Over 400 delegates are expected to attend the 13^th Annual National Internal Audit Conference 2018 to be held in Uganda between April 18 and April 20.

According to Reuben Mupadha, the Executive Secretary, the Institute of Internal Auditors Uganda, the conference will be held under the theme: ‘Internal audit rise up, reinvent and propel your value’. It will attract Internal Auditors, Audit Committee members, Finance Managers, Risk Managers, Risk Officers, Public accountants.

The conference to be held at the Commonwealth Resort Munyonyo will have Jenitha John, Chief Executive of FirstRand Group and Vice Chairperson Professional Practices for The Global Institute of Internal Auditors USA, as keynote speaker.

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The tough economic hardships that hit the country in the financial year 2016/17 left the government-owned Posta Uganda with a drop of 6.7 percent in revenue as it earned Shs19.04b compared to Shs20.4b posted in FY2015/16, the Auditor General Paul Muwanga says.

According to the statement, Post Uganda realized a gross profit of Shs1.22b in financial year 2016/17, lower than Shs1.39b it earned in the previous financial year. During the reporting period, the company wrote off bad debts worth Shs7.43b compared to financial year 2015/15 where it did not write off any bad debt.

The company records show that profit grew consistently to Shs1.39b in financial year 2015/16 from Shs161m in financial year 2013/14. The company’s total assets came down to Shs96.78b in financial year 2016/17 compared to Shs104.63b in the previous financial year.

Part of the reasons for the decline on value of non-current assets, is that property worth Shs1.00b was ceded to UNRA under compulsory acquisition for construction of the Clock Tower Road Project.

The report further show that total indebtness of the company reduced by 17.01 percent in financial year 2016/17, largely due to sustained efforts to bring down liabilities which among others include paying to NSSF monthly contributions.

“Total expenditure shrank by 6.19 percent, a further reflection of management’s resolve to keep spending within budget to guard against sliding in debt again,” reads part of the report, adding that the elimination of erroneous book-keeping has facilitated accurate financial reporting and analysis.

The company management reports that it has developed a strategic plan aimed at a minimum of 7 percent growth in annual turnover within the next five years. The company, as reported, stands on solid ground is well poised for long-term survival and growth.

“As Accounting Officer I am comforted by the long journey of steady progress, and rest assured that Posta’s future is secure,” says Muwanga. Posta Uganda deals in delivery of parcels and transportation among other services. Being a government-owned company it has had stiff competition from private players who have launched competing services.

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Coca-Cola Beverages Africa (CCBA) Uganda has today signed a Memorandum of Understanding (MOU) with REHORE, a local NGO that will see over 10,000 women refugees in Bidi bidi, Kiryandongo and Nakivale camps empowered for improved livelihoods.

Through this programme, REHORE will identify women refugees in the three camps who will be beneficiaries of a skilling programme using locally available resources in addition to retailing Coca-Cola products and establishing plastic collection initiatives in the camps.

The activities will include bee keeping, backyard gardening, echo bag production, candle making,  hair and beauty skills, catering, sewing and tailoring, soap making, colouring and painting as well as art and craft.

“Women around the world are already pillars of our business system and as part of our Women Economic Empowerment Program; we shall this time round empower refugees in camps in partnership with REHORE which will be the NGO that will actually do the day to day running of the project in the camps. By doing this, we affirm our need to build both our business and the communities in which we operate,” said Conrad Van Niekerk, Managing Director, Coca-Cola Beverages Africa Uganda.

This initiative is one of the several that Century Bottling Company in Uganda has embarked on under the Global 5 by 20 Coca-Cola pronouncement over the years.

5by20 is the Coca-Cola Company’s global commitment to enable the economic empowerment of five million women entrepreneurs across the company’s value chain by the year 2020.

“In Uganda, running successful businesses is mainly a male domain. Through 5by20, we address the most common barriers women face when doing business which include lack of basic business skills, financial services or assets, and lack of access to peer networks and mentorship,” Van Niekerk noted.

“This initiative offers women access to business skills training, linkages to financial services and connections with peers and mentors, along with the confidence that comes along with building a successful business. I am glad that we are able to support women through this initiative and our value chain,” Van Niekerk added.

On his part REHORE founder Joseph Rwamihigo, expressed optimism with the Coca Cola partnership, said it would make an important contribution towards realization of the government Vision 2020.

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