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Uganda Act or statute

Parliament of Uganda

Accountants Act

Section Interpretation Meetings of the institute must be held in accordance with the First Schedule to this Act. The institute's governing body is the council, made up of eleven members and including specified…

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Uganda
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54 provisions
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Chapter 266
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“Section Interpretation”

Section Interpretation Meetings of the institute must be held in accordance with the First Schedule to this Act. The institute's governing body is the council, made up of eleven members and including specified office-holders; one member is elected president. Sets how council members are chosen, their term length, internal elections, resignation process and vacancy-filling. The council has a list of functions including admitting members, approving courses, registering students, supervising training, issuing certificates and licences, maintaining rolls and registers, promoting standards and publications, prescribing fees, making byelaws, and performing incidental acts.

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Regulation of public practice - Renewal of certificate

If no renewal application is made within three months from the start of the year, the secretary must send a registered-mail notice to the accountant; the council may, on advice of the disciplinary committee and after inquiry, refuse to renew a certificate of…

Section 22

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Showing 54 of 54 provisions

Provision 47Commencement 3Offence 2Interpretation

Part I

Interpretation

§ 1Interpretation - InterpretationInterpretation

Section Interpretation

Section Interpretation
Section 1

Part II

Establishment of the institute and the council

§ 10Establishment of the institute and the council - Meetings of the instituteProvision

Meetings of the institute must be held in accordance with the First Schedule to this Act.

Section Meetings of the institute Section The meetings of the institute shall be held in accordance with the First Schedule to this Act.
Section 10
§ 11Establishment of the institute and the council - The councilProvision

The institute's governing body is the council, made up of eleven members and including specified office-holders; one member is elected president.

Section The council Section The governing body of the institute shall be a council which shall consist of eleven members, one of whom shall be elected the president of the council . The commissioner, the treasury officer of accounts, the Auditor General and the commissioner of education shall be members of the council .
Section 11
§ 12Establishment of the institute and the council - Members of the councilProvision

Sets how council members are chosen, their term length, internal elections, resignation process and vacancy-filling.

Section Members of the council Section Where an appointed or elected member dies or ceases to be a member of the council other than by effluxion of time— One member of the council shall be appointed by the Minister , while eight members shall be elected by the members of the institute at the annual general meeting. Of the eight members elected under subsection (1), five members shall be practising accountants. The council shall, during its first meeting, elect, from among the elected members, a president and a vice president . The elected and appointed members of the council shall hold office for three years and shall be eligible for reelection or reappointment. A member of the council , other than the ex officio members, may resign his or her office by writing, addressed to the president and in case of the president , addressed to the secretary. Where an elected or appointed member of the council ceases to be a member of the institute , he or she shall cease to be a member of the council . if that member was an appointed member , the Minister shall appoint another person to fill the vacancy; if that member was an elected member , the council shall co-opt a member of the institute pending the election of another member at the next annual general meeting.
Section 12
§ 13Establishment of the institute and the council - Functions of the councilProvision

The council has a list of functions including admitting members, approving courses, registering students, supervising training, issuing certificates and licences, maintaining rolls and registers, promoting standards and publications, prescribing fees, making byelaws, and performing incidental acts.

Section Functions of the council Section The functions of the council shall be— to admit members to the institute ; to approve courses of study; to provide for the registration of students of the institute and qualifications for registration; to supervise and regulate the practical training and education carried out under the institute ; to issue certificates and licences to be issued under this Act; to maintain and publish the roll of members of the institute ; to supervise the registration and maintain a register of certified public accountants of Uganda and associated accountants of Uganda and to publish their names in the Gazette ; to ensure the maintenance of professional standards among members of the institute and to take steps to acquaint the members with methods and practices necessary to maintain those standards; to promote the usage of internationally accepted accounting and related standards in Uganda and to make suitable adaptation where necessary; to secure international recognition of the institute ; to maintain a library or libraries of books and periodicals relating to accountancy and allied subjects and to encourage the publication of similar books and periodicals in Uganda; to promote the publication of a journal of the institute ; to encourage research in accountancy and allied subjects in Uganda for the advancement of professional accountancy in the country; to regulate the conduct and promote good ethical standards and discipline of members of the institute ; to prescribe fees and subscriptions payable by members and students of the institute ; to make byelaws of the institute ; to do anything that is incidental to the functions of the institute .
Section 13
§ 14Establishment of the institute and the council - Meetings of the councilProvision

Meetings of the council shall be in accordance with the Second Schedule to this Act.

