ACCOUNTANTS ACT.


ACCOUNTANTS ACT.

 

ARRANGEMENT OF SECTIONS

   Section

 

PART I
PRELIMINARY.

 

   1.   Interpretation.

 

PART II
THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF UGANDA.

 

   2.   The Institute.

 

   3.   Seal of the Institute.

 

   4.   Functions of the Institute.

 

   5.   Membership of the Institute.

 

   6.   Meetings of the Institute.

 

PART III
THE COUNCIL.

 

   7.   The Council.

 

   8.   Composition of the Council.

 

   9.   Tenure of office.

 

   10.   Resignation of members of the Council.

 

   11.   Termination of office of member of the Council.

 

   12.   Functions of the Council.

 

   13.   Meetings of the Council.

 

   14.   Committees of the Council.

 

PART IV
THE PUBLIC ACCOUNTANTS EXAMINATIONS BOARD.

 

   15.   The Public Accountants Examinations Board.

 

   16.   Functions of examinations board.

 

PART V
SECRETARY, REGISTRAR AND STAFF OF THE INSTITUTE.

 

   17.   Secretary of the Institute.

 

   18.   Registrar of accountants.

 

   19.   Other staff.

 

PART VI
FINANCIAL PROVISIONS.

 

   20.   Funds of the Institute.

 

   21.   Borrowing power.

 

   22.   Investment.

 

   23.   Financial year.

 

   24.   Accounts and audit.

 

PART VII
REGULATION OF ACCOUNTANTS AND THE PRACTICE OF ACCOUNTANCY.

 

   25.   Enrolment of members.

 

   26.   Disqualification from enrolment and membership.

 

   27.   Registration as practising accountants.

 

   28.   Certificate of practice.

 

   29.   Renewal of certificate of practice.

 

   30.   Use of Titles of the Institute.

 

   31.   Issue of annual licenses to accounting firms.

 

   32.   Renewal of licenses to practice for accounting firms.

 

   33.   Inspection of accounting firms.

 

   34.   Practicing accountancy.

 

   35.   Offence to practise without certificate.

 

PART VIII
THE QUALITY ASSURANCE BOARD.

 

   36.   The Quality Assurance Board.

 

   37.   Functions of the Quality Assurance Board.

 

PART IX
PROFESSIONAL CODE OF ETHICS.

 

   38.   Professional code of ethics.

 

PART X
DISCIPLINARY COMMITTEE.

 

   39.   The disciplinary committee.

 

   40.   Secretary to disciplinary committee.

 

   41.   Complaints against accountants.

 

   42.   Procedure of disciplinary committee.

 

   43.   Decision of disciplinary committee.

 

   44.   Report of disciplinary committee to Council.

 

   45.   Disciplinary appeals committee.

 

   46.   Powers and functions of the disciplinary appeals committee.

 

   47.   Appeals to the High Court.

 

   48.   Implementation of orders of disciplinary committee and disciplinary appeals committee.

 

PART XI
MISCELLANEOUS.

 

   49.   Fees.

 

   50.   Registers.

 

   51.   Extract from the register.

 

   52.   Alteration of the register.

 

   53.   Regulations.

 

   54.   Amendment of Schedule.

 

   55.   Consequential amendments.

 

   56.   Repeal of the Accountants Act.

 

 

      Schedule 1   Currency point

 

      Schedule 2   Meetings of the Institute.

 

      Schedule 3   Associate Members.

 

 

ACCOUNTANTS ACT.

 

Commencement: 13 December, 2013.

   An Act to amend, replace and consolidate the law relating to accountants; to provide for the Institute of Certified Public Accountants of Uganda; to provide for the Council of the Institute and the composition of the Council, appointment of the members of the Council and the functions of the Council; to provide for the public accountants examination board and its membership and functions; to provide for the secretary, registrar and staff of the Institute; to provide for the enrolment of the members of the Institute and the registration of practising accountants and licensing of accounting firms; to provide for a public oversight board; the code of ethics and disciplinary proceedings; to provide for the fees payable under the Act; to repeal the Accountants Act, Cap 266; and for connected purposes.

PART I
PRELIMINARY.

