The idea of setting up an accountancy institute was conceived by the East African governments of Uganda, Tanzania and Kenya, in the 1960s.  This was shortly after the East African states had gained independence from the colonial powers.

Initial enactment of the Accountants Act

An Accountants Act was enacted in 1970. Unfortunately, due to the political upheavals of the 1970s, the Act did not get the Presidential assent.  It, therefore, remained on the shelves until it was repealed in 1992 to pave way for the new Act.

Enactment of the present Accountants Act

The Accountants Statute No. 12, now the Accountants Act, Cap. 266 of the Laws of Uganda, 2000, was enacted in August 1992; hence the establishment of the Institute of Certified Public Accountants of Uganda, ICPAU.

c) Council of the Institute:

ci) Interim Council

cii) The First Substantive Council

The first substantive Council was elected on 8 November 1994.  The elected members were:
1. George W. Egaddu - President
2. Ben Okello Luwum
3. Joseph Baliddawa
4. Fulgence Mungereza
5. Pius K. Bahemuka
6. Fawn Cousens
7. Steven Turyahikayo

Pius K. Bahemuka later on took up the position of Secretary / Chief Executive Officer.  The Council then co-opted Narendra Ambalal Thakkar to replace him. Thakkar was subsequently elected as a Council member on 21 June 1996.

ciii) Subsequent Councils

Subsequently, Council members are elected for a 3 years term of office.

d) Government of Uganda Support

The Government of Uganda secured a grant from the International Development Association (IDA), under the Uganda Institutional Capacity Building Project (UICBP), which helped in the establishment of the Institute.  The grant was used in the funding of consultancy services, acquisition of property and equipment, training and operational expenses.  The funding ran from 1996 – 2000.

e) Twinning Arrangement with ICAS

Part of Government of Uganda grant was used to enter into a twinning contract with the Institute of Chartered Accountants of Scotland (ICAS).  ICAS helped the Institute to establish the examinations schemes, set up the Committees of Council, put in place a CPD programme, and developed a code of Ethics.

Though the twinning contract ended in 2000, ICPAU has remained in close contact with ICAS.  In April / May 2007, a team of ICAS trainers was in Uganda to conduct a refresher course for examiners and training of new examiners.