Section Meetings of the council Section Meetings of the council shall be in accordance with the Second Schedule to this Act.
Section 14
§ 2Establishment of the institute and the council - Establishment of the instituteProvision

Establishes the Institute of Certified Public Accountants of Uganda as a corporate body with perpetual succession that may sue or be sued and may hold, acquire or dispose of property.

Section Establishment of the institute Section There is established an institute to be known as the Institute of Certified Public Accountants of Uganda which shall be a body corporate having perpetual succession and may sue or be sued in its corporate name. The institute may hold, acquire or dispose of any property, movable or immovable.
Section 2
§ 3Establishment of the institute and the council - Seal of the instituteProvision

The institute must have a common seal; the council's seal must be authenticated by signatures of the president and secretary in the presence of two other council members who also sign independently.

Section Seal of the institute Section The institute shall have a common seal which shall be kept in the custody of the secretary and which shall not be affixed to any document except by order of the council . The seal of the council shall be authenticated by the signatures of the president and secretary in the presence of two other members of the council who shall sign the document independently of the signature of any person who may have signed the document as a witness.
Section 3
§ 4Establishment of the institute and the council - Functions of the instituteProvision

The institute must regulate and maintain the standard of accountancy in the country and must prescribe or regulate the conduct of accountants in Uganda.

Section Functions of the institute Section The functions of the institute shall be— to regulate and maintain the standard of accountancy in the country; and to prescribe or regulate the conduct of accountants in Uganda.
Section 4
§ 5Establishment of the institute and the council - Membership of the instituteProvision

The institute must have full, associate and honorary membership; the council may set eligibility rules, qualifications, and award honorary membership; a person who passes prescribed exams and training or who is a member of an approved equivalent body is eligible.

Section Membership of the institute Section The institute shall have the following categories of membership— A person shall be eligible for membership of the institute who— The council may provide that— full membership; associate membership; and honorary membership. passes the qualifying examinations conducted by the board under this Act for membership of the institute and completes practical training prescribed by the council ; or is a member of a society or institute of accountants approved by the council as being a society or institute with a status equivalent to that of the institute . a specific class of members of a society or institute of accountants approved as being a society or council with a status equivalent to that of the institute shall be eligible for membership; or a member of a specific society or institute of accountants shall not be eligible for membership of the institute unless he or she undergoes training of practical experience that may be prescribed by the council . The council may set qualifications for associate membership of the institute or may provide that a specified class of members of a society or institute may qualify for associate membership of the institute . The council may award honorary membership to a person who has made an outstanding contribution to the field of accountancy.
Section 5
§ 6Establishment of the institute and the council - EnrollmentProvision

Eligible persons may apply to the council to be enrolled as full or associate members; the council must, if satisfied of eligibility, direct the secretary to enroll the applicant upon payment of the enrollment fee and annual subscription fee; the secretary must enroll and issue a certificate.

Section Enrollment Section A person who is eligible for membership of the institute under section 5 may make an application to the council for enrollment as a full member or associate member, and the council shall, if it is satisfied that the applicant is an eligible person, direct the secretary to enroll the applicant as a full member or associate member of the institute on payment of the enrollment fee and the annual subscription fee. The secretary shall enroll the applicant and issue a certificate of enrollment to the person enrolled.
Section 6
§ 7Establishment of the institute and the council - Disqualification from enrollmentOffence

No person may be enrolled in or continue as a member of the institute if they are adjudged of unsound mind, are an undischarged bankrupt, or have been convicted of a serious criminal offence or an offence involving fraud or dishonesty.

