iCPARQuarterlyBulletin-March2018

Journal 

The iCPAR 

ISSUE 3 

JANUARY - MARCH 2018 

iCPAR QUARTERLY BULLETIN 

NOT FOR SALE 

IFRS 

9 

IFRS 9 Financial Instruments, 

is likely to affect all sectors but mostly; banks 

A publication of the Institute of Certified Public Accountants of Rwanda

About us 

The Institute is the sole professional accountancy 

organization established by law No. 11/2008 of 6 th May 

2008 with a broad mandate to grow and regulate the 

accountancy profession 

What we do 

We regulate the accountancy profession; We preserve 

the integrity of the accounting profession; We promote 

the competence and the capacities of own members. 

We deliver accounting qualifications, programs 

and examinations.We promote compliance with 

professional standards 

Vision 

A strong, relevant and sustainable profession 

Mission 

To build a strong and engaged professional 

accountancy organization that anticipates stakeholder 

expectations and acts in the public interest 

Our Office 

KG 501 St 21, behind Career Center Building 

P.o.Box: 3213 Kigali Rwanda 

T: +250 784103930 

F: +250 280103930 

E: info@icparwanda.com

THE iCPAR JOURNAL 

3 

Inside this Issue 

13 

17 18 

4. Foreword 

5. Annual AGM notice 

7. The Commission for 

Inspection 

8. IFRS 9 Financial 

Instruments, is likely 

to affect all sectors but 

mostly; banks 

11. Release of December 

2017 examination results 

11. Updates on the 

upcoming new CAT 

qualification 

12. New CPD policy to be 

effective 1st July 2018 

13. KIM University; One of 

the tuition providers of 

CPA and CAT Rwanda 

16. If you want to be 

and remain relevant 

in the business and 

finance world, it is 

critical that you attain 

Professional Accounting 

Qualifications- Kajungu 

Clode 

18. Accountants in history 

19. List of accounting firms 

licenced by iCPAR as at 

31 January 2018 

21. 2018 CPD Calendar 

22. Humour, Crossword 

DISCLAIMER 

PUBLISHER 

Reproduction of any article in this journal 

without permission is prohibited. The editor 

reserves the right to use, edit or shorten 

articles for accuracy, space and relevance 

Copyright © iCPAR 2017. All rights reserved. 

Copyrights and all / or other intelectual property rights on 

all designs, graphics, logos, images, phots, texts, trade 

names, trademarks, etc in this publication are reserved. 

The reproduction, transmission or modification of any part 

of the contents of this publication is strictly prohibited. 

Our Office 



T: +250 784103930 

F: +250 280103930 

E: info@icparwanda.com 

Disclaimer 

Views expressed in the journal are not necessarily those of the institute, management 

and employees. 

A publication of the Institute of Certified Public Accountants of Rwanda 

JANUARY - MARCH 2018

4 Journal 

The iCPAR 

Foreword 

Dear ICPAR Member, 

Happy new year once again! 

As per our commitment of ensuring that we regularly keep you 

abreast of the developments in the accountancy profession and 

beyond, here we are with the 3 rd issue. 

Firstly, I would like to thank all firms that managed to submit their 

Audit Quality Assurance (AQA) progress report which was purposely 

intended for monitoring the firm’s compliance with International 

Standards on Quality Control 1 (ISQC 1) relating to firm-wide audit 

quality control policies and procedures, and the IESBA Code of 

Ethics for Professional Accountants. Well done! 

It is important that we enhance the quality of reporting by ensuring 

that service providers in the accountancy profession adhere to all 

the relevant requirements. Similarly, professional accountants must 

constantly upgrade their skills; improve on the processes and work 

together effectively so that they continue to instill confidence and 

public trust. 

We believe our member firms will walk the talk by ensuring that what 

they submitted in the AQA progress report is actually implemented. 

