incomeisnotaccruedinaccordancewithIAS18.
11.2.9 Receivables
Receivablesarerecognisedatfairvalue.
11.2.10 Prepayments
Prepaymentsarerecognisedatfairvalue.11.2.11 Payables and accrued expenses
NOTES (Continued)
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
42Annua l Repor t
Payablesandaccruedexpensesarerecognisedatfairvalue.
11.2.12 Employee Benefits
TheInstitutepayssalariesandwagestoitsemployeesandcontributestotheNationalSocialSecurityFund(NSSF),paysgratuitytostaffemployedoncontracttermsandcontributestoaRetirementBenefitsSchemeforStaffonpermanentterms.NSSFisadefinedcontributionschemeregisteredundertheNationalSocialSecurityAct(1985).TheInstitute’sobligationsunderthisschemearelimitedtospecificcontributionregulatedfromtimetotimeandcurrentlystatedat10%oftheemployee’sgrosspay.TheInstitutestartedaRetirementBenefitsSchemeforitsstafftowhichitcontributes5%oftheemployees’monthlybasicpay.
TheInstitute’scontributionsarechargedtotheStatementofComprehensiveIncomeintheyeartowhichtheyrelate.
11.2.13 Cash and Cash Equivalents
Forthepurposesofthestatementofcashflows,cashandcashequivalentsarecomprisedofcashathandandbalanceatbank.
11.3 PREPAID oPERATING lEASES
ThebalanceonthisaccountrelatestoleaseholdlandonPlot42BukotoStreet.2012 2011
Cost/Valuation Ushs 000s Ushs 000s
At 1 January 40,404 40,404
Addition during the year - -
At 31 December 40,404 40,404
Amortisation
At 1 January 11,108 10,246
Charge for the year 862 862
At 31 December 11,970 11,108
[
Net Book Value
At 31 December 28,434 29,296
At 1 January 29,296 30,158
NOTES (Continued)
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
43A n n u a l R e p o r t
11.4
PR
oPE
RTy
AN
D EQ
uIPM
ENT
C
urre
nt p
erio
d Fre
ehold
B
uild
ing
Moto
r Com
pute
rs
Off
ice
Furn
iture
Land
Veh
icle
s E
quip
men
t &
Fittings
Book
sTO
TAL
Cost
/Valu
ation
Ush
s 0
00
s U
shs
00
0s
Ush
s 0
00
s U
shs
00
0s
Ush
s 0
00
s U
shs
00
0s
Ush
s 0
00
sU
shs
00
0s
At 1
Janu
ary
2012
2,56
1,11
615
5,00
053
,000
129,
959
15,7
7840
,031
1,33
92,
956,
223
Add
ition
s0
035
,500
63,8
5055
,944
5,96
037
316
1,62
7
Adj
ustm
ent f
or s
tole
n as
sets
00
0(3
,975
)0
00
(3,9
75)
Adj
ustm
ent f
or fu
lly
depr
ecia
ted
asse
ts
-
0
0
(51,
252)
0
(3,4
32)
0(5
4,68
4)
At
31 D
ecem
ber
2012
2,5
61
,11
61
55
,00
08
8,5
00
13
8,5
82
71
,72
24
2,5
59
1,7
12
3,0
59
,19
1
Dep
reci
ation
At 1
Janu
ary
2012
038
,750
2,60
072
,135
5,67
121
,764
486
141,
406
Cha
rge
for t
he y
ear
07,
750
15,7
2537
,398
15,3
494,
183
336
80,7
41
Adj
ustm
ent f
or s
tole
n as
sets
00
0(2
,204
)0
00
(2,2
04)
Adj
ustm
ent f
or fu
lly
depr
ecia
ted
asse
ts
0
0
0
(51,
252)
0
(3,4
32)
0
(54,
684)
At
31 D
ecem
ber
2012
0
46
,50
01
8,3
25
56
,07
72
1,0
20
22
,51
58
22
16
5,2
59
Net
Book
Valu
e
At
31 D
ecem
ber
2012
2,5
61
,11
61
08
,50
07
0,1
75
82
,50
55
0,7
02
20
,04
48
90
2,8
93
,93
2
At
31 D
ecem
ber
2011
2,5
61
,11
61
16
,25
05
0,4
00
57
,82
41
0,1
07
18
,26
78
53
2,8
14
,81
7