Section Disqualification from enrollment Section No person shall be enrolled or continue to be a member of the institute — if he or she has been adjudged by a competent court to be of unsound mind; if he or she is an undischarged bankrupt; if he or she has been convicted of a serious criminal offence or an offence involving fraud or dishonesty.
Section 7
§ 8Establishment of the institute and the council - RegistrationProvision

A person enrolled under section 6 must present their certificate of enrollment to the registrar to be registered as a certified public accountant of Uganda and have their name entered on the register of accountants.

Section Registration Section A person enrolled under section 6 shall, on presentation of the certificate of enrollment to the registrar, be registered as a certified public accountant of Uganda, and his or her name shall be entered on the register of accountants.
Section 8
§ 9Establishment of the institute and the council - Certified public accountant of UgandaProvision

People who are enrolled as full members under section 6 and registered under section 8 may use the title "certified public accountant of Uganda" (CPA(U)) after their name.

Section Certified public accountant of Uganda Section A person enrolled as a full member under section 6 and registered under section 8 may use the title "certified public accountant of Uganda" (CPA(U)) after his or her name.
Section 9

Part III

Establishment of the examinations board

§ 15Establishment of the examinations board - Establishment of the examinations boardProvision

Establishes the Public Accountants Examinations Board, specifies its membership, and requires the Minister to appoint a chairperson from among the board members on the advice of the council.

Section Establishment of the examinations board Section There is established a board to be known as the Public Accountants Examinations Board which shall consist of— two qualified accountants from the teaching staff of Makerere University; two members of the council ; one representative from the Ministry responsible for education; one representative each from two internationally recognised institutes of accountants to be determined from time to time by the Minister on the advice of the council ; one representative from the Uganda National Examinations Board; and the secretary to the Uganda National Examinations Board, who shall be the secretary to the board. The Minister shall, on the advice of the council , appoint a chairperson from among the members of the board.
Section 15
§ 16Establishment of the examinations board - Functions of the examinations boardProvision

The examinations board must determine syllabuses and curricula, conduct public accountants examinations, appoint examiners and moderators, make rules for those examinations, and do related things connected with conducting accountants examinations.

Section Functions of the examinations board Section The functions of the examinations board shall be— to determine the syllabuses and curricula in respect of examination in the subjects of study; to conduct public accountants examinations; to appoint examiners and moderators of examinations; to make rules governing the public accountants examinations; to do any other thing that is connected with the conducting of accountants examinations.
Section 16

Part IV

Secretary, registrar and staff of the institute

§ 17Secretary, registrar and staff of the institute - Secretary of the instituteProvision

The council must appoint a secretary; the secretary is the institute's chief executive, a full-time employee, records minutes and keeps custody of documents.

Section Secretary of the institute Section There shall be a secretary to the institute who shall be appointed by the council on terms and conditions that may be determined by the council . The secretary shall be the chief executive officer of the institute and shall be a full-time employee of the institute . The secretary shall be responsible for recording the minutes of the general meetings and of all the meetings of the council and shall keep custody of all the documents of the institute and the council .
Section 17
§ 18Secretary, registrar and staff of the institute - Registrar of accountantsProvision

The Auditor General is required to be the registrar of accountants under this Act.

Section Registrar of accountants Section The Auditor General shall be the registrar of accountants under this Act.
Section 18
§ 19Secretary, registrar and staff of the institute - Other staffProvision

The institute must have other officers and employees appointed by the council, and those officers and employees must hold office on terms and conditions determined by the council.

Section Other staff Section The institute shall have other officers and employees as may be appointed by the council , and the officers and employees shall hold office on terms and conditions that may be determined by the council .
Section 19

Part IX

Temporary and transitional provisions

§ 49Temporary and transitional provisions - Eligible persons for first enrollmentCommencement

At commencement and before the qualifying exam is prescribed, certain persons may apply to the interim council to be enrolled as full or associate members of the institute; where an institute has multiple membership classes, only professionally qualified persons are eligible.

