BACKGROUND NOTE ON ACTION PLANS

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1 BACKGROUND NOTE ON ACTION PLANS SMO Action Plans are developed by IFAC Members and Associates to demonstrate fulfillment of IFAC Statements of Membership Obligations (SMOs). SMOs require IFAC Members and Associates to support the adoption 1 and implementation 2 of international standards and other pronouncements issued by independent standard-setting boards under the auspices of IFAC as well as by the International Accounting Standards Board (IASB); and to establish a (QA) review and Investigation and Disciplinary (I&D) systems. IFAC Members and Associates conduct a self-assessment against the requirements of SMOs and identify areas where improvements are needed. Based on the results of the assessment, Members and Associates develop an SMO Action Plan to (a) demonstrate how they fulfill the requirements of the SMOs and (b) where some requirements are not yet addressed, to present plans towards their fulfillment. SMO Action Plans are designed to be ever-green documents that provide a comprehensive description of the accountancy profession and its legislative and regulatory environment in the jurisdiction as well as the actions undertaken by IFAC Members or Associates to support adoption and implementation of international standards and best practices. Regular updates of the SMO Action Plans are required as part of the IFAC Member Compliance Program. Use of Information Please refer to the Disclaimer published on the IFAC Member Compliance Program website. ACTION PLAN IFAC Member: Institute of Certified Public Accountants of Uganda Approved by: CEO of the Institute of Certified Public Accountants of Uganda Original Published : May 2009 Last Updated: April 2016 Next Update: April Adoption is concerned with the decision that international standards are appropriate for use in specific national financial reporting environments and with the actions necessary to effect those decisions, including incorporation into national requirements or requiring the use of international standards through law. Adoption may include a process to review draft international standards, translation, public exposure of proposed standards, approval, incorporation into national requirements as necessary, and promulgation of final standards, and, where applicable, a convergence process to eliminate or minimize differences between international and national standards. 2 Implementation may include a process to build awareness of the adopted standards, provide relevant education and training, develop or disseminate implementation guidance and any other activities that promote proper understanding and use of the standards in practice. Status as of of Publication Page 1 of 20

2 GLOSSARY ATD CEO CIPFA CPA CPD CTA IAASB IAESB IASB ICAS ICPAU IES IESBA IFAC IFRS IPSAS IPSASB IRBA ISA ISQC QAB PAEB SME SMO SMP Accounting Technicians Diploma Chief Executive Officer Chartered Institute of Public Finance and Accountancy Certified Public Accountant Continuing Professional Development Certified Tax Advisor International Auditing and Assurance Standards Board International Accounting Education Standards Board International Accounting Standards Board Institute of Chartered Accountants of Scotland Institute of Certified Public Accountants of Uganda International Educational Standards International Ethics Standards Board of Accountants International Federation of Accountants International Financial Reporting Standards International Public Sector Accounting Standards International Public Sector Accounting Standards Board Independent Regulatory Board of Auditors International Standards on Auditing International Standard on Quality Control Board Public Accountants Examinations Board Small and Medium-sized Entities Statement of Members Obligations Small and Medium Practitioners Status as of of Publication Page 2 of 20

3 The Accountants Act, 2013 The was established in 1992 by the Accountants Act, Cap 266. The Act was repealed and replaced by the Accountants Act, The functions of the Institute under the new Act are to: regulate and maintain the Standard of Accountancy in Uganda; and to prescribe and regulate the conduct of accountants and practising accountants in Uganda. East African Community (EAC) Mutual Recognition Agreement In September 2011, the, the Institute of Certified Public Accountants of Rwanda (ICPAR), the Institute of Certified Public Accountants of Kenya (ICPAK), the National Board of Accountants and Auditors (NBAA) of Tanzania and the Ordre des Professionnels Comptables (OPC) of Burundi signed a mutual recognition agreement (MRA) to promote the development of the accountancy profession in the East African region. The agreement provides for mutual recognition of the respective accountancy qualifications, institutional capacity building, development of learning material and cooperation in areas of standard setting & implementation, disciplinary measures, member education and quality assurance reviews. DFID-IFAC Professional Accountancy Organisation Capacity Development Programme Under a project funded by the Department for International Development (DFID) aimed at developing the accountancy profession in emerging economies, the International Federation of Accountants (IFAC) engaged the Institute of Chartered Accountants of Scotland (ICAS) and the Chartered Institute of Public Finance and Accountancy (CIPFA) to partner with the to strengthen accountancy education, qualification, and examinations; quality assurance; continuing professional development; and public sector financial management in Uganda. The work under this project is scheduled for completion by 31 March Status as of of Publication Page 3 of 20