NOTES (Continued)
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
44Annua l Repor t
prev
ious
per
iod
Fre
ehold
B
uild
ing
Moto
r Com
pute
rs
Off
ice
Furn
iture
Land
Veh
icle
s E
quip
men
t &
Fittings
Book
sTO
TAL
Cost
/Valu
ation
Ush
s 0
00
s U
shs
00
0s
Ush
s 0
00
s U
shs
00
0s
Ush
s 0
00
s U
shs
00
0s
Ush
s 0
00
sU
shs
00
0s
At 1
Janu
ary
2011
2,56
1,11
615
5,00
02,
300
90,6
7917
,158
39,5
302,
743
2,86
8,52
6
Add
ition
s0
052
,000
50,3
763,
485
2,73
964
010
9,24
0
Adj
ustm
ent f
or fu
lly
depr
ecia
ted
asse
ts0
00
(11,
096)
(4,8
65)
(2,2
38)
(2,0
44)
(20,
243)
Adj
ustm
ent f
or d
ispo
sal
-
0(1
,300
)
0
0
0
0
1,30
0)
At
31 D
ecem
ber
2011
2,5
61
,11
61
55
,00
05
3,0
00
12
9,9
59
15
,77
84
0,0
31
1,3
39
2,9
56
,22
3
Dep
reci
ation
At 1
Janu
ary
2011
031
,000
056
,873
7,98
420
,217
2,33
011
8,40
4
Cha
rge
for t
he y
ear
07,
750
2,60
026
,358
2,55
23,
785
200
43,2
45
Adj
ustm
ent f
or fu
lly
depr
ecia
ted
asse
ts
0
0
0(1
1,09
6)(4
,865
)(2
,238
)(2
,044
)(2
0,24
3)
At
31 D
ecem
ber
2011
03
8,7
50
2,6
00
72
,13
55
,67
12
1,7
64
48
61
41
,40
6
Net
Book
Valu
e
At
31 D
ecem
ber
2011
2,5
61
,11
61
16
,25
05
0,4
00
57
,82
41
0,1
07
18
,26
78
53
2,8
14
,81
7
At
31 D
ecem
ber
2010
2,5
61
,11
61
24
,00
02
,30
03
3,8
06
9,1
74
19
,31
34
13
2,7
50
,12
2
NOTES (Continued)
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
45A n n u a l R e p o r t
11.5 CAPITAl WoRK IN PRoGRESS2012 2011
Ushs 000s Ushs 000s
As at 1 January 26,318 0
Additions 4,417 26,318
As at 31 December 60,735 26,318
This includes the cost of fencing, relocation of Electricity poles and partial payment ofconsultancyfeesfortheMasterplanfortheInstitute’sLandatLubowa.
11.6 INVENToRy
This comprises stock of International Auditing Assurance and Ethics Pronouncements andInternationalAccountingStandardsCommitteeFoundationpublicationsvaluedatcost.ItalsoincludestheInstitute’sshirtsandblouses,andbagsonsale.
2012 2011
Publications Ushs.’000 Ushs.’000
International Financial Reporting Standards:
2012 Edition 6,495 0
International Auditing, Assurance & Ethics Pronouncements:
2012 Edition 15,964 0
International Public Sector Accounting Pronouncements:
2012 Edition 3,140 0
Bags 1,493
Shirts and blouses 28,747 25,875
Total 55,839 25,875
Thecostof inventory recognisedasanexpenseamountedtoUshs.45.41million(2011:Ushs.38.33million)andhasbeenincludedunderotherincomeintheStatementofComprehensiveIncome.
11.7 RECEIVABlES2012 2011
Ushs.’000 Ushs.’000
The fair values of receivables are as follows:
Owing from students 29,285 25,612
Owing from members 8,365 925
Seminar fees & Sponsorship 117,903 100,954
Magazine Adverts 6,046 0
Publications 4,904 874
Staff advances 35,477 4,647
Sundry receivables 10,426 7,515
Total receivables 212,406 140,527
NOTES (Continued)
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
46Annua l Repor t
IntheopinionofCouncil,thecarryingamountsofreceivablesapproximatetotheirfairvalue.