Section Eligible persons for first enrollment Section At the commencement of this Act, and before the council prescribes the qualifying examination and the societies equivalent to the institute — a person who is not a member of any of the institutes specified in the Fifth Schedule to this Act but who— a member of any of the institutes specified in the Fifth Schedule to this Act may, on application to the interim council , be enrolled a full member of the institute ; or has practical experience in accountancy or audit; and is practising accountancy or audit or is employed in the field of accountancy or audit, may, on application to the interim council , be enrolled as an associate member of the institute . Where any of the institutes referred to under subsection (1) has more than one class of membership, only professionally qualified persons shall be eligible for enrollment.
Section 49
§ 50Temporary and transitional provisions - Interim president and councilCommencement

The Minister must, within three months of commencement, appoint an eligible person as interim president and interim secretary; that appointee holds office until a president is elected at the first general meeting. The interim secretary must promptly inform ex officio members; together they form the interim council which must organise the institute's initial establishment.

Section Interim president and council Section The Minister shall, within three months after the commencement of this Act, appoint a person eligible for membership, to be— interim president of the institute ; and interim secretary of the institute . A person appointed under subsection (1) shall hold office until the election of a president who shall be elected at the first general meeting. The interim secretary shall, as soon as is practicable, inform the ex officio members of their membership on the council . The interim president , the interim secretary and the ex officio members shall form the interim council . The interim council shall carry out the necessary initial organisation for the establishment of the institute .
Section 50
§ 51Temporary and transitional provisions - First enrollmentProvision

The interim president must publish a notice calling eligible persons to apply for first enrollment, enroll eligible persons within three months of that notice with advice from the interim council, and persons enrolled must pay fees determined by the interim council.

Section First enrollment Section The interim president shall, with the advice of the interim council , and as soon as is practicable, publish a notice in at least two widely read newspapers calling persons eligible for first enrollment to send applications for enrollment. The interim president shall, within three months after the notice under subsection (1), and with the advice of the interim council , enroll eligible persons as first members of the institute . A person enrolled as a first member shall, on enrollment, pay an enrollment fee and an annual subscription fee to be determined by the interim council .
Section 51
§ 52Temporary and transitional provisions - Contribution to establishment of the instituteProvision

The interim council may require the first members to pay sums to the institute to establish and run it.

Section Contribution to establishment of the institute Section The interim council may, at any time before the first general meeting, require the first members of the institute to pay any sum of money to the institute as contribution to the establishment and running of the institute .
Section 52
§ 53Temporary and transitional provisions - First general meetingCommencement

The interim president must convene the institute's first general meeting after initial enrollment and organisation; the first general meeting must be convened within twelve months of commencement; the interim president must present a progress and financial report to members; the members must elect council members.

Section First general meeting Section At the first general meeting— The interim president shall, after completion of the first enrollment of members and after making the necessary initial organisation for the establishment of the institute , convene the first general meeting of the institute . The first general meeting shall be convened not later than twelve months from the commencement of this Act. the interim president shall present to the members a report on the progress of the institute since its establishment which shall include a statement of the institute ’s finances; the members shall elect the members of the council .
Section 53
§ 54Temporary and transitional provisions - Handing-over by interim councilProvision

The interim council must hand over all powers and responsibilities to the elected council as soon as practicable after the council's election.

Section Handing-over by interim council Section The interim council shall hand over all powers and responsibilities to the elected council as soon as is practicable after the election of the council .
Section 54

Part V

Regulation of public practice

§ 20Regulation of public practice - Practising accountancyProvision

Practising accountancy is defined; no one may practise accountancy in Uganda unless they possess a practising certificate or practising licence issued under this Act.

Section Practising accountancy Section A person shall be deemed to practise accountancy if he or she, for payment, whether by himself or herself or in partnership with another person— No person shall practise accountancy in Uganda unless he or she possesses a practising certificate or a practising licence issued under this Act. offers to perform or performs services involving the auditing, verification or certification of financial accounting or related statements; renders professional service or assistance on matters of principle, accounting procedure or certification of financial facts or data; or renders any service which in accounting principles or byelaws made by the council are services amounting to practising accountancy. A public officer or any other employee shall not be deemed to have practised accountancy if, through the course of his or her employment, he or she does any of the acts referred to in subsection (2).
Section 20
§ 21Regulation of public practice - Certificate of practiceProvision

Enrolled and registered persons may apply for a certificate of practice; applications must be in the council's prescribed form and addressed to the secretary; the council must grant a certificate on satisfaction of enrollment/registration and payment of the prescribed fee; certificates expire on 31 December of the year of issue and may be renewed; the council must not grant a certificate to a firm of accountants.

