The International Federation of Accountants (IFAC) has committed to support Rwanda’s accountancy profession.
This was announced by IFAC officials after meeting with various government officials in Kigali on Monday.
Fayezul Choudhury, IFAC chief executive officer, said IFAC is working to develop accounting profession in emerging economies.
“We are driven by the belief that a strong accounting profession strengthens organisations and economies,” he said.
“In sub-Saharan Africa, this profession is very uneven. However, in Rwanda there is strong commitment from all stakeholders that the accountancy profession needs to be developed.”
Choudhury met with officials from Rwanda Revenue Authority, the Ministry of Finance and the central bank.
The discussions dwelt on how to increase the number of certified public accountants, where Rwanda still has a deficit in both public and private sector and improve service delivery in the sector, among others.
He stressed the commitment of IFAC to support the Institute of Certified Public Accountants of Rwanda (ICPAR).
“ICPAR has the capability and commitment to growing the profession in a disciplined way. We are here to help them in that journey,” he said.
He is also due to meet the donor community namely UK aid agency DFID; World Bank and other partners.
“The visit to ICPAR stakeholders is aimed to coordinate stake holders and confirm that everyone is on the same page so as to renew their commitment to growing the profession,” he said.
ICPAR was established in 2008 and became an associate member of IFAC in 2012.
Mkombozi Karake, ICPAR president, welcomed the visit of IFAC officials.
“It is rare to have such a high-profile leader taking time to come and visit our stakeholders and know what the issues are at hand and how better they can support our profession,” he said.
In 2014, Rwanda, Ghana and Uganda were selected among ten countries worldwide to be supported by IFAC.
With IFAC support, Association of Chartered Certified Accountant (ACCA) was chosen as the technical partner in designing and implementing a strategy plan for ICPAR.
The International Federation of Accountants (IFAC) has 175 members in 139 countries.