Therewerenoreceivablesdenominatedinforeigncurrency.
Asat31December2012,receivablesamountingtoUshs.174million(2011:Ushs.125.26million)wereoverthreemonthsandnotimpaired.Thesebalancesrelatetoanumberofindependentdebtors,whose recenthistory isnot indefault. Theaginganalysisof these receivables isasfollows:
2012 2011
Ushs.’ 000 Ushs.’ 000
3 to 12 months 140,969 107,431
Above 12 months 33,055 17,829
Total 174,024 125,260
note:OftheUshs.29.3millionduefromstudents,Ushs.21.2millionispayablebytheGovernmentofUgandainrespectofitsemployees’registrationandexaminationfees.
OftheUshs.117.9millioninrespectofseminarfeesandsponsorship,Ushs.47.2millionispayablebyGovernmentofUgandainrespectofseminarfeesforitsemployees.
11.8 PREPAyMENTS2012 2011
Ushs.’000 Ushs.’000
Security deposits (See note below) 1,300 1,300
Internet services 10,349 1,292
Lapel Pins 5,225 5,731
Library expenses 1,768 1,115
Insurance 11,075 8,113
Rent & Rates 450 1,350
One day seminar expenses 2,631 3,666
Staff welfare 1,383 15,959
Magazine 6,982 5,500
Office Equipment 787 982
Study Packs 6,425 0
Subscription 0 722
CPA Economic Forum Expenses 13,392 0
LCD Projector 0 8,038
Total 61,767 53,768
note: SecuritydepositsareforcreditfacilitieswithSheratonKampalaHotelandMTNUganda.
NOTES (Continued)
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
47A n n u a l R e p o r t
11.9 INVESTMENTS2012 2011
Securities Held to Maturity Ushs.’000 Ushs.’000
Fixed Deposits 4,268,313 0
Government treasury bills amortised at cost:
182 days treasury bills 0 3,191,520
Total 4,268,313 3,191,520
11.10 BANK AND CASH BAlANCES 2012 2011
Ushs.’000 Ushs.’000
Bank balance 296,245 892,932
Cash in hand 4,280 10,690
Total 300,525 903,622
11.11 ACCuMulATED FuND2012 2011
Ushs.’000 Ushs.’000
Balance at 1 January 6,156,459 5,424,825
Net Comprehensive Income for the year 403,346 728,315
Transfer from revaluation surplus 3,319 3,319
Balance at 31 December 6,563,124 6,156,459
11.12 REVAluATIoN SuRPluS2012 2011
Ushs.’000 Ushs.’000
Balance at 1 January 49,785 53,104
Transfer to accumulated fund (3,319) (3,319)
Balance at 31 December 46,466 49,785
11.13 DEVEloPMENT FuND2012 2011
Ushs.’000 Ushs.’000
Balance at 1 January 481,870 323,718
Contributions during the year 43,977 158,152
Balance at 31 December 525,847 481,870
11.14 CApItAL GrAnt
This relates to grants received from the Government of Uganda in accordance withtheagreements between the Republic of Ugandaand the InternationalDevelopmentAssociation(IDA),andbetweentheInternationalDevelopmentAssociationandtheICPAUsigned on 9 June 1995.
NOTES (Continued)
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
48Annua l Repor t
Itcoverspropertyandequipmentmadeupasfollows:2012 2011
Ushs.’000 Ushs.’000
Balance at 1 January 50,408 54,008
Current portion to Current Liabilities (3,600) (3,600)
Balance at 31 December 46,808 50,408
11.15 ENDoWMENT FuND
ThisrepresentsfundsdonatedbytheInstituteofCharteredAccountantsofScotlandforprizestotopstudentsintheInstitute’sCPA(U)finalexaminations.
