Accountants urged to reinvent profession amid sustainability, insurance push
Entebbe, Uganda | Julius Businge | “Growth and comfort do not coexist,” declared Peter Kimbowa, delivering a wake-up call to nearly 2,000 accountants gathered in Entebbe for the 30th Annual Seminar of the Institute of Certified Public Accountants of Uganda (ICPAU) on day one – Sept.3.
Kimbowa warned that Uganda’s accounting profession risks irrelevance unless it abandons traditional roles and embraces bold, transformative thinking.
“Accountants today are not just number-crunchers, they are impact architects shaping Uganda’s growth,” he said, challenging practitioners to step out of their comfort zones and lead organizations through disruption caused by climate change, digital transformation, and shifting global markets.
The three-day seminar was not only a call for mindset change but also a platform for major reforms.
ICPAU President Timothy Ediomu announced the adoption of International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards, positioning Uganda among the first African countries to align with global sustainability reporting frameworks.
Derrick Nkajja, ICPAU CEO, urged accountants to champion ethical standards, strengthen accountability, and embed sustainability into both public and private sector operations.
“The role of accountants now goes beyond compliance,” he said. “It’s about shaping decisions that drive long-term value and impact.”
Adding a social dimension to the business conversation, Insurance Regulatory Authority CEO Alhaj Kaddunabbi Ibrahim Lubega urged accountants to integrate personal insurance into financial planning.
He stressed that insurance is not just a cost but a tool for risk management and social protection, safeguarding families and businesses against shocks that could derail growth.
“With 43 percent of Ugandans living at or near poverty, one illness or funeral can push households over the edge,” he said. “Insurance cushions these shocks and keeps communities stable.” He called on accountants to lead by example by taking up life and health insurance and advocating for policies that make coverage affordable and accessible.
Faith Nakut Loru, representing Parliament Speaker Anita Among, underscored the urgency of this transformation. She challenged accountants to develop practical skills in leadership, fundraising, and resource management to actively contribute to national development.
As ICPAU prepares for its first research conference in November 2025, the seminar’s message was clear: Uganda’s accountants must evolve into strategic leaders driving sustainability, financial inclusion, and social cohesion—or risk being left behind in a rapidly changing economy.
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