Section Certificate of practice Section A person enrolled and registered under this Act may apply to the council for a certificate of practice. An application for a certificate of practice shall be in a form prescribed by the council and addressed to the secretary. The council shall, after being satisfied that the applicant is an enrolled and registered person and on payment of the prescribed fee, grant a certificate of practice to the applicant. A certificate issued under subsection (3) shall be valid from the date of issue to the 31st day of December of the calendar year in which it is issued and may be renewed on application by the accountant . The council shall not grant a certificate of practice to a firm of accountants.
Section 21
§ 22Regulation of public practice - Renewal of certificateProvision

If no renewal application is made within three months from the start of the year, the secretary must send a registered-mail notice to the accountant; the council may, on advice of the disciplinary committee and after inquiry, refuse to renew a certificate of practice.

Section Renewal of certificate Section Where no application for the renewal of a certificate is made within three months from the beginning of the year for which the certificate is renewable, the secretary shall, by registered mail, send a notice to the accountant concerned— The council may, on the advice of the disciplinary committee and after due inquiry, refuse to renew a certificate of practice. notifying him or her that the certificate has not been renewed for that year; and inquiring whether that accountant has ceased to practise accountancy,
Section 22
§ 23Regulation of public practice - Licence of practiceProvision

Certain persons who were engaged in public practice or are associate members may apply to the council for a licence of practice; the council may grant a licence if satisfied and on payment of the prescribed fee; licences run to 31 December of the year issued and may be renewable on application; the council shall not grant a licence to a firm of accountants.

Section Licence of practice Section A person who— was engaged in the public practice of accountancy and registered under the Companies Act but who does not qualify to be a full member of the institute under this Act; or is an associate member under this Act, may apply to the council for a licence of practice. An application for a licence of practice shall be in a form prescribed by the council and shall be addressed to the secretary. The council may, after being satisfied that the applicant is a proper and fit person and on payment of the prescribed fee, grant a licence of practice to the applicant. A licence issued under subsection (3) shall be valid from the date of issue to the 31st day of December of the calendar year in which it is issued and may be renewable on application by the accountant . The council shall not grant a licence of practice to a firm of accountants.
Section 23
§ 24Regulation of public practice - Renewal of licenceProvision

If no renewal application is made within three months of the new calendar year, the secretary must send a registered-mail notice to the accountant that the licence has not been renewed; the council may, on advice of the disciplinary committee and after inquiry, refuse to renew a practising licence.

Section Renewal of licence Section Where no application for the renewal of a licence is made within three months of the new calendar year for which the licence is renewable, the secretary shall, by registered mail, send a notice to the accountant concerned— The council may, on the advice of the disciplinary committee , after due inquiry, refuse to renew a licence of practice. notifying him or her that the licence has not been renewed for that year; and inquiring whether that accountant has ceased to practise accountancy,
Section 24
§ 25Regulation of public practice - Associate accountant of UgandaProvision

A person issued a licence of practice under section 23 is known as an associate accountant of Uganda and may use that title after his or her name.

Section Associate accountant of Uganda Section A person issued a licence of practice under section 23 shall be known as an associate accountant of Uganda (AA(U)) and may use that title after his or her name.
Section 25

Part VI

Disciplinary committee and inquiries

§ 26Disciplinary committee and inquiries - Establishment of a disciplinary committeeProvision

A disciplinary committee of five members is established; members are appointed by the council from institute members; committee members serve for one year and may be reappointed.

