Osillo Justin Keith, a Certified Public Accountant and founder of Osillo & Company accounting firm, discussed career opportunities in accountancy. Osillo & Company provides audit, tax, advisory, and accounting services. Accountants work in various roles such as financial accounting, management accounting, external and internal audit, tax, IT audit, and fraud investigation. Becoming a professional accountant requires a university degree and passing exams to become a Certified Public Accountant, along with 3 years of supervised work experience. The accounting profession offers diverse and growing opportunities across industries in Uganda and within the East African Community.

1. PROFESSIONAL CAREERS -
ACCOUNTANCY
Saturday: March 17, 2012

2. About Your presenter
 Osillo Justin Keith, CPA
 Founder & Managing Partner – Osillo &
Company
 A Certified Public Accountant (CPA) Uganda
 Bachelor of Commerce (Accounting) 2nd Upper
– Makerere University
 Master of Finance & Control – Amity University
 Xero Certified Adviser – Xero Global (NZ:
XRO)
 NetSuite Expert – NetSuite (NYSE: N)

3. About Osillo & Company
 Local accountancy firm owned and managed
by 2 Ugandans
 Regulated by Institute of Certified Public
Accountants of Uganda (ICPAU)
 Registered with the Office of the Auditor
General
 Registered with Bank of Uganda for audit of
banks, MFIs & Deposit taking Institutions
 Registered with Insurance Regulatory
Authority to audit Insurance businesses

4. About Osillo & Company
 Uganda’s member of Kreston International, a
global network of accounting firms
 NetSuite (NYSE: N) Solution Partner in East
Africa
 Recognized as a fast growing accountancy
firm
 We provide “better advice for success”
 Serving clients in business, Not-profit,
development organisations and Government
 We are disrupting the game!

5. Osillo & Company Services
 Audit – Financial statements, special,
internal, accountancy, agreed upon
procedures & fraud
 Tax – compliance, planning, health checks &
litigation support
 Advisory – financial consulting,
assessments, training, human resources,
management support, IT consulting,
governance, financial planning, budgeting,
business valuation, corporate finance &
insolvency

6. Accountants: Who are they
 Professional Accountant – a member of a
professional body of accountants that is a
member of the International Federation of
Accountants (IFAC)
 Accountants Act (CAP 266) Laws of Uganda:
Accountant – a person who is a member of
the Institute of Certified Public Accountants
of Uganda (ICPAU)
 ICPAU is a member of IFAC & PAFA
 ICPAU members are Professional
Accountants

7. Accountants: What they do –
Financial Accounting
 Accountants in business – these are the most
common
 Employed in organisations to perform day to
tasks such as: book keeping, transaction
procession, budgeting, payments, controlling
resources etc
 Preparing reports on the financial activities of
the organisation
 Most employment opportunities are found in
this area

8. Accountants: What they do –
Management Accounting
 Management Accountants analyze costs,
budgets, and help management make
informed decisions based on the numbers
 Perform a critical role in the financial planning
of the organization
 Most employment opportunities in this area are
in large organisations
 May require specialist certification such as
CIMA, CGMA

9. Accountants: What they do –
External Audit
 External audit – issuing an opinion on
historical and prospective financial statements
 External audit firms such as Osillo & Company
provide assurance to users of the financial
statements that they report on enhancing
credibility of that information
 The Companies Act (CAP 110): An auditor
must be a member of ICPAU
 External audit offers exciting careers
opportunities

10. Accountants: What they do –
Internal Audit
 Internal audit – independent continuous
consulting service that is a control in an
organisation
 Checks if other controls are working
 They are internal because they are employed by
the organisation
 Usually report to the board of the organisation
 Very exciting careers available in internal audit
 This is usually present in large organisations
 Some accounting firms also outsource internal
audit

11. Accountants: What they do –
Tax
 Tax accountants - assist organisations
with tax compliance, tax planning, tax
litigation, transfer pricing, employee
mobility and advice
 Accounting firms offer tax services
 I foresee a future of tax only firms
 Large organisations have tax departments
 There are opportunities in tax authorities
 Very exciting careers available in tax