4 Action Plan Subject: Action Plan Objective: SMO 1 To develop and implement a Review System in line with SMO 1 requirements. Background: Section 36 of Accountants Act 2013 establishes the Board (QAB) of ICPAU with the responsibility of implementing a Quality Assurance Programme and monitoring compliance with professional standards. Audit s are conducted as part of the Institute s Quality Assurance Programme. Since 2007, ICPAU has conducted mandatory audit quality reviews, of all registered accounting firms in Uganda, in three-year cycles. The audit quality reviews cover all audits of financial statements. Accounting firms are required to implement and maintain a quality control system in accordance with the most update version of ISQC 1 and relevant ISAs issued by the IAASB. The audit quality reviews are conducted by staff of the Institute who constitute the Team. The Team is required to be independent of the accounting firms reviewed and to maintain a high level of expertise. The Team maintains documentation of evidence to support independence and the conduct of the audit quality reviews and issues a report for each accounting firm that is reviewed. The second cycle of audit quality reviews was completed in March 2014 and report presented to the Council and the members of ICPAU. The third cycle of audit quality reviews commenced in April The ICPAU Framework was updated in May 2014 to bring it in line with the Accountants Act, 2013 and SMO 1 (Revised). ICPAU s Programme meets all the requirements of SMO 1 (Revised). Design and Implementation of the Review System 1. January 2015 Review and update training content. December 2016 Board Team 2. April 2014 Conduct the 3 rd cycle of audit quality reviews of all licensed accounting firms. April 2017 Board Team 3. April 2014 Provide quarterly activity reports on the progress of the quality assurance programme to the Board. April 2017 Secretary of QAB Team 4. April 2014 Refer Practising Accountants to the ICPAU Disciplinary based on the results of the Audit Quality Reviews. May 2017 Board Secretary of QAB, Team Status as of of Publication Page 4 of 20

5 Development of s to Support the Review System 5. December 2015 Conduct training for Practising Accountants on quality control and practice management. Annually Education, CEO of ICPAU 6. January 2016 Develop guidance and tools, to support small and medium practitioners (SMPs) in the areas of practice management, human resources management, client engagement and disengagement, engagement performance and monitoring. December 2017 Technical Review and Continuously Improve the Review System 7. January 2015 Provide training for the Team. Examples of trainings conducted on an annual basis include review of SMO 1, ISAs, IFRSs, IFRS for SMEs, IPSAS and IESBA Code of Ethics. December 2017 Board, CEO of ICPAU Team, ICAS 8. January 2016 Provide training for the team responsible for audit quality related training. December 2016 CEO of ICPAU Team, ICAS 9. January 2015 Continuously update the ICPAU methodology and review procedures to reflect changes in the standards and the regulatory environment. Board Team Maintaining Processes 10. Create awareness through magazines, e-newsletters and seminars, make available by providing website links to the Implementation Guides issued by IFAC s SMP. Technical 11. Ensure that training and awareness about requirements of ISQC 1 and the ISAs are incorporated in the CPD programme. Educational 12. Ensure that ICPAU s Review is effective and operates in compliance with SMO 1 requirements. Board Team Status as of of Publication Page 5 of 20

6 Review of ICPAU s Compliance Information 13. Annually Review the SMO 1 information annually and provide regular updates to the IFAC compliance staff. Annually CEO of ICPAU Compliance Staff Status as of of Publication Page 6 of 20