Section Establishment of a disciplinary committee Section There is established a disciplinary committee consisting of five members, one of whom shall be the chairperson. Members of the disciplinary committee shall be appointed by the council from members of the institute , but the chairperson shall be appointed from among members of the council . A member of the disciplinary committee shall hold office for one year and shall be eligible for reappointment.
Section 26
§ 27Disciplinary committee and inquiries - Complaints against accountantsProvision

Complaints alleging professional misconduct may be made by the council or any person; upon receipt the secretary must refer the matter to the disciplinary committee, which must fix a hearing date and must give the accountant an opportunity to be heard and supply copies of the complaint and relevant documents at least seven days before the hearing.

Section Complaints against accountants Section A complaint or an allegation against an accountant which if proved would constitute professional misconduct may be made to the disciplinary committee by the council or any person. Upon receipt of a complaint, the secretary shall, as soon as is practicable, refer the matter to the committee; and the committee shall fix a date for the hearing of the complaint. The disciplinary committee shall give the accountant against whom the complaint or allegation is made an opportunity to be heard and shall furnish him or her with a copy of the complaint and any other relevant document at least seven days before the date fixed for the hearing.
Section 27
§ 28Disciplinary committee and inquiries - Secretary to the disciplinary committeeProvision

The secretary to the council must serve as the secretary to the disciplinary committee.

Section Secretary to the disciplinary committee Section The secretary to the council shall be the secretary to the disciplinary committee .
Section 28
§ 29Disciplinary committee and inquiries - Procedure of the disciplinary committeeProvision

The disciplinary committee must follow the procedure set out in the Third Schedule to this Act.

Section Procedure of the disciplinary committee Section The procedure to be followed by the disciplinary committee shall be as provided under the Third Schedule to this Act.
Section 29
§ 30Disciplinary committee and inquiries - Committee’s decisionOffence

The committee may, after hearing the complainant and the accountant and considering the evidence, dismiss the complaint or impose penalties on the accountant including admonishment, suspension of certificate or membership for up to two years, fines, compensation to victims, or striking the name off the roll.

Section Committee’s decision Section After hearing the complainant and the accountant to whom the complaint relates and after considering the evidence adduced, the committee may dismiss the complaint if no ground for a disciplinary action is disclosed or if a ground for a disciplinary action is disclosed, impose any or a combination of the following penalties— that the accountant be admonished; that the certificate or licence of the accountant be suspended for a specified period not exceeding two years; that the accountant be suspended from membership of the institute for a specified period not exceeding two years; that the accountant pay a fine that may be determined by the committee; that the accountant pay compensation that may be determined by the committee to any person who may have suffered loss as a result of the misconduct; that the name of the accountant be struck off the roll of accountants.
Section 30
§ 31Disciplinary committee and inquiries - Report to the councilProvision

The committee must write a report of its findings to the council when the case concludes; the council must give a copy of that report to the complainant and the accountant as soon as is practicable.

Section Report to the council Section The committee shall, on conclusion of the case, make a report of its findings, in writing, to the council ; and the council shall deliver to the complainant and the accountant to whom the complaint relates a copy of the report of the committee as soon as is practicable.
Section 31
§ 32Disciplinary committee and inquiries - Appeal to the High CourtProvision

An aggrieved accountant or complainant may appeal the committee's decision to the High Court within three months; the appeal must be made by petition in writing and will be heard by a High Court judge after a summary hearing.

Section Appeal to the High Court Section An appeal made under this section shall be— An accountant or complainant aggrieved by the decision or order of the committee may appeal against the decision or order of the committee to the High Court within three months from the date on which the report of the committee was delivered to that accountant or complainant. made by petition in writing under the hand of the accountant or complainant; and heard and decided upon by a judge of the High Court after summary hearing.
Section 32
§ 33Disciplinary committee and inquiries - Implementation of the committee’s ordersProvision

The council must implement the committee’s orders and must require persons to return cancelled certificates or licences.

Section Implementation of the committee’s orders Section Where the council strikes off the name of an accountant from the roll— The council shall be responsible for the implementation of the committee’s orders. the certificate of membership and that of practice of a certified public accountant shall stand cancelled, and the council shall require that person to return the certificate to the council ; or the certificate of membership and the licence of practice of an associate accountant shall stand cancelled, and the council shall require that person to return the licence to the council .
Section 33

Part VII

Financial provisions

§ 34Financial provisions - Funds of the instituteProvision

The institute's monies include member fees, service fees, grants/donations and borrowed money; all monies are to be managed through a fund to be established by the council; the institute may operate a bank account in a bank determined by the council and the account must be operated in a manner decided by the council.