12. Accountants: What they do – IT
Audits
 IT auditors – provide assurance on
business systems and security
 Accounting firms offer IT audit services
 Large organisations have IT auditors as
part of their Internal audit departments
 Requires additional training IT auditing:
course such as CISA can propel you there
 Very exciting careers available in this area

13. Accountants: What they do – Fraud
& Forensic Accounting
 Specialize in investigating fraud
 Expert witness in court on fraud cases
 Assist law enforcement in asset tracing
and recovery
 Requires certification such as: Certified
Fraud Examiner (CFE)

14. Accountants: What they do –
Corporate Finance & Insolvency
 These specialize in advising on merger
and acquisitions, business valuation,
raising funds, turning around troubled
companies, liquidating insolvent
companies, recovery of debts, etc
 Still an underdeveloped area in Uganda
with lots of potential
 Requires additional certification such as:
Professional Insolvency Practitioner

15. Accountants: What they do –
Business Technology
 These accountants specialize in
developing, testing and implementing
business systems for running
organisations
 Additional certification can enable you
have unique skills to deploys systems
such as: NetSuite, SAP, Oracle etc
 Technology is changing the way
accountants do things with the advent of
cloud computing
 Accountants are driving that change

16. Accountants: What they do –
Education & Research
 These are committed to researching new
knowledge and ideas for the profession
 Opportunities are in educational and training
institutions
 Training companies such Emily Wolfe
International specialize in offering training to
the profession world wide
 There is a big gap in academia in Uganda
 Most universities do not have professional
accountants among the fulltime staff to teach
accounting

17. Accountants: What they do – Other
opportunities
 Accountancy & Book keeping – usually
outsources, performed by firms: There are a
number of book keeping only firms in
Uganda
 Consulting – specialized consulting firms
need accountants for their wide expertise in
varied areas
 Secretarial services – share registration for
large companies (usually listed)
 Business services – company registration,
filling resolutions, returns, etc

18. Accountancy: Qualities that are
essential
 Ethical
 Honesty
 Integrity
 Confidentiality
 Communication
 Good with numbers
 Technologically aware
 Pleasant personality
 Leadership
 Teamwork

19. Accountancy: How do you get
there
 Open to everyone regardless of your
background
 ICPAU requires: University degree (at
worst 2nd lower), exemptions are granted if
you are eligible (accounting degrees); or
A-level (2 principal passes); or ATC route
(O-level)
 Max 10 years to complete the course
 Can be self study or through tuition
provider

20. Accountancy: How do you get
there
 After completion of the course you will
need 3 years experience (supervised and
documented)
 After that, you will be admitted as a
member of ICPAU
 You may use CPA (U) after your name
 You are automatically recognized in EAC
member countries

21. Accountancy: EAC Issues
 There is a mutual recognition agreement in
place for all EAC members states
 Alls members to work in any country
 Non EAC accountancy qualifications will
have to sit additional exams: ACCA, etc
 There is a framework for cooperation through
EACAIs form
 EAC wide qualification & exam may be
possible in future with further regional
integration

22. Accountancy: Summary
 Immense opportunities in accountancy –
most advertised jobs in Uganda, every
organisation requires an accountant
 Shortage of professional accountants in
Uganda
 Most CEOs of the largest companies are
accountants
 Real possibilities for entrepreneurial
people – you can start your own
accounting practice

23. Accountancy: Summary
 The CPA (U) is relevant, recognised, and
most direct route to becoming an
accountant
 Possible to do CPA with your bachelors
 Wide variety of career choices
 Accountancy rewards – among the best
paid
 Expanding demand for professionals in all
sectors
 Despite your current course or
background you can pursue accountancy

24. Osillo & Company
Better advice for success!

25. Osillo & Company – Reach us!
 Website: www.osillocpa.com
 Email: info@osillocpa.com
Osillo & Company
 @osillocpa
 Osillo & Company