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CMA and ICPAR to Sign Pact on Accountancy, Financial Mgt. Standards

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The Capital Market Authority (CMA) and Institute of Certified Public Accountants of Rwanda (ICPAR) will tomorrow Tuesday March 27 at 2PM sign a Memorandum of Understanding (MOU) aimed at enhancing and promoting transparency in accountancy and financial management systems.

It is confirmed Mr. Robert Mathu the Executive Director of CMA and Mr. Peter Rutaremara the President of ICPAR will append their signatures on the MOU, at Rwanda Stock Exchange (RSE) Boardroom located at the heart of Kigali City, Kigali City Tour (KCT) building.

Speaking to Hope Magazine, Mr. Rutaremara said the MOU will be of mutual benefit to both CMA and ICPAR, aimed at promoting the standards of public accounting in Rwanda in line with the international account reporting standards.

“This is within our interest and our involvement with CMA will ensure that we provide qualified professionals needed on the job market to meet the demands of the growing the private sector” Rutaremara said in a telephone interview this morning.

According to Peter, the total number of Certified Public Accountants in Rwanda has grown from 101 to 203 since the establishment of ICPAR in 2009.  Although the number also includes certified registered accountants from the region, only about 50 are Rwandans, he confirmed. The number of Rwandan Certified Public Accountants has however increased from below 40 in 2009 when the Institute started operations.

Part of its mandate, ICPAR is charged with registering or authorizing Certified Accountants to operate in Rwanda, thus becoming members of ICPAR. Rutaremara warned that those members who haven’t confirmed their subscriptions will be scrapped from the list.

Each member is required to pay an annual subscription of Rwf100.000.

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