Section Funds of the institute Section The funds of the institute shall consist of— registration and annual subscription fees from members of the institute ; fees and other monies paid for services rendered by the institute ; grants, gifts or donations to the institute ; and money borrowed by the institute for the performance of its functions. All monies of the institute shall be managed through a fund to be established by the council for the purpose. The institute may operate a bank account in a bank determined by the council , and the account shall be operated in a manner decided by the council .
Section 34
§ 35Financial provisions - Borrowing powerProvision

The council may borrow money on terms agreed by the council to perform the institute's functions.

Section Borrowing power Section The council may borrow money on terms that may be agreed upon by the council for the performance of the functions of the institute .
Section 35
§ 36Financial provisions - InvestmentProvision

The council may invest the institute's monies in securities issued or guaranteed by the Government or in other securities approved by the council.

Section Investment Section The council may invest monies of the institute in any securities issued or guaranteed by the Government or in any other securities approved by the council .
Section 36
§ 37Financial provisions - Financial yearProvision

The institute's financial year is the calendar year from 1 January to 31 December each year.

Section Financial year Section The financial year of the institute shall be the calendar year that is the twelve months beginning from the 1st day of January and ending on the 31st day of December each year.
Section 37
§ 38Financial provisions - Accounts and auditProvision

The institute must keep proper accounting records and prepare annual financial statements by 31 March; the institute may appoint an auditor at the annual general meeting; the auditor has the same powers and duties as auditors under section 160 of the Companies Act; the council must provide audited accounts and the auditor's report to the Minister and members by 31 May each year.

Section Accounts and audit Section The institute shall keep proper books of account, and shall prepare the annual financial statement of accounts for the immediately preceding financial year not later than the 31st day of March in the following year. The statement of accounts shall be audited by a practising member of the institute , not being a member of the council , that may be appointed by the institute at the annual general meeting. An auditor appointed under subsection (2) shall have the same powers and duties as are conferred upon an auditor appointed under section 160 of the Companies Act. The council shall furnish to the Minister and each member of the institute the audited accounts for the preceding year, together with the auditor’s report, not later than the 31st of May each year.
Section 38
§ 39Financial provisions - Annual subscription feeProvision

The council sets the annual subscription fee and the council may remove an accountant from the roll if their annual subscription fee remains unpaid for more than four months.

Section Annual subscription fee Section The annual subscription fee shall be determined by the council , from time to time, and shall be due and payable to the secretary— in case of first enrollment, at the time of enrollment; in any other case, on the 1st day of January in each year. All other fees shall be determined by the council and payable to the secretary. The council may strike off the name of an accountant from the roll if the annual subscription fee remains unpaid by that accountant for a period exceeding four months from the time it is due.
Section 39

Part VIII

Miscellaneous provisions

§ 40Miscellaneous provisions - RegistersProvision

The registrar must keep separate registers for three types of accountants and must publish the up-to-date registers each year in the Gazette; the council may prescribe the particulars to be entered.

Section Registers Section The registrar shall maintain separately the following registers in which shall be entered particulars that the council may prescribe— a register of certified public accountants; a register of accountants holding certificates of practice; a register of accountants holding licences of practice. The registrar shall, at the beginning of each year, cause to be published in the Gazette the up-to-date registers at the close of the previous year as soon as is practicable.
Section 40
§ 41Miscellaneous provisions - Extract from the registerProvision

An accountant may obtain an extract from the register if they pay the prescribed fee.

Section Extract from the register Section Any extract from the register which is certified by the registrar under his or her hand shall be received in a court or tribunal without any further proof of its contents. An accountant may get an extract from the register on payment of the prescribed fee.
Section 41
§ 42Miscellaneous provisions - Alteration of the registerProvision

The registrar may correct and remove names from the register in specified circumstances; if the registrar sends a notice and no reply is received within six months the registrar must remove the name; the council must furnish the registrar with relevant information for that purpose.

