Finance Minister Henry Musasizi has urged accountants to strengthen fiscal discipline, accountability and evidence-based decision-making to ensure public resources are efficiently managed and translated into tangible development outcomes.
Minister Musasizi made the call on Wednesday while officiating as chief guest at the 31st Annual Seminar of the Institute of Certified Public Accountants of Uganda (ICPAU) at Imperial Resort Beach Hotel in Entebbe.
The seminar was held under the theme, “Transforming Institutions and Lives for Sustainable Growth.”
Minister Musasizi said accountants play a critical role in generating, analysing and validating financial information used to guide economic and investment decisions.
“Evidence-based decision-making is fundamental to accelerating economic development, promoting sustainable business growth and avoiding costly policy and investment mistakes,” he said.
He challenged accountants to move beyond recording and reporting financial transactions and instead provide insights that can support sound decisions, strengthen accountability and improve institutional performance.
“Accountants are strategic partners in ensuring prudent fiscal management, effective public service delivery and sustainable economic development,” Musasizi said.
In the public sector, he said reliable financial information enables government to track revenue and expenditure, safeguard public assets, manage liabilities and assess whether public resources are achieving intended development outcomes.
He said accountants have a role to play throughout the national budget cycle, including planning and budget preparation, budget execution and control, as well as accountability and reporting.
Musasizi also said accountants are important in tracking public resources in real time, monitoring cash flows and spending limits, and identifying financial commitments before payments are made.
He said such measures can help government prevent the accumulation of domestic arrears and the emergence of large fiscal deficits.
Musasizi further urged accountants to embrace emerging technologies, including digital financial management systems, blockchain and artificial intelligence, saying technology is changing how financial information is generated, managed and used.
ICPAU president Timothy Ediomu challenged accountants to look beyond numbers and adapt to the changing role of the profession as the business environment evolves.
Ediomu emphasised the need for accountants to continuously develop relevant skills, uphold integrity and provide trusted, strategic advice to institutions and businesses.