This year, in collaboration with both the Inspection and Disciplinary 

Commissions, the institute will carry out a monitoring exercise 

towards ISQC 1 compliance. We request maximum collaboration 

with the team that will be carrying out that exercise. 

I would like to thank all firms 

that managed to submit their 

Audit Quality Assurance 

(AQA) progress report which 

was purposely intended for 

monitoring the firm’s compliance 

with International Standards 

on Quality Control 1 (ISQC 1) 

relating to firm-wide audit quality 

control policies and procedures, 

and the IESBA Code of Ethics for 

Professional Accountants. Well 

done! 

Amin Miramago 

iCPAR CEO | SG 

I would like to take this opportunity to remind our members that 

we shall have an ordinary meeting of general assembly in line 

with article 11 of law no. 11/2008 on Friday, 23 rd of March 2018. 

A notice of the same has also been issued and we expect all our 

members to attend. Please ensure that you are a member in good 

standing by fulfilling all the requirements prior to the meeting. 

Congratulations to all our students who passed their exams and 

to those who became iCPAR members this year. So sorry for those 

that never managed to pass their papers; and we believe next time 

they will, if they promptly follow guidance of their tuition providers 

whilst preparing themselves thoroughly in good time. 

Wishing you all the best for 2018 and looking forward to working 

more closely with you in the development of our profession and the 

nation at large. 

Amin Miramago 

Chief Executive Officer | Secretary General 

iCPAR QUATERLY BULLETIN 



5 

Annual AGM notice 

NOTICE IS HEREBY GIVEN THAT THE 9 TH ANNUAL GENERAL MEETING (AGM) WILL BE HELD ON FRIDAY, 

23 RD MARCH 2018 FROM 3:00 PM AT SERENA HOTEL, KIGALI. 

Article 14: Without prejudice to the provisions of article 12 of this law, the meetings of the General Assembly 

shall be presided over by the President of the Governing Council of the Institute, who is also the President and Legal 

Representation of the Institute. In case of his or her absence, he or she shall be replaced by the Vice President. 

Agenda Item Facilitator Time Explanation 

1. ARRIVAL AND 

REGISTRATION 

2. QUORUM - To 

note if quorum is 

achieved. Quorum 

to be based on the 

members in good 

standing. 

3. WELCOME NOTE 

AND APOLOGIES 

4. MATTERS ARISING 

- from the AGM 

held on 24 th March 

2017 

5. GOVERNING 

COUNCIL REPORT 

To receive the 

President’s report 

6. ICPAR LOYALTY 

CARD presentation 

to members 

7. NEW CPD POLICY 

presentation to 

members 

iCPAR Secretariat 3:00 to 3:30 Receive members 

President 3:30 to 4:00 Article 13: The General Assembly 

shall be valid if attended by at 

least one half (1/2) of its members. 

If a quorum is not attained, the 

meeting of the General Assembly 

shall be adjourned to another day. 

During the next meeting, convened 

in ordinary way, the members 

present shall validly take decisions, 

irrespective of the quorum required. 

President 4:00 to 4:10 All members in attendance 

President 4:10 to 4:30 For information and follow up 

President 4:30 to 5:00 Article 20: The Governing Council 

shall prepare the Annual Activity 

Report for the previous year ended 

Dec, 2017. 

CEO|SG 5:00 to 5:10 For information 

President 5:10 to 5:30 For information 



6 Journal 

The iCPAR 

8. AUDITED 

FINANCIAL 

STATEMENTS: 

Auditor/CEO|SG 5:30 to 5:50 For adoption and approval 

a. To receive the 

Auditor’s report 

b. to adopt the 

audited financial 

statements 

9. APPOINTMENT OF 

AUDITORS: 

To appoint or 

reappoint institute’s 

auditors for the year 

2018 

President 5:50 to 5:55 Article 78: Any member of the 

Institute in public practice of 

accountancy, not being a member 

of the Governing Council of the 

Institute, may be elected the auditor 

of the Institute. The auditor is 

elected by simple majority of the 

members present at the annual 

general meeting for a renewable 

term of two (2) years. 

