WHILE THE CORE SKILLS of the professional accountant have not drastically changed due to Covid-19, the profession is changing; like any other profession, accountancy will emerge from Covid-19 changed. As stressed by the International Federation of Accountants (IFAC), the profession will be accustomed to digital processes which most individuals once thought impossible, as a crisis gives one a license to adapt. Professional accountants must apply a deeper understanding of data analytics and technology to their work while being fully accustomed to the ethical risks to uphold the profession’s good reputation. The accountancy profession cannot afford to just sit down as a profession watching things changing, but its high time they do take the opportunity that change creates whilst anticipating and mitigating potential risks. This equally goes to those who are still dealing with either unprofessional accountants or just those accountants masquerading as professionals. In the recent article by The New Times, “Government to compensate Rwandans who lost savings in Umurenge SACCOs” was a remark about an issue of SACCOs’ funds embezzlement by some individuals, and they equally stressed that the funds were stolen by managers and accountants of those cooperatives. That is certainly a fraudulent act, which in the first place, should not have been committed by those meant to safeguard the citizens’ hard-earned money saved from small businesses. Embezzlement and misappropriation of funds cases are not reported under SACCOs only, but they are quite rampant in various organizations including banks and other financial institutions. While this kind of behavior is unacceptable no matter the profession of the culprit, it is imperative for the general public to differentiate between the so-called accountants and professional accountants. Unprofessional accountant – is an individual who is not a member of any professional body, and such a person may not be able to uphold the highest standards of professional and ethical conduct required by professional accountants who maintain and develop knowledge, skills, and values throughout their professional carriers. To this end, it is the society that suffers in case of any professional misconduct. Due to the emergence of the Covid-19 pandemic, most individuals and organizations were impacted in one way, or the other, and such a situation may accelerate the tension for professional accountants in business, bidding at helping their organizations to achieve a positive financial outcome. While ethical codes for professional accountants globally require professional accountants, regardless of the roles that they perform, to uphold values of integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour, not mentioning other commercial pressures and burden of regulations that often at times put such accountants in challenging circumstances; certain situations may compromise compliance with the ethical code including the risk of noncompliance with the international accounting standards. Such tensions may include, just to cite an example, the pressure to account for inventories differently and not as per IAS 2 – Inventories, a standard which requires inventories to be measured at the “lower of cost and net realizable value”. When such professional accountants do not maintain professionalism and act unethically, their legitimacy as protectors of public interest is impaired. In other words, the confidence and trust the public put in financial data produced by professional accountants get lost, a duty that the profession owes to the general public. Therefore, Professional Accounting Bodies (PAOs) globally have the important mandate of representing, promoting, and enhancing the global accountancy profession. In Rwanda for instance, the Institute of Certified Public Accountants of Rwanda (ICPAR) is mandated to regulate and grow the accountancy profession, where every accountant in Rwanda should be characterized by integrity. He/she should not cause disrepute to the accounting profession and shall abide by the Code of professional conduct and ethics issued in accordance with the ICPAR Law. Ultimately, ICPAR is responsible for issues of professional misconduct through its Governing Council and Commissions and with this, professional accountants – those who are members of the institute – abide by the institute code of ethics and its other regulations to ensure that they are well perceived by the society. ICPAR therefore, assists its members in various capabilities including accompanying them towards their lifelong learning journey through the provision of Continuing Professional Development trainings. The institute alike, assists in keeping its members’ knowledge and skills current, including further support and resources needed in conducting of the daily activities and advice needed to handle ethical dilemmas. It does not matter the times we are all in, professional accountants, be it those who work in public practice, industry and commerce, education, and government, among other sectors, with their various distinct capabilities and competencies; should at all times comply with the five fundamental principles of ethics, thereby contributing to upholding the public trust to the highest possible standard. Sunday Kalisa is Director, Professional Development Services - ICPAR. The views expressed in this article are of the author.