7 Action Plan Subject: Action Plan Objective: SMO 2 International Education Standards for Professional Accountants and Other Pronouncements Issued by the IAESB To ensure that ICPAU s Processes adopt and implement IAESB Pronouncements. Background: The Public Accountants Examination Board (PAEB) as provided for under Section 15 of the Accountants Act 2013 designs the syllabus, conducts the examinations for the Certified Public Accountants (CPA) and Accounting Technicians Diploma (ATD) qualification, appoints and trains examiners, and defines the rules governing the examinations process. Since 2007, the PAEB and the Education have mapped the ICPAU syllabi to the IESs to ensure that the Initial Professional Development Requirements are met in the ICPAU courses. Under the Universities and Other Tertiary Institutions Act, 2001 (as amended), the National Council of Higher Education as supervisor of both accountancy and non-accountancy tertiary institutions does not develop or maintain any syllabi and curricula in its own right. NCHE s role under the law is to receive, consider and process applications for accreditation of the academic and professional programmes...in consultation with Professional Associations and Regulatory Bodies. ICPAU is required by law to supervise and regulate the practical training and education and to advise regulators of educational institutions on the curricula of study in accountancy related courses. As such, the PAEB/ICPAU have sufficient discretion and autonomy in designing and determining the syllabi and curricula of its courses. In 2014, PAEB reviewed and updated the CPA and ATD syllabi to bring them in line with the revised IESs and other changes in legislation. A new Certified Tax Advisor (CTA) qualification was also introduced by PAEB. The revised syllabi (CPA and ATD) and the new CTA qualification will be examined starting The candidates for ICPAU membership are required to complete approved professional examinations. To qualify for ICPAU membership, CPA graduates must obtain a minimum of three years of practical experience. In August 2014, the Council of ICPAU approved the ICPAU practical training guidelines which were developed in line with requirements of IES 5 (revised). The practical training guidelines provide competency framework focused on work outcomes, in both technical and non-technical areas, that must be achieved by an applicant for ICPAU membership. In December 2013, the ICPAU CPD guidelines were revised to ensure that they meet the requirements of IES 7 (revised). The Council of ICPAU implements licensing requirements that ensure that Certified Public Accountants performing the role of an Engagement Partner demonstrate the level of professional competence required by IES 8 (revised). ICPAU s Initial Professional Development and Continuing Professional Development Requirements comply with the IESs. Continuous Improvement of the Required Accounting Education Content 14. January 2016 Implement the revised CPA and ATD syllabi, and the new CTA syllabus. December 2020 PAEB Examinations Staff Status as of of Publication Page 7 of 20

8 15. January 2015 Develop study materials for the CPA and ATD qualifications and ensure that study materials are in line with the most recent IFRS, IFRS for SMEs, ISAs, ISQC 1, and the Code of Ethics for Professional Accountants, and IPSASs. December 2016 Education Examinations Staff, ICAS 16. January 2015 Conduct reviews and participate in the accreditation/recognition of accountancy training providers. Education, National Council for Higher Education ICPAU Staff 17. January January 2016 Conduct annual reviews of the ICPAU education syllabus and examinations administration system and address on existing gaps. Identify and implement measures to improve training provision by accountancy training providers. December 2020 PAEB Examinations Staff December 2018 Education Examinations Staff 19. January 2016 To develop a system to effectively and efficiently monitor institutions providing accountancy education. December 2018 Education Examinations Staff, ICAS 20. Share the revised IESs with all accountancy training providers and continue to raise awareness of IESs among all relevant stakeholders. Education Examinations Staff Implementation of Practical Experience Requirements 21. January 2015 Implement the ICPAU practical training guidelines and conduct implementation workshops and developing guidance for both trainees and employers. December 2018 Education CEO of ICPAU, ICPAU Staff, ICAS 22. January 2016 Conduct a pilot program to implement the ICPAU practical training guidelines. December 2016 CEO of ICPAU ICPAU Staff 23. January 2015 Assess, approve and review practical training providers. December 2018 Education CEO of ICPAU, ICPAU Staff 24. Continue to review and vet the practical experience obtained by applicants for ICPAU membership. Members Services CEO of ICPAU, ICPAU Staff Status as of of Publication Page 8 of 20