10. 2018 BUDGET President 5:55 to 6:15 Article 20: The GC shall prepare 

the draft budget of the Institute and 

submit it to the General Assembly 

for approval; 

11. DISCUSSION OF 

MEMBER ISSUES 

President 6:15 to 6:45 Contributions over the building 

fund; 

Implementation support for the 

AQA action plan 

12. A.O.B: To discuss 

any other business 

whose notice will 

have been received 

President 6:45 to 7:15 For information Purposes 

13. DINNER All 7:15 to 9:30 Enjoyment and Networking 

CPA Mkombozi Karake Bosco 

President of the Governing Council 

21 st February 2018 



GET TO KNOW 

YOUR COMMISSIONS 


7 

The Commission 

for Inspection 

CPA Felix Turatsinze 

Chairman 

CPA Boniface Mutua 

Secretary 

CPA Stephen Ineget 

Member 

The law, article 31 elaborates on the 

composition of the Commission. It 

states that the Commission shall be 

composed of 4 persons appointed as follows: 

I). Chairman of the Commission and two 

other members elected by the General 

Assembly of the Institute from among 

the Certified Public Accountants. And 

the Chairperson should not engage individually 

in the practice of accounting or 

auditing. 

II). The other person should be experienced 

in accounting and elected by a consortium 

of recognized universities and colleges 

offering courses leading to a qualification 

in accountancy. The members 

of the Commission shall elect a secretary 

from among themselves. 

The current chairperson is CPA Felix 

Turatsinze and the Commission secretary 

is Boniface Mutua, where the former is 

serving his first term while the later is in 

his second term. 

Article 32: Commissions roles 

and Responsibilities 

The Responsibilities of the Inspection Commission 

are as follows: 

• Monitor Compliance with the National 

Accounting Standards; 

• Monitor the conduct of firms exercising 

the accounting profession; 

• Provision of necessary recommendations 

to the Governing Council; 

• Advise on the draft national standards in 

preparation of financial statements, auditing 

and accounting in Rwanda to be 

published by a Ministerial order; 

• Recommend to the Governing Council 

of the Institute or the General Assembly 

to suspend or withdraw a member who 

is guilty of professional misconduct, the 

right to practice public accountancy; 

• Carry out any other necessary activity 

for the fulfilment of the institute’s responsibilities. 

The term of office for the 

members of the Commission is three 

(3) years renewable only once. 

While performing its duties, the commission 

is allowed to seek technical assistance 

from any person. They currently 

meet every Thursday of the third week of 

each Quarter i.e. January, April, July and 

October. 

The Commission for Inspection submit its 

reports to the governing Council of the Institute. 

Any inspected person who is not 

satisfied with the decision taken by the 

Governing Council, may appeal to the 

General assembly. This has to be done in 

writing. 

The Commission is entitled to perform 

general inspection of any firm and or 

member who has been given a license to 

practice as may be appropriate. To facilitate 

a smooth operation of this activity, the 

inspected person or his or her employees 

may be asked to provide explanations 

and present the accounting records or 

any other necessary documents and may 

photocopy them – this act is not treated 

as a breach of professional secrecy. 

Similarly, the Commission may be requested 

to perform a special inspection 

at such a time as may be appropriate or 

upon request by the Governing Council 

of the Institute. 

It is prohibited to the Commission for 

Inspection or its staff to disclose professional 

secrecy, unless it provided for by 

the law or required by a competent court. 

Any person who discloses professional 

secrecy shall be liable to sanctions in accordance 

with the code of professional 

conduct and ethics. 

The commission for inspection has contributed 

a lot towards getting the accountancy 

profession to the next level and 

it has promised to work hand in hand 

with the secretariat to ensure that ICPAR 

mandate is realized especially in regard 

to firm’s compliance with International 

standards on Quality Control 1 (ISQC 1) 

as we endeavor to obtain full IFAC membership 

soonest. 