 

1.   Interpretation.

   In this Act unless the context otherwise requires—

   "accountant" means a person who is enrolled as a member of the Institute in accordance with this Act;

   "accounting firm" means a sole proprietorship or a partnership of qualified practicing accountants and licensed under this Act;

   "associate member" means a person who has qualified or who has passed professional exams and has not attained professional practical experience;

   "Council" means the Council of the Institute provided for under section 7;

   "currency point" has the value assigned to it in Schedule 1 to this Act;

   "disciplinary appeals committee" means the disciplinary appeals committee of the Council provided for under section 45;

   "disciplinary committee" means the disciplinary committee of the Council provided for under section 39;

   "examinations board" means the examinations board provided for under section 15;

   "Institute" means the Institute of certified public accountants of Uganda provided for under section 2;

   "Minister" means the Minister responsible for finance;

   "practising accountant" means an accountant registered in accordance with section 27 and issued with a practising certificate under section 28;

   "president" means the president of the Council provided for under section 8;

   "public officer" means any person holding or acting in an office in the public service;

   "registrar" means the registrar of accountants provided for under section 18;

   "secretary" means the secretary of the Institute appointed under section 17.

PART II
THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF UGANDA.

 

2.   The Institute.

(1) The Institute of Certified Public Accountants of Uganda in existence immediately before the commencement of this Act is continued in existence subject to this Act.

(2) The Institute shall be a body corporate with perpetual succession and may sue or be sued in its corporate name.

(3) The Institute may hold, acquire or dispose of any property, movable or immovable.

 

3.   Seal of the Institute.

(1) 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 the order of the Council.

(2) The seal of the Institute shall be authenticated by the signatures of the president and the secretary or in the absence of the president, by the signatures of the vice president and the secretary.

 

4.   Functions of the Institute.

The Institute shall—

 

(a)   regulate and maintain the standard of accountancy in Uganda; and

 

(b)   prescribe and regulate the conduct of accountants and practising accountants in Uganda.

 

5.   Membership of the Institute.

(1) The Institute shall have the following categories of members—

 

(a)   full members;

 

(b)   associate members;

 

(c)   retired members; and

 

(d)   any other category of members, as may be determined by the Council.

(2) A person shall be eligible for full membership of the Institute if he or she—

 

(a)   passes the qualifying examinations conducted by the examinations board and completes the practical training prescribed by the Council; or

 

(b)   is a member of a society or an institute of accountants approved by the Council as being a society or institute with a status equivalent to that of the Institute.

(3) For the purposes of subsection (2)(b), the Council may—

 

(a)   determine the specific class of members of a society or an institute of accountants approved as being a society or institute with a status equivalent to that of the Institute, that is eligible for membership; or

 

(b)   provide that a member of a specific society or institute of accountants is not eligible for membership of the Institute unless he or she passes the qualifying examinations conducted by the examinations board and completes the practical training prescribed by the Council.

(4) A person to whom subsection (2) refers, may apply to the Institute to be enrolled as a full member of the Institute.

(5) A person who—

 

(a)   enrolled and registered as a full member or an associate member of the Institute under the Accountant Act, and qualifies for membership under this Act, shall be a full member under this Act;

 

(b)   was an associate member under the Accountant Act will remain an associate member;

 

(c)   in this subsection, "associate member" means a person named in Schedule 2.

(6) A person is eligible for membership as an associate member of the Institute if he or she passes a qualifying examination conducted by the examinations Board but does not have practical training prescribed by the Council.

(7) A person shall be eligible for membership as a retired member of the Institute if he or she meets the criteria prescribed by regulations made under this Act and applies to the Council for retirement.

 

6.   Meetings of the Institute.

   The meetings of the Institute shall be held in accordance with Schedule 3 and Regulations made under this Act.

PART III
THE COUNCIL.

 

7.   The Council.

(1) The governing body of the Institute is the Council which consists of 11 members as specified in section 8.

(2) The Council shall be headed by a president who is deputised by a vice president.

 

8.   Composition of the Council.

(1) The Council is composed of—

 

(a)   seven members elected by full members, at least five of whom shall be practising accountants;

 

(b)   one member appointed by the Minister from a recognised professional or regulatory body established by an Act of Parliament; and

 

(c)   three ex officio members who are the Accountant General, the Auditor General and the officer responsible for higher education in the ministry responsible for education.

(2) At least three of the members referred to in sub section (1)(a) shall be women.

(3) The president and the vice president shall be elected by the members of the Council, from among themselves, in accordance with regulations made under this Act.

(4) The president and vice president shall be persons with, qualifications and at least seven years experience, in professional accountancy.

(5) An ex officio member may in writing appoint another person to represent him or her at a meeting of the Council.

 

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