9 Continuous Improvement of the CPD programme 25. January January Annually 28. Annually 29. January 2016 Ensure full compliance by practicing accountants with the revised CPD guidelines. Continuously improve the online CPD reporting system. Randomly sample and review ICPAU members for compliance with CPD requirements. Publish an annual report on member s compliance with CPD obligations. Review and enhance the material supporting the ICPAU CPD Program and compliance monitoring system focusing on the practical application of IFRS, IFRS for SMEs, ISAs, ISQC 1, IPSASs and the IESBA Code. CEO of ICPAU CEO of ICPAU IT Staff Annually CEO of ICPAU ICPAU Staff Annually CEO of ICPAU ICPAU Staff December 2016 Council of ICPAU CEO of ICPAU,, ICAS Competence of Engagement Partners 30. October 2015 Provide training on the requirements of IES 8 (revised). June 2016 Education 31. January 2016 Review Practising Accountants for compliance with IES 8 requirements. Board Team Use of IAESB s and Tools to Support Implementation of the Revised IESs 32. January January January 2016 Conduct training for the ICPAU staff on the revised IESs. Review the processes and the system for monitoring, tracking, and quality control in support of the professional qualifications. Conduct training for the ICPAU staff on Development and Management of Written Examinations. December 2016 CEO of ICPAU ICPAU Staff December 2017 CEO of ICPAU Examinations Staff, ICAS December 2016 CEO of ICPAU ICPAU Staff Status as of of Publication Page 9 of 20

10 35. January 2016 Use the Ethics Education Toolkit to carry out ethics training for Practising Accountants. December 2017 CEO of ICPAU Maintaining Processes 36. January Provide training for ICPAU s examiners, moderators and accountancy trainers on the revised CPA and ATD syllabi. Provide training for the examinations staff on accountancy education and assessment. Conduct a periodic review of the ICPAU education syllabus to ensure that it continues to meet IES requirements. Continue to implement a CPD Training Programme and promote compliance with CPD requirements. December 2016 CEO of ICPAU Examinations Staff CEO of ICPAU Examinations Staff PAEB Examinations Staff Education ICPAU Staff 40. Continue to make comments on IAESB s Consultation Papers and Exposure Drafts. Education Examinations Staff, 41. Continuously update members and other stakeholders on the Pronouncements, Exposure Drafts and other Papers issued by the IAESB. CEO of ICPAU Review of ICPAU s Compliance Information 42. Continue to review the SMO 2 information annually and provide regular updates to the IFAC compliance staff. Annually CEO of ICPAU Compliance Staff Status as of of Publication Page 10 of 20

11 Action Plan Subject: Action Plan Objective: SMO 3 International Standards and other Pronouncements Issued by the IAASB To ensure that ICPAU s Processes adopt and implement IAASB Pronouncements. Background: The Council of ICPAU has the responsibility, under Section 12 of Accountants Act 2013 of approving the auditing standards in Uganda. Since 1999, all ISAs issued by the International Auditing and Assurance Standards Board (IAASB) have been adopted for application in Uganda without modifications and become effective on the dates prescribed by the IAASB. All the clarified ISAs are applicable in Uganda. Continuous Improvement of the Adoption and Implementation of IAASB s Standards 43. Annually Review Practising Accountants for compliance with IAASB s Standards. Annually Board Team 44. October 2015 Conduct training on the revised and new auditor reporting standards. December 2016 Education 45. January 2016 Update training and CPD materials on ISA requirements. December 2017 Education 46. January January January Create awareness and publish articles on requirements of revised and new auditor reporting standards. Actively promote the SMP Guides on Review Engagements and Compilation Engagements. Develop practice guides, information papers, sample documents, manuals and audit programmes to assist SMPs to apply IAASB pronouncements. Create awareness through magazine articles, e- newsletters and seminars and encourage use of Implementation Guides and other resource tools developed by the IAASB Staff and the SMP. Continue to create awareness and knowledge of IAASB pronouncements. December 2016 CEO of ICPAU December 2017 Education Technical Technical Technical Status as of of Publication Page 11 of 20