8 Journal 

The iCPAR 

IFRS 9 Financial 

Instruments, is 

likely to affect 

all sectors but 

mostly; banks 

In July 2014, the International Accounting 

Standards Board (IASB) 

completed its response to the 

financial crisis by issuing the final 

version of IFRS 9, Financial Instruments. 

IFRS 9 sets out a model for 

classification and measurement, 

an ’expected loss’ impairment 

model and a transformed approach 

to hedge accounting. 

The IASB had previously issued 

versions of IFRS 9 that introduced 

new classification and measurement 

requirements in 2009 and 

2010 and a new hedge accounting 

model in 2013. The latest publication 

consolidates the previous versions 

of the standard, and replaces 

IAS 39, Financial Instruments: Recognition 

and Measurement. It also 

changes some of the requirements 

of the previous publications. IFRS 

9 is effective for annual periods beginning 

on or after 1 January 2018. 

Classification determines how financial 

assets and financial liabilities 

are accounted for and measured 

in financial statements. The 

requirements for impairment and 

hedge accounting are based upon 

the instruments classification. 

The standard introduces a principle-based 

system for the classification 

and measurement of financial 

assets, which depends upon two 

characteristics: The entity’s business 

model for managing the financial 

asset and the financial asset’s 

contractual cash flow characteristics. 

IFRS 9 utilises a single classification 

approach for all types of 

financial assets, which includes 

those that contain embedded derivative 

features. Financial assets 

are now not subject to complicated 

bifurcation requirements. 

The business model approach refers 

to how an entity manages its 

financial assets in order to generate 

cash flows either by collecting 

contractual cash flows, selling 

financial assets or both. Financial 

assets are measured at amortised 

cost where the business model’s 

objective is to hold assets in order 

to collect contractual cash flows. 

The new standard clarifies the existing 

guidance the collection of 

the assets’ contractual cash flows. 

When determining the applicability 

of this business model, an entity 

should consider past and future 

sales information. If an entity holds 

financial assets for sale then it will 

fail the business model test for accounting 

for the financial assets 

at amortised cost. However, sales 

activity is not necessarily inconsistent 

with the business model if they 

are infrequent and insignificant in 

value but where these sales are 

frequent and significant in value, 

an entity needs to assess whether 

such sales are consistent with an 

objective of collecting contractual 

cash flows. 

The sales may be consistent with 

that objective if they ‘are made 

close to the maturity of the financial 

assets and the proceeds from 

the sales approximate the collection 

of the remaining contractual 

cash flows’. For many entities, 

the assessment will be relatively 

straightforward as their financial 

assets may be simply trade receivables 

and bank deposits for which 

the amortised cost criteria are likely 

to be met. For those entities with 

a broader range of financial assets 

such as investors in debt securities, 

and insurance companies, the motivations 

behind the disposal of the 

assets will have to be considered. 

NEW MEASUREMENT 

CATEGORY 

IFRS 9 includes a new measurement 

category whereby financial 

assets are measured at Fair Value 

Through Other Comprehensive 

Income (FVTOCI). This category is 

used when financial assets are held 

in a business model whose objective 

is both collecting contractual 

cash flows and selling financial assets. 

Unlike the available-for-sale 

criteria in IAS 39, the criteria 

for measuring at FVTO- 

CI are based on the 




9 

financial asset’s cash flow characteristics 

and the entity’s business 

model. This business model will 

involve a greater frequency and 

volume of sales with the possible 

objectives of managing liquidity 

or matching the duration of financial 

liabilities to the duration of the 

assets they are funding. This category 

was introduced because of 

the concerns raised by preparers 

who sold financial assets in greater 

volume than was consistent with 

the previous business model and 

would, without this category, have 

to record such assets at Fair Value 

Through Profit or Loss (FVTPL). 

