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ICPAU urges professional accountants to avail free business tips to struggling SMEs

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Simon Kabayo
Simon Kabayohttps://eagle.co.ug
Reporter whose work is detailed

The Chief Executive Officer (CEO) of the Institute of Certified Public Accountants of Uganda (ICPAU) Derrick Nkajja has urged professional accountants to help Small and Medium Enterprises (SMEs) during the Covid-19 pandemic.

Speaking at the virtual release of the Certified Public Accountants examination results, Nkajja said professionals should provide business management ideas to SMEs facing financial crises due to Covid-19.

He said the development will save distressed businesses from the COVID-19 after effects.

The examinations were conducted from 4th to 8th October 2021 at seven different examination centers including Fort Portal, Kampala, Gulu, Mbale, Arua, and Nkozi. A total of 4,238 students attempted the October 2021 examinations.

“We appreciate the level of preparedness of these candidates,” said CPA Geoffrey Byamugisha, the chairperson of the CPA Examinations Board.

Byamugisha further said that with determination and preparedness, students can pass the CPA course papers at first attempt.

In 2021, at least 118 students completed the CPA course compared to 109 in December 2020. Of the 118 students, 64 are female while 54 are male.

Since the 1990s when the course first started, this has brought the total number of students who have completed the course to 4,113.

Meanwhile, small and Medium Enterprises (SMEs) registered 80% losses during Covid-19 pandemic, a new survey by Innovations Village has unearthed. According to the report, the majority of them made considerable losses because they lacked innovations to provide services beyond physical presence.

The report further notes that during Covid-19, consumers abandoned traditional retail shopping online apart from accessing food stuff traditionally in the market. According to the report, the survey says online is the thing following strict standard operating procedures of accessing retail shops put up by the ministry of health and risk of Covid-19 Infections.

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