2012 2011
Ushs.’000 Ushs.’000
Balance at 1 January 4,064 3,933
Investment income earned 362 366
4,426 4,299
Cost of students’ prizes (150) (235)
Balance at 31 December 4,276 4,064
11.16 PAyABlES AND ACCRuED EXPENSES2012 2011
Ushs.’000 Ushs.’000
The fair values of payables and accrued expenses are:
Fees received on application 18,048 22,068
Advance income from members 47,074 31,560
Advance income from students 94,748 87,621
Other advance income 44,863 24,903
Accrued examinations expenses 85,693 82,672
Accrued expenses 62,350 16,457
Accrued Gratuity 14,700 10,500
Leave Provision 75,496 41,107
Katalemwa Charity Collections 153,968 120,115
Staff RBS 84,392 -
Other payables 10,498 2,554
Balance at 31 December 691,830 439,557
In theopinionof theCouncil, thecarryingamountsofpayablesandaccruedexpensesapproximatetotheirfairvalue.
NOTES (Continued)
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
49A n n u a l R e p o r t
Thematurityanalysisofaccruedexpensesandotherpayablesisasfollows:
0 to 1 month
Ushs. ’000
1 to 3 months
Ushs. ’000
3 to 12 months
Ushs. ’000
Over 12 months
Ushs. ’000
Total
Ushs. ’000
Fees received on application 1,440 350 2,120 14,138 18,048
Advance income from members 9,028 8,342 18,704 11,000 47,074
Advance income from students 1,800 9,026 31,592 52,301 94,719
Other advance income 2,935 6,160 16,450 19,318 44,863
Accrued examinations expenses 85,693 0 0 0 85,693
Accrued expenses 61,156 944 250 0 62,350
Accrued gratuity 14,700 0 0 0 14,700
Leave provision 2,598 5,197 46,774 20,927 75,496
Katalemwa charity collections 1,779 15,113 16,961 120,115 153,968
Other payables 0 0 10,308 190 10,498
Staff RBS 7,242 21,413 55,737 0 84,392
Total 188,371 66,545 190,496 237,989 691,830
11.17 CUrrent portIon oF CApItAL GrAnt2012 2011
Ushs.’000 Ushs.’000
Balance at 1 January 3,600 3,600
Transfer from Capital Grant 3,600 3,600
Capital grant release transferred to other income (3,600) (3,600)
Balance at 31 December 3,600 3,600
11.18 reVenUe2012 2011
Ushs.’000 Ushs.’000
Subscriptions 465,669 444,919
Enrolment fees 19,800 127,000
Certificates and Licences 214,540 111,570
Students’ Registration fees 168,155 125,205
Students’ Annual renewal fees 298,417 228,285
Examinations fees 1,513,737 1,205,762
Graduation fees 26,130 19,590
Total 2,706,448 2,262,331
NOTES (Continued)
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
50Annua l Repor t
11.19 otHer InCoMe
2012 2011
Ushs.’000 Ushs.’000
Income from seminars 986,246 717,557
Less Seminars’ costs (776,880) (592,914)
Surplus from seminars 209,366 124,643
Donation from Bank of Uganda 25,000 25,000
Operational Grant - UCCBP 52,163 26,148
Fire Awards 79,640 24,000
Fines (Disciplinary Cases) 7,150 2,800
Investment Income from Treasury Bills 358,017 267,741
Investment Income from Call Account 9,695 30,554
Investment Income from Fixed Deposits 242,059 0
Magazine Adverts 7,592 0
Net sale of publications 9,151 9,784
Gain on sale of items of PPE 0 1,720
Net sale of Shirts 2,152 2,595
Net sale of Bags 32 0
Students Replacement Identity Cards 6,451 7,373
Repeat Audit Quality Review visits 1,200 0
Duplicate Exam entry acknowledgement & Result slips 2,135 0
Sale of Bid Documents for Lubowa Master plan 600 0
Insurance Claim settlement 5,247 0
Capital grant release 3,600 3,600
Total 1,021,250 525,958
11.20 EMPloyEE CoSTS
2012 2011
Ushs.’000 Ushs.’000
Salaries & Wages 1,037,999 829,595
Leave Provision arising in 2012 54,568 36,157
Leave Provision utilised in 2012 20,179) (20,576)
Sub - total 1,072,388 845,176
Social Security Contributions- NSSF 117,053 82,954
Gratuity 42,000 42,000
Staff Recruitment costs 3,296 4,854
Subscriptions to Professional Bodies 4,100 3,129