Financial assets may qualify for 

amortised cost or FVOCI only if 

they give rise to ‘Solely Payments 

of Principal and 

Interest’ 

(SPPI) under the contractual cash 

flows characteristics test. Many 

instruments have features that are 

not in line with the SPPI condition. 

IFRS 9 makes it clear that such features 

are disregarded if they are 

‘non-genuine’ or ‘de minimis’. 

IFRS 9 now provides more guidance 

on SPPI. For contractual cash 

flows to be SPPI, they must include 

returns that are consistent with the 

return on a basic lending arrangement 

to the holder, which generally 

includes consideration for the 

time value of money, credit risk, 

liquidity risk, a profit margin and 

consideration for costs associated 

with holding the financial asset 

over time such as servicing costs. 

Thus if the contractual 

arrange- 

ment includes a return for equity 

price risk, then this would be inconsistent 

with SPPI. 

IFRS 9 introduces new guidance 

on how the contractual cash flows 

characteristics assessment applies 

to debt instruments that may 

contain a modified time value element. 

For example, those instruments 

that may contain a variable 

interest rate. These characteristics 

will result in an instrument failing 

the contractual cash flow characteristics 

test if the resulting undiscounted 

contractual cash flows 

could be ‘significantly different’ 

from the undiscounted cash flows 

of a benchmark instrument that 

does not have such features. 

Interest rates set by a government 

or a regulatory authority are accepted 

as a proxy for the consideration 

for the time value of money 

if those rates provide consideration 

that is ‘broadly consistent with 

consideration for the passage 

of time’. Such cash flows are 

considered SPPI as long as 

they do not introduce risk 

or volatility, which is inconsistent 

with a basic 

lending arrangement. 

Any financial assets 

that are not held in 

one of the two business 

models above are 

measured at FVTPL, 

which is essentially a 

residual category. Also 

included in this category 

are financial assets that are 

held for trading and those 

managed on a fair value basis. 

Financial assets are reclassified 

when, the entity’s business model 

for managing them changes. This 

is not expected to occur frequently 



10 Journal 

The iCPAR 

and it ensures that users of financial 

statements are provided with 

information on the realisation of 

cash flows. 

IAS 39 was felt to work well as 

regards the accounting for financial 

liabilities, therefore the IASB 

felt that there was little need for 

change. Thus, most financial liabilities 

will continue to be measured 

at amortised cost. IAS 39 also permitted 

entities to elect to measure 

financial liabilities at fair value 

through profit or loss (fair value 

option). The changes introduced 

by IFRS 9 are restricted to those liabilities 

designated at FVPL using 

the fair value option. Fair value 

changes of these financial liabilities 

are presented in other comprehensive 

income to the extent that 

they are attributable to the change 

in the entity’s own credit risk. If 

this would cause an accounting 

mismatch, then the total fair value 

change is presented in profit 

or loss. This change in IFRS 9 is 

designed to eliminate volatility in 

profit or loss caused by changes in 

the credit risk of financial liabilities 

that an entity has elected to measure 

at fair value. 

NEW IMPAIRMENT MODEL 

IFRS 9 introduces a new impairment 

model for financial assets 

that is based on expected losses 

rather than incurred losses. It applies 

to amortised-cost financial 

assets and those categorised as 

FVTOCI.It also applies to certain 

loan commitments, financial guarantees, 

lease receivables, and contract 

assets. An entity recognises 

expected credit losses at all times 

and updates the assessment at 

each reporting date to reflect any 

changes in the credit risk. It is no 

longer necessary for there to be a 

trigger event for credit losses to be 

recognized and the same impairment 

model is used for all financial 

instruments that are impairment 

tested. 

Other than purchased or originated 

credit-impaired financial assets, 

IFRS 9 requires entities to measure 

expected credit losses by recognising 

a loss allowance equal to either 

of the following: 

• 12-month expected credit losses. 

This measurement is required if 

the credit risk is low at the reporting 

date or the credit risk has not 

increased significantly since initial 

recognition. 

