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"id": 196570,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/196570/?format=api",
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"type": "speech",
"speaker_name": "Mr. Ombui",
"speaker_title": "The Member for North Mugirango Borabu",
"speaker": {
"id": 123,
"legal_name": "Wilfred Moriasi Ombui",
"slug": "wilfred-ombui"
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"content": " Thank you, Mr. Temporary Deputy Speaker, Sir. Being an accountant, I have managed to go through the Accountants Bill. I take this opportunity to thank the Minister for Finance for having drafted this Bill. I know that since the 1990s, all the accounting systems were harmonized. Actually, the Bill should have been discussed much earlier. But it has come at the right time. It requires to be looked into with a lot of scrutiny, so that we may have an internationally acceptable legal framework that can guide the accountants. Mr. Temporary Deputy Speaker, Sir, as I was going through the Bill, I found out that in some specific areas, there were some small omissions, especially Clause 9(3). As we know, the accountants, apart from doing the auditing work, they also do what we call investigations once they are requested to do so by firms or shareholders. At this point, I would request the Minister to look at Clause 9(3) where the word \"investigation\" may be included, apart from \"accounting, auditing and verification of the records of the books of accounts.\" Mr. Temporary Deputy Speaker, Sir, as I was going through the Bill, I found out that there is also one area which I may request the Minister for Finance to look into. In Clause 11, where we have the Registration Committee, it is my sincere hope that if we can retain the Registration of the Accountants Board it will lbe more professional. I think the term \"board\" is more pronounced than just a committee. So, if it is possible to change the same body to Registration Accountants Board, I think it would be much fair instead of just having the Registration Committee. At the same time, when I was going through the Bill, I found that there is need to bring in more accounting concepts. Because we are now in a situation where we have got so many micro- finance projects coming up, it is very important to cover the issue of micro-finance accounting. This is because in our economy right now, we need to have small businesses assisted to keep the books of accounts, so that they can tell whether they are making profits or losses. Mr. Temporary Deputy Speaker, Sir, I do request the Minister for Finance, if possible, to ensure that the individuals who will be doing basic accounting, like the book-keepers, also have a 510 PARLIAMENTARY DEBATES April 16, 2008 specific body to cater for their interests. Those people could just keep books of accounts for small businesses. They can also assist the accountants in keeping the books of accounts. They should be registered to also practice as book-keepers, as it happens in England. When you look at the Bill, it has gone deeper and provided that the body will use international accounting standards and international auditing standards. If it was possible, as I heard this morning here from most Members we can have a schedule showing the current international accounting standards and international auditing standards. We could just have a footnote indicating it could be changed from time to time. Since accounting is a technical area which requires hon. Members who are going to pass. We should makeit as clearas possible. Mr. Temporary Deputy Speaker, Sir, having said that, I wish once more to congratulate the Minister for Finance for having brought to the House a very comprehensive Bill. I hope that if we are going to make changes, they will be very few because it has captured every area that is required of accountants. Mr. Temporary Deputy Speaker, Sir, I beg to support the Bill."
}