Kampala-The Institute of Certified Public Accountants of Uganda (ICPAU) says the introduction of anti-corruption courts in Uganda has reduced level of fraud by 70 per cent in public offices and private organisations as well because people have become conscious of being prosecuted.
The institute also says the Public Finance Management Act 2015 in place is also playing a key role in curbing fraud that was being executed by the accountants in government institutions.
The ICPAU president, Mr Protazio Begumisa, during a news conference at Hotel Africana last week said fraud in Uganda is on the decline.
“The anticorruption court is playing a key role in combating cases of fraud in this country because the people who have been there have been charged. “Much as there are fraud/corruption cases, fraud incidences in form of embezzling money in public organisations has declined by about 70 per cent,” he said.
The ICPAU is a national professional accountancy organisation established in 1992 by an Act of Parliament to regulate and maintain the standard of accountancy in in Uganda and to prescribe and regulate the conduct of accountants and practicing accountants in Uganda.
Speaking about the forth coming conference of The Africa Congress of Accountants (ACOA) be held in Uganda between 2 and 5 May, 2017, Mr Begumisa said ICPAU is also at forefront fighting fraud in the country by effectively regulating the accountancy profession in Uganda and disciplining the accountants that have been implicated in multi-practices.
Pan Africa Federation of Accountants chief executive officer Vickson Ncube said fraudulent and corruption activities by definition involve deception and dishonesty and it is all stealing (theft of country/organisation resources) which should not be compromised because it has negative impact on development.
“Fraud can have a significant impact on an organisation’s reputation so governments in African countries have to fight its trend,” he said.