RBS Contribution 40,373 0
Staff Welfare 48,859 35,127
Total 1,328,069 1,013,240
NOTES (Continued)
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
51A n n u a l R e p o r t
11.21 ADMINISTRATIVE EXPENSES
2012 2011
Ushs.’000 Ushs.’000
Audit Fees 8,500 8,500
Bank charges 10,143 7,969
Council expenses 26,887 23,215
Electricity & Water 13,452 7,114
General office expenses 27,974 14,268
Graduation expenses 28,037 21,255
Library expenses 11,205 3,202
Office Equipment running costs 55,737 40,523
Postage and Telephone 71,419 76,246
Printing and stationery * 44,687 41,256
Professional fees 14,160 19,685
Security expenses * 13,371 2,336
Students Administration expenses 18,046 5,817
Support to AAT(U) 21,680 0
Training 111,958 25,766
Travelling expenses 92,283 83,714
Vehicle repairs, maintenance and operations 44,584 8,494
Total 614,123 409,360
*Ushs.2.336millioninrespectofsecurityhadbeenpresentedaspartofGeneralofficeexpensesin2011.Ithasbeenreclassifiedtosecurityexpenses.
*Ushs.89.545millioninrespectofMagazineCostshadbeenpresentedaspartofprintingandstationerycostsin2011,nowpresentedseparatelyasMagazinecostsunderotheroperatingexpenses.
11.22 STuDENTS EXAMINATIoNS EXPENSES
2012 2011
Ushs.’000 Ushs.’000
Examination administration expenses 105,198 62,887
Examination marking expenses 165,227 22,762
Examination printing and stationery 72,673 10,997
Examiners and moderators fees 201,578 157,321
Examiners Training 6,381 6,620
Total 551,057 260,587
NOTES (Continued)
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
52Annua l Repor t
11.23 oTHER oPERATING EXPENSES
2012 2011
Ushs.’000 Ushs.’000
Building maintenance 332 8,403
Corporate promotion 220,444 124,972
Corporate Social responsibility 24,200 20,000
FiRe Awards expenses 128,688 36,557
Insurance 24,242 12,188
Rent & Rates 71,392 10,164
Subscriptions 10,832 30,851
Magazine costs* 269,372 9,545
Total 749,502 332,680
* Magazine costs for 2011 have been split from Printing and stationery under AdministrativeExpensesandpresentedseparatelyunderOtherOperatingExpenses.
11.24 CoNTINGENT lIABIlITIES
Therewerenocontingentliabilitiesasat31December2012fromwhichmateriallosswouldbeanticipated,exceptasexplainedinthetaxationsegment11.27,below.
11.25 PoST-BAlANCE SHEET EVENTS
Therewere nopost-balance sheet events that requiredamendment or disclosure in thefinancialstatementsasatthedateofthisreport.
11.26 FINANCIAl RISK MANAGEMENT
TheInstitute’sactivitiesmayexposeittofinancialrisks–marketrisk(interestrateandforeignexchangerisk),creditriskandliquidityrisk.Interestraterisk:-TheInstitute’sinterestbearingassetsconsistofFixeddepositsanddepositsoncallaccountwhichareatfixedandvariablerates.TheInstitutehastheintentandabilitytoholdtheinvestmentsinfixeddepositstomaturity.Foreign exchange risk:- The Institute mainly transacts business in local currency. At 31December 2012, there were no borrowings or receivables in foreign currency and thusnofinancialassetsorfinancial liabilitiesdesignated in foreigncurrency.The Institute isnotexposedtoanyexchangerisk.Creditrisk:-Creditriskarisesfrombankandcashbalances,andreceivables.ICPAUlimitsitsexposureonbankandcashbalancesbyholding itscashwithsoundfinancial institutions.Additionally,mostofthemoneyisinvestedinfixeddeposits.The receivables aremainly frommembers, organisations that employmembers and theGovernmentofUganda.ThesedebtorsdonotposeacreditrisktotheInstitutebasedonpastdealingswiththem.Liquidity risk:- Prudent liquidity risk management entails maintaining sufficient cash andmarketablesecurities,theavailabilityoffundingthroughadequateamountofcommittedcreditfacilitiesandtheabilitytocloseoutmarketpositions.ICPAUmaintainsadequateliquidresources.