Section Alteration of the register Section The registrar may— make any corrections in the register as may be necessary; remove from the register the name of a deceased person; remove from the register the name of a person whose name has been ordered to be removed under this Act; with the consent of the person concerned, remove from the register the name of a person who has ceased to practise. Where the registrar has reason to believe that an accountant has ceased to practise, he or she may send to that registered person a notice by registered post inquiring whether that person has ceased to practise in Uganda; and if no reply is received by the registrar within six months from the date of the notice, the registrar shall remove from the relevant register the name of that person. The council shall, for the purposes of subsection (2), furnish the registrar with any relevant information that may be in its possession.
Section 42
§ 43Miscellaneous provisions - Other committeesProvision

The council may appoint committees and may regulate their proceedings; the chairperson of such a committee must be a member of the council.

Section Other committees Section The council may appoint other committees from among its members and members of the institute to deal with specific matters of the institute . The chairperson of a committee appointed under subsection (1) shall be a member of the council . The council may regulate the proceedings of the committees appointed under subsection (1).
Section 43
§ 44Miscellaneous provisions - Inspection of officesProvision

The council may inspect an accountant's premises or offices at any time (including before or after granting a certificate or licence) to check suitability and supervision of subordinates working elsewhere.

Section Inspection of offices Section The council may, at any time, whether before or after granting a certificate or licence of practice, inspect the premises or offices of an accountant to ascertain whether the premises are suitable for carrying on the business of accountancy and whether the accountant is able to supervise his or her subordinates working in premises other than his or her office.
Section 44
§ 45Miscellaneous provisions - Professional code of ethicsProvision

Every accountant enrolled under this Act must follow the professional code of ethics in the Fourth Schedule; contravening it is professional misconduct and the disciplinary committee will deal with it.

Section Professional code of ethics Section Every accountant enrolled under this Act shall be subject to the professional code of ethics provided in the Fourth Schedule to this Act. A person contravening a provision of the professional code of ethics commits a professional misconduct and shall be dealt with by the disciplinary committee as appropriate.
Section 45
§ 46Miscellaneous provisions - ByelawsProvision

The council may make byelaws, by statutory instrument and with the approval of the Minister, on a range of institute matters listed in the section.

Section Byelaws Section The council may, by statutory instrument and with the approval of the Minister , make byelaws respecting— the summoning and holding of meetings of the council ; the management of the property and funds of the institute ; the election of members of the council and the appointment of the committees; the disciplinary control of officers and employees of the institute ; the qualifications of persons wishing to pursue courses of study offered by the institute ; the courses of study to be offered by the institute and the period of study for such courses; the qualifications, powers and rights of persons to be enrolled as full members or associate members of the institute ; the fees to be paid by the students of the institute ; anything that is required to be prescribed under this Act; the better performance of the functions of the institute .
Section 46
§ 47Miscellaneous provisions - Power to amend the SchedulesAmendment

The Minister may, upon the recommendation of the council, by statutory instrument amend the Schedules to this Act.

Section Power to amend the Schedules Section The Minister may, upon the recommendation of the council , by statutory instrument, amend the Schedules to this Act.
Section 47
§ 48Miscellaneous provisions - Construction of qualifications in existing lawsProvision

Where a law specifies auditor qualifications, those qualifications must be read as referring to a certified public accountant of Uganda, an associate accountant of Uganda, or other qualifications prescribed under this Act.

Section Construction of qualifications in existing laws Section Where under any law in force the qualifications of an auditor are provided, those qualifications shall be construed to refer to a certified public accountant of Uganda, an associate accountant of Uganda or any other qualifications that may be prescribed under this Act.
Section 48

Legislative relationships

3 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

A–F

1 instrument

  • Companies Act

    Section 38

N–S

1 instrument

  • Schedules to this Act

    Section 47

T–Z

1 instrument

  • Uganda or any other qualifications that may be prescribed under this Act

    Section 48

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