• Full lifetime expected credit losses. 

This measurement is required 

If the credit risk has increased significantly 

since recognition and the 

resulting credit quality is not considered 

to be low credit risk. Entities 

can elect for an accounting policy 

of always recognising full lifetime 

expected losses for contract assets, 

trade receivables, and lease receivables. 

When measuring expected 

credit losses, an entity should consider 

the probability-weighted outcome, 

the time value of money and 

information that is available without 

undue cost or effort. 

IFRS 9 introduces a reformed 

model for hedge accounting with 

enhanced disclosures about risk 

management activity. Under IFRS 

9, a hedging relationship qualifies 

for hedge accounting only if all of 

the following criteria are met: 

• The hedging relationship consists 

only of eligible hedging instruments 

and eligible hedged items. 

• At the inception of the hedging 

relationship there is formal designation 

and documentation of the 

hedging relationship and the entity’s 

risk management objective 

and strategy for undertaking the 

hedge. 

IFRS 9 includes a new 

measurement category 

whereby financial assets are 

measured at Fair Value Through 

Other Comprehensive Income 

(FVTOCI). This category is used 

when financial assets are held 

in a business model whose 

objective is both collecting 

contractual cash flows and 

selling financial assets. 

• The hedging relationship meets all 

of the hedge effectiveness requirements 

In order to qualify for hedge accounting, 

the hedge relationship 

must meet the effectiveness criteria 

at the beginning of each hedged 

period: 

• There is an economic relationship 

between the hedged item and the 

hedging instrument. 

• The effect of credit risk does not 

dominate the value changes that 

result from that economic relationship. 

• The hedge ratio of the hedging relationship 

is the same as that actually 

used in the economic hedge 

IFRS 9 will affect all sectors though 

the introduction of an expected 

loss model for loan loss provisioning, 

but will impact mostly on 

banks. IFRS 9 should give investors 

better insight into the credit quality 

of all financial assets. However, 

putting the new requirements into 

practice by the effective date will 

be quite a challenge. 

Source; 

First published by ACCA on 1 st February 

2018 




11 

Release of December 

2017 examination results 

iCPAR released the 11th professional 

examinations results 

of Certified Public Accountant 

(CPA) and Certified Accounting 

Technician (CAT) conducted in 

December 2017. The 11th iCPAR 

examination sitting was held from 

November 27th to December 1st 

2017 in two examination centers: 

Kigali Independent University and 

University of Rwanda, Huye campus. 

The total number of candidates 

who sat for professional exams in 

December 2017 was 1,357 subdivided 

into 925 candidates for CPA 

examinations and 432 candidates 

who sat for CAT examinations. 

The overall pass rates for CAT and 

CPA increased by 15% compared 

to June 2017 sitting. The pass rates 

were 57% CAT and 44% CPA in 

December, 2017 compared to 

38% CAT and 33% CPA in June 

2017. In December 2017, 20 students 

completed CPA qualification 

and 9 students completed CAT 

qualification. iCPAR has so far produced 

39 CPAs and 41 CATs. With 

that composition, 2 are females 

(5%), 32 are Males (95%) and 17 

are Females (41%) while 24 are 

Males (59%) respectively. It’s the 

first time the institute has produced 

a big number of finalists since its 

inception. Congratulations to all 

students that made it! 

In line with iCPAR 5 year strategic 

plan, we shall work together with 

all stakeholders to create a critical 

mass of qualified professional accountants 

required in Rwanda. The 

Institute is engaging with higher 

learning institutions and Technical 

and Vocational Education and 

Training (TVET) institutions together 

with other relevant stakeholders 

to increase the number of students 

whilst strengthening the quality of 

learning. 

Updates on the upcoming 

new CAT qualification 

iCPAR in collaboration with 

ACCA is revamping the CAT 

qualification, the process is in its 

final stages and it is anticipated to 

be launched in July, 2018. Upon 

completion, the new competency 

based CAT will have three levels 

which incorporates Public Financial 

Management (PFM) components. 