NOTES (Continued)
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
53A n n u a l R e p o r t
11.27 REPoRTING CuRRENCy
ThefinancialstatementsarepresentedinthousandsofUgandashillings(Ushs).
11.28 TAXATIoN
TheInstitutehadbeenexemptfromtaxunderSection2(bb)oftheIncomeTaxActupto11January2012.Accordingly,noincometaxwouldaccruefromthesefinancialstatements.However,on12January2012,theCommissioner,DomesticTaxes withdrew the ICPAU tax exemption status which had been granted on19January1999,statingthatICPAUdoesnotfallwithinthemeaningofexemptorganisationsasdefinedbysection2(bb)oftheIncomeTaxAct.TheInstitutehasappealedtheURAruling.TheInstituteisexposedtoacontingentliabilityequalto30%ofthetaxableincomeshoulditfailtoretainthetaxexemptstatus.
NOTES (Continued)
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
54Annua l Repor t
HO
TEL
COM
PLEX
OPE
NC
OU
RTY
ARD
CAR
PARK
HO
TEL
DR
OP-
OFF
PO
INT
SER
VIC
ER
OAD
Cov
ered
Wal
kway
DR
OP-
OFF
POIN
T
CONV
ENTI
ON
CENT
ER
MAI
N G
ARDE
NG
AM
ES' C
OU
RT
ADM
BU
ILDI
NG
SER
VIC
E / E
MER
GEN
CY
RO
AD
DROP-OFF
TRAN
SFO
RMER
YARD
CH
ILD
REN
'SPL
AY A
REA
CHIL
DREN
'S DA
YCA
RE
SWIM
MIN
G P
OO
L
KITC
HEN
DEL
IVER
ABLE
S
Gar
den
seat
s
UP
SEPT
ICTA
NK
Ram
p up
Ram
p up
PLAT
FOR
MG
AZEB
O
BAR
BEC
UE
2
A101
CH
ILD
REN
'SPO
OL
PARK
ING
(for
hot
el g
uest
s)
Gar
den
seat
s
Park
ing
Leve
l01
Park
ing
Leve
l02
Park
ing
Leve
l 03
Park
ing
Leve
l 04
Park
ing
Leve
l 05
NKITC
HEN
STA
FFPA
RKI
NG
SEPT
IC T
ANK
SEPT
ICTA
NK
CH
ILD
REN
'SPL
AY A
REA
KAWOOYAROAD
Ram
p up
GATE
Ram
p up
Ram
p up
Ram
p up
Ram
p up
Ram
p up
Ram
p up
Ram
p up
ENTR
Y EXIT
REC
REA
TIO
NG
ARD
EN
MAI
N G
ARBA
GE
CO
LLEC
TIO
N &
DIS
POSA
L P
OIN
T
UN
DER
GR
OU
ND
WAT
ER T
ANK
Gen
erat
orro
om b
elowSu
ppor
t Sta
ff C
hg R
oom
s &
Gam
es' E
quip
men
tS
tore
bel
ow
GEN
ERAT
OR
HO
USE
GAR
BAG
EC
OLL
ECTI
ON
PO
INT
01 -
FIR
ST F
LOO
R30
0001
- F
IRST
FLO
OR
3000
00 -
GRO
UND
FLO
OR
000
- G
ROUN
D FL
OO
R 0
-01
- LE
VEL
-1-3
000
-01
- LE
VEL
-1-3
000
-02
- LE
VEL
-2-6
000
-02
- LE
VEL
-2-6
000
-03
- LE
VEL
-3-9
000
-03
- LE
VEL
-3-9
000
-04
- LE
VEL
-4-1
2000
-04
- LE
VEL
-4-1
2000
-05
- LE
VEL
-5-1
5000
-05
- LE
VEL
-5-1
5000
-06
- LE
VEL
-6-1
8000
-06
- LE
VEL
-6-1
8000
02 -
SEC
OND
FLO
OR
6000
02 -
SEC
OND
FLO
OR
6000
03 -
TH
IRD
FLO
OR
9000
03 -
TH
IRD
FLO
OR
9000
04 -
FO
URTH
FLO
OR
1200
004
- F
OUR
TH F
LOO
R12
000
HO
TEL
COM
PLX
Chi
ldre
n's
pool
CO
UR
TYAR
D +
SW
IMM
ING
POO
L
COVE
RED
WAL
KWAY
Park
ing
Leve
l01
Park
ing
Leve
l02
Park
ing
Leve
l03
Park
ing
Leve
l04
ADM
INIS
TRAT
ION
BUIL
DIN
GC
A R
P
A R
K
Staf
f Chg
room
sG
ames
'Eq
uipm
ent S
tore
CLIE
NT:
TECH
NOLO
GY
CONS
ULT
S LT
DCo
nsul
ting
in A
rchi
tect
ure,
Com
puti
ng,
Engi
neer
ing,
Sur
veyi
ng &
Pla
nnin
g.P.