12 Participate in the Development of IAASB s Standards Regularly provide a summary, to all members, on the IAASB exposure drafts requiring comment and receive their input and views. Make comments on IAASB s Consultation Papers and Exposure Drafts. CEO of ICPAU Technical Maintaining Processes 53. Continue to ensure that ICPAU s education syllabus includes testing of knowledge of IAASB pronouncements. PAEB Examinations Staff 54. Continue to support adoption and implementation of the IAASB pronouncements. Technical CEO of ICPAU, Review of ICPAU s Compliance Information 55. Annually review SMO 3 information and provide regular updates to the IFAC compliance staff. Annually CEO of ICPAU Compliance Staff Status as of of Publication Page 12 of 20

13 Action Plan Subject: Action Plan Objective: SMO 4 IESBA Code of Ethics for Professional Accountants To ensure that ICPAU s processes adopt and implement the IESBA Code of Ethics. Background: Section 38 of the Accountants Act 2013 provides for a Professional Code of Ethics for accountants in Uganda. ICPAU currently implements the ICPAU Code of Ethics alongside the IESBA Code of Ethics for Professional Accountants. Practising accountants are required to comply with both the ICPAU and IESBA Code of Ethics under the ICPAU Programme. In addition, the ICPAU Disciplinary relies on both the ICPAU and IESBA Code of Ethics as a basis for disciplinary action. Secondary regulations are being developed to support the implementation of the IESBA Code of Ethics. Implementing the IESBA Code of Ethics 56. January 2015 Promote awareness through magazine articles, e- newsletters and seminars of IESBA Code of Ethics and make available relevant implementation material. CEO of ICPAU 57. January 2015 Provide training on various aspects on the IESBA Code of Ethics by incorporating ethics topics into various CPD seminars. Education 58. Annually Review Practicing Accountants for compliance with the ICPAU and the IESBA Code of Ethics. Board Team 59. Publish decisions of the Disciplinary and the results of any interpretation/advice on ethical questions that are of broad interest to ICPAU members. Technical Updating the ICPAU Code of Ethics and Supporting Ethical Compliance 60. January 2015 Issue Regulations prescribing the Professional Code of Ethics for accountants in Uganda. December 2017 Minister for Finance CEO of ICPAU, ICPAU Staff Status as of of Publication Page 13 of 20

14 61. January 2015 Development of guidance and support tools to assist members to apply the IESBA Code of Ethics and circulate to them the website link to the IESBA Code of Ethics. Technical Raise Awareness and Participate in the Development of IESBA s Standards Regularly provide a summary, to all members, on the IESBA s Exposure Drafts and Consultation Papers requiring comments and receive their input and views. Make and submit comments on IESBA Work Programs, Consultation Papers and Exposure Drafts. CEO of ICPAU Technical 64. Continue to support accountancy education providers to ensure coverage of the requirements of the IESBA Code as required in the ICPAU syllabi. Education Examinations Staff Maintaining Processes 65. January 2016 Update the CPD programme and training materials to align with the IESBA Code of Ethics. December 2017 Education Continue to ensure that the ICPAU s education syllabus includes testing of the knowledge of Professional Values, Ethics and Attitudes. Continue to support the adoption and the implementation of the IESBA Code of Ethics. PAEB Examinations Staff CEO of ICPAU Review of ICPAU s Compliance Information 68. Annually review SMO 4 information and provide regular updates to the IFAC compliance staff. Annually CEO of ICPAU Status as of of Publication Page 14 of 20

