Certified Public Accountants (CPA) and the Certified Accounting Technicians of Rwanda (CAT) have been for the first time in history officially launched in Rwanda.
They have been introduced by the Institute of Certified Public Accountants of Rwanda (ICPAR) and launch was held late last week by the Rwanda Local Government Minister, James Musoni.
Speaking at the launch, Peter Rutaremara, ICPAR president; “It is a great day as the ICPAR Rwanda president to see that both CPA and CAT exams will be organized and done in Rwanda.”
“Our country will now have the capacity to produce accounting professionals that will compete with international standards,” he added.
Rutaremara added that CPA students in Rwanda have been doing exams set from abroad. This made it expensive through examination and registration fees. Now the exams will be cost effective as students will pay in Rwandan currency.
CPA and CAT syllabuses were benchmarked and given credits by regional and international professionals in the field as they match with other related programs in other countries.
These have been prepared working alongside twinning partners from a well established Institute of Certified Public Accountants in Ireland (CPAI), formed in 1943, a founding member of IFAC in 1977 and a body with over 5,000 members and students.
Minister Musoni, in his remarks said that earlier government wanted to launch the program but there were delays. He applauded ICPAR to take up the developmental initiative.
CAT where the institution targets to put much emphasis will be done by students who finished high school but with at least 13 points. CPA on the other side; students will be required to have finished high school with at least 32 points up to the Bachelors degree level.
The number of qualified accountants is expected to increase and also enhance proper financial reporting standards among Small and Medium Enterprises.
According to ICPAR, there are currently 214 registered professional accountants in the country, of whom only 55 are Rwandans. But during the inception of the institution, they were targeting to have reached up to 500 professionals by this year.