O.B
ox 2
6690
, Kam
pala
, Uga
nda.
Tel:
256
- 41
4 54
0 61
8
PRO
JECT
TIT
LE:
PRO
POSE
D M
ASTE
R PL
AN &
ARC
HIT
ECTU
RAL
SCH
EME
DESI
GN
S AT
PLO
T 12
4, B
LOCK
122
1,LU
BOW
A, W
AKIS
O D
ISTR
ICT
CONS
ULT
ANT:
DRAW
ING
TIT
LE:
SHEE
T N
O.:
DESI
GN
ED B
Y:
DRAW
N BY
:
CHEC
KED
BY:
DATE
:
JOB
NO
.:
SCAL
E:
DEC.
201
2RE
VISI
ONS
NO.
DATE
DESC
RIPT
ION
BY
1 : 2
50
ICPA
U M
ASTE
R PL
AN &
SIT
E SE
CTIO
N
A101
Inst
itut
e of
Cer
tifie
d Pu
blic
Acc
ount
ants
of
Uga
nda
(ICPA
U).
PLO
T 42
BU
KOTO
STR
EET,
Kam
pala
, Uga
nda
PRO
POSE
D M
ASTE
R PL
AN
1 :
250
SITE
PLA
N1
1 :
250
Sect
ion
X - X
2
ICPA
U M
ASTE
R PL
AN F
OR T
HE L
AND
AT L
UBOW
A
Ins t i tu te o f Cer t i f ied Pub l ic Accountants o f Uganda
55A n n u a l R e p o r t
Derick NkajjaChief Executive Officer
John Bosco NtangaareExaminations Manager
Godfrey NeemaSenior Administrative Officer
Susannie TeegaTechnical Officer
Fiona N.SsimbwaAccountant
Innocent OroneExaminations Officer
Betty BatendaAssistant Accountant
Justine YekoAssistant Accountant
Elsie NakkaziAdministrative Assistant
Grace TukahirwaOffice Attendant
Cones BiineTransport Assistant
Richard KugonzaOffice Assistant
Generous NiragireAdministrative Assistant
Veronica NambajjweExaminations Officer
Christine KikomePersonal Secretary to CEO
Brenda NabiryeManagement Information Officer
Robert K.TebasuulwaFinance Manager
Charles B. ByaruhangaSenior Examinations Officer
Diana Naisuna NambiRelations Officer
Nancy AkulloPublic Relations Officer
Charles LutimbaTechnical Officer
Simon OolaGov & Relations Manager
Mark Anthony OmonaTechnical Manager
Denis WabombaExaminations Officer
Paul N. LugandeRelations Officer
55A n n u a l R e p o r t
ICPAU STAFF 2012
The Institute of Certified Public Accountants of UgandaPlot 42 Bukoto Street - Kololo, P.O.Box 12464, Kampala - UgandaTel: 256 - 41- 4540125, 031 - 2262333, 031 - 2265590, 071 - 2830651, Fax: 256 - 41 - 4540389Email:[email protected], [email protected]:www.icpau.co.ug
Annual Report2012