15 Action Plan Subject: Action Plan Objective: SMO 5 International Public Sector Accounting Standards and Other Pronouncements Issued by the IPSASB To continue to use best endeavours to assist the adoption and implementation of IPSASs in Uganda. Background: Section 12 of the Accountants Act empowers the Council of ICPAU to issue or adopt both private and public sector accounting standards in Uganda. Since 2006, all IPSASs, issued by the International Public Sector Accounting Standards Board (IPSASB), have been adopted for application in Uganda without modifications. Under section 3 and 46 of the Public Finance Management Act 2015 the Accountant General has authority to approve the accounting standards to be used in preparation of the financial statements by government entities. The Accountant General currently implements a modified form of the Cash Basis IPSAS and has expressed commitment towards full adoption of Accrual IPSAS. Continue to Develop and Maintain an Active Program for Adoption and Implementation of IPSASs in Uganda Regularly provide a summary, to all members, on the IPSASB s Exposure Drafts and Consultation Papers, requiring comments and receive their input and views. Continue to raise awareness and knowledge of the IPSASB s Standards through magazine articles, e- newsletters and seminars. CEO of ICPAU Technical Continue to work closely with the Accountant General s Office to agree on a roadmap and strategies for IPSAS implementation by: 71. January 2016 Developing a situation report on PFM reform in Uganda; Building a knowledge bank on PFM reform in Uganda; Identifying existing capabilities, capacity gaps and resources for IPSAS implementation; and Organising a stakeholder workshop to discuss and agree on a roadmap for IPSAS implementation. December 2017 CEO of ICPAU, CIPFA Status as of of Publication Page 15 of 20

16 72. April 2016 Conduct an IPSAS Training of Trainers Workshop, aimed at building capacity for IPSAS implementation in Uganda. December 2017 Education 73. January 2016 Develop training materials to support the training and implementation of the International Public Sector Accounting Standards in Uganda. December 2017 Education Maintaining Processes 74. Continue to identify opportunities to further assist in implementation of IPSASs. This includes review of the existing activities, identification of IPSAS partners and preparation of the Action Plan for future activities necessary for implementation. Technical CEO of ICPAU, 75. Continue to ensure that the ICPAU s education syllabus includes testing of knowledge of all current IPSASs. PAEB Examinations Staff Review of ICPAU s Compliance Information 76. Annually review SMO 5 information and provide regular updates to the IFAC compliance staff. Annually CEO of ICPAU Status as of of Publication Page 16 of 20

17 Action Plan Subject: Action Plan Objective: SMO 6 Investigation and Discipline To implement a just and effective investigation and disciplinary system. Background: Section 39 of Accountants Act 2013 establishes a Disciplinary with responsibility to handle and deliver judgment on cases of professional misconduct. The Act also establishes a Disciplinary Appeals with responsibility to hear and determine the appeals from the decisions of the Disciplinary. Members of the Disciplinary and Disciplinary Appeals include both professional accountants and non-professional accountants and are required to be independent of the subject of investigation and disciplinary action. Based on the outcome of the investigation and disciplinary process the Disciplinary and Disciplinary Appeals may impose a wide range of sanctions including loss of professional designation; restriction and removal of practicing rights; and exclusion from membership. In March 2013, the Council of ICPAU published guidelines on the ICPAU Disciplinary Process outlining: the types of misconduct against which complaints and allegations can be made against a professional accountant; the ways in which a complaint can be made; the investigation and disciplinary process; and the sanction that can be imposed. ICPAU implements both a complaints-based and information-based approach to its investigation and disciplinary system. Practising accountants may be referred to the disciplinary committee for appropriate action based on the results of audit quality reviews. Records of investigation and disciplinary processes are maintained and a tracking mechanism exists to monitor progress of the investigation and disciplinary process. The requirements of the ICPAU Investigation & Disciplinary system comply with those of the revised SMO 6. Secondary regulations are being developed to further enhance the investigation and disciplinary process. Review of the Investigation and Disciplinary (I&D) System 77. January October 2015 Issue regulations prescribing the ICPAU investigation and disciplinary procedure. Update the ICPAU s Investigation and Disciplinary guidelines in line with the SMO 6 (revised), the Accountants Act and regulations. December 2017 Minister for Finance CEO of ICPAU, ICPAU Staff December 2016 CEO of ICPAU Compliance Staff Status as of of Publication Page 17 of 20

