International Federation of Accounting (IFAC) — a global organization for strengthening worldwide accountancy profession has commended Institute of Certified Public Accountants of Rwanda (ICPAR), for keeping up with international-accountancy standards.
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), received commendation this December 2012.
According to the president of ICPAR, Peter Rutaremara the commendation comes as 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.
Ruteremara said this commendation, will enable our graduates gain recognition globally and open up a new chapter for us as an institution and the students that will sit our examinations.
“For the body to contribute and adhere to international standards in its accounting profession it had to come up with various mechanisms so as to ensure its standards rhyme not only with those of other regional countries but with the requirements of the international body,” Ruteremara said.
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.
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.
“The procurement of the latest text books is one of the initiatives that would contribute to better performance among learners,” Ruteremara said.
The accounting body estimates that the country has only 190 professional accountants hence the need to train more.
On December 7, 2012, about 130 students completed the first Rwanda Certified Public Accounting (CPA) examinations while 27 sat for Certified Accounting Technician (CAT) Examinations.
IFAC is made up of 167 members and associates in 127 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe.