Faith Based Institution’s Accountants Sensitized on Professionalism

Accounting officers from faith based institution like churches, Religious Non-Governmental organisations (NGOs) and Community Based Organisation have been urged to follow proper accountancy codes in their everyday today management of finances.

This was during an accountancy seminar organised by the Institute of Certified Public Accountants of Uganda (ICPAU) at Imperial Royale Hotel on Friday.

The accounting officers were taken through topics like accountability and reporting, designing a sustainable financial system for a Faith Based Institutions, Managing projects and investments for sustainability and taxation issues and compliance.

According to ICPAU, they found the need to train financial officers from Faith based institutions after a realisation that most of these institutions were managing their finances informally and not following the proper accounting procedures which is affecting their proper management.

Ambrose Kariyo Mugisha, the Head of Education and Training at ICPAU said that the Institute occasionally holds trainings for continuing professional Internal Auditors, Accountants, Chief Finance officers in different sectors to refresh their skills and remind them of the professional codes that govern the accountancy profession.

“For today, the speakers have put emphasis on good governance and creating an environment for proper financial reporting. We understand some institutions like Pentecostal churches are run by individuals who have the overall say in all operations but we hope these accountants that were trained today will convey this message to their bosses and there will be a change in how they manage finances,” Kariyo said

CPA Juliet Njuba Kiwanuka, Manager, Objections and Appeals at Uganda revenue Authority who was one of the speakers noted that as much Faith based institutions are tax exempted, they carry out activities, run other businesses and buy goods that are not tax exempt and so they need to be properly registered with  a Tax Identification Number (TIN), and keep proper books of accounting as the law guides

“You are expected to file returns accurately and timely and also file taxes for non- exempted revenue timely. Anything contrary to that will earn you a penalty. We appreciate the selfless work that these institutions do but it must be done within the proper legal framework,” she said

CPA Adam Kakande from Kakande and Company Accountancy firm who presented on Managing Projects and Investments for Sustainability urged the financial officers to put a proper accounting system that is sustainable in place so that even in  their absence, the Institution’s finances can easily be managed by another person.

“Right now, the focus is on environmental conservation and creating impact in society. As you manage institutional projects and finances, ensure that you do them in a way that is friendly to the environment but also ensuring that they are helpful to the future generation,” he said