18 79. January December January 2016 Educate members and the public on the ICPAU s Investigations and Disciplinary procedures by making publicly available disciplinary regulations and guidelines and participation in roadshows. Publish details of the significant cases handled by the Disciplinary and Disciplinary Appeals. Publish a report on the number of: disciplinary complaints received, complaints disposed of, number of convictions or acquittals. Enhance public awareness of the role of the Disciplinary and Disciplinary Appeals through newspaper and magazine articles, press releases and participation in roadshows. December 2017 CEO of ICPAU Compliance Staff CEO of ICPAU Compliance Staff Annually CEO of ICPAU Compliance Staff CEO of ICPAU Public Relations Staff Maintaining Processes 83. Continue to use best endeavours to ensure ICPAU s investigation and disciplinary processes continue to addresses all SMO 6 requirements. Council of ICPAU Compliance Staff Review of ICPAU s Compliance Information 84. Annually review SMO 6 information and provide regular updates to the IFAC compliance staff. Annually CEO of ICPAU Status as of of Publication Page 18 of 20

19 Action Plan Subject: Action Plan Objective: SMO 7 International Financial Reporting Standards and Other Pronouncements Issued by the IASB To ensure that ICPAU s processes adopt and implement the IASB Pronouncements. Background: Under Section 12 of the Accountants Act 2013, the Council of ICPAU has the responsibility for approving private and public sector accounting standards in Uganda. Since 1998, all the IFRSs issued by the International Accounting Standards Board (IASB) have been adopted for application in Uganda without modifications and become effective on the dates prescribed by the IASB ( The IFRS for Small and Medium-sized Entities (IFRS for SMEs) became effective, in Uganda, on 1 January 2010 under Guidelines issued by the Council of ICPAU. The 2015 IFRS for SMEs will become effective from 1 January Section 156 of the Companies Act 2012 requires every company in Uganda to prepare financial statements that give a true and fair view of the state of affairs of the company. ICPAU provides guidance on the accounting standards that can be applied in order to achieve a true and fair view in financial statements prepared. Continue to Develop and Maintain an Active Program for Implementation of IFRSs in Uganda 85. Within the Programme, review the audited financial statements for compliance with IFRS requirements. Board Team 86. Conduct the Financial Reporting Awards. Annually January June Conduct IFRS training, with the CPD programme, to raise capacity for IFRS implementation, including implementing an annual IFRS conference. Update training and CPD material on IFRS and IFRS for SMEs. Conduct IFRS Trainers Workshop to build capacity of accountancy trainers. Continue to promote the platforms for interaction with accountancy trainers, as a vehicle for imparting IFRSs at early stage. Financial Reporting Awards Technical, Education ICPAU Staff December 2017 Education ICPAU Staff December 2017 Education ICPAU Staff Education Status as of of Publication Page 19 of 20

20 Raise Awareness and Participate in the Development of IESBA s Standards Regularly provide a summary of the IASB s Exposure Drafts and Consultation Papers, requiring comments to all members. Make comments on IASB s Consultation Papers and Exposure Drafts. Strengthen activities to raise awareness and knowledge of the IASB pronouncements. Technical Technical Technical Maintaining Processes Continue to support adoption and implementation of IFRSs. Continue to ensure that the ICPAU s education syllabus includes testing of knowledge of all current IFRSs. CEO of ICPAU PAEB Examinations Staff Review of ICPAU s Compliance Information 96. Annually review SMO 7 information and provide regular updates to the IFAC compliance staff. Annually CEO of ICPAU Status as of of Publication Page 20 of 20