Local accounting body gets international recognition

The International Federation of Accounting (IFAC), a reputable international organisation has fully recognised the Institute of Certified Public Accountants of Rwanda (ICPAR) for its contribution and adherence to international standards in the accounting profession.Established in 2008, ICPAR regulates the accounting profession in the country and is the only body authorised by law to register and grant practicing certificates to local Certified Public Accountants (CPAs).The president of ICPAR, Peter Rutaremara, said that the recognition is one of the attributes that demonstrate the body’s positive steps taken towards building a strong and effective foundation for the country to churn out quality accountants. “With this recognition, our graduates will be globally accepted; and this opens up a new chapter for us as an institution and the students that will sit our examinations,” Ruteremara told The New Times.He explained that the body has come up with various mechanisms to ensure that its standards rhyme not only with those of other regional countries but with the requirements of the international body.Among other measures, in May this year, ICPAR developed its syllabus with the assistance of their counterparts from the Institute of Certified Public Accountants of Ireland, a body that has existed for the last 70 years and also recognised by IFAC. However, Ruteremara said that despite the recognition, there is still a lot to accomplish to ensure that the accounting profession gets to another level.He pointed out that among others, the need to increase investment in training institutions for accountants, which he says are not well equipped to the expected standards. Rutaremara believes that procurement of the latest text books is one of the initiatives that would contribute to better performance among learners.ICPAR officials further called for a government financing programme for students studying related courses, saying this would also attract many to take up the profession.The accounting body estimates that the country has only 190 professional accountants hence the need to train more.Meanwhile, on Friday, 130 students completed the first Rwanda Certified Public Accounting (CPA) examinations while 27 sat for Certified Accounting Technician (CAT) Examinations.The Chief Executive Officer of the ICPAR, Evans Mulera, said through the recent strides, Rwanda is set to address the shortage of locally qualified accountants.IFAC comprises 167 member and associate member organisations in 127 countries, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

National

Local accounting body gets international recognition