This approach was adopted 

as a response to market demand 

for CAT competency framework to 

cover all market needs at a technician 

level. 

Upon completion of CAT review, 

the CPA (Certified Public Accountants) 

qualification review will as 

well start and the same approach 

will be used to maintain consistency 

of offering demand driven qualifications 

which are locally relevant 

and internationally recognized. 



12 Journal 

The iCPAR 

New CPD policy to be 

effective 1 st July 2018 

In line with the institute’s bylaws 

regarding Continuing Professional 

Education, the new CPD Policy 

was approved by the Governing 

Council on 26 January 2018. 

The New CPD Policy stipulates 

that members of the Institute shall 

be required to, at the end of each 

year, furnish the Institute with information 

on their CPD activities 

for each year, not later than three 

months after the end of that year. 

CPD hours shall be assessed on a 

three year rolling basis as per the 

IFAC Education Standard No. 7. A 

total of 120 hours (60 structured 

and 60 unstructured) shall at a 

minimum be accumulated over the 

three-year period. It continues to 

elaborate that, in the event that the 

member fails to comply with the 

laid down regulations concerning 

Continuing Professional Development 

requirements, existing at the 

time, they shall be required to ensure 

such compliance is achieved 

in the ensuing calendar year. 

All members of the Institute irrespective 

of category of membership 

must attain the minimum CPD 

hours set by the Governing Council. 

A member who fails to comply 

with these provisions shall be 

deemed guilty of professional misconduct 

as prescribed by the code 

of ethics and Accountants Law No. 

11/2008 in article 43 and shall be 

liable to disciplinary action. 

This new Policy applies to all CPA 

and CAT; follows the combined / 

mixed approach; requires CPD 

declaration annually; requires submission 

of evidence records for 

monitoring; calls for sanctions for 

non-compliance; provides support 

and guidance; and complies with 

IFAC’s IES 7 and IES 8. 

In compliance with IES 8, Professional 

Competence for Engagement 

Partners Responsible for Audits 

of Financial Statements, which 

appears to also be of interest to 

employers, regulators, government 

authorities, educational organizations, 

and any other stakeholders 

who support the learning and development 

of professional accountants 

– the institute will organize a 

two-day mandatory workshop for 

practitioners and voluntarily for 

potential practitioners on 29 to 30 

May, 2018 as an opportunity and 

support to them and to ensure that 

they maintain competence in their 

specialist areas of practice in a bid 

to meet the learning outcomes of 

IES 8. This requirement is mainly 

due to the public interest nature of 

their role and the need to ensure 

that outstanding practice – mainly 

in regard to International Standard 

on Quality Control 1 (ISQC 

1) compliance, is demonstrated, 

thereby enhancing public trust and 

confidence of the accountancy 

profession in Rwanda. 




13 

KIM University; One of 

the tuition providers of 

CPA and CAT Rwanda 

Dear Reader 

I feel privileged and honored to 

share with you our valued reader 

about KIM University. KIM University 

is a decade old institution 

which traces its origins to a 2005 

decision by the Board of Directors 

that transformed the International 

College of Accountancy and 

Management (ICAM) into a degree 

awarding Institution. This gave 

birth to Kigali Institute of Management 

(KIM). At the beginning of 

2016 KIM transformed itself into 

KIM University (KIMU), an institution 

of higher learning accredited 

by the Higher Education Council 

as a degree awarding institution in 

Rwanda. 

The core objective of the institution 

is to deliver employable graduates 

with ability to apply knowledge 

for self, local and national 

development. In a bid to fulfill this 

objective, KIM University collaborates 

with professional Bodies such 

as ICPAR, KASNEB, ACCA (UK), 

IIA-USA, ICPAU, KISM, HRMPEB, 

OTHM-UK and CIPS (UK) among 

others. 

Your gateway to the heart 

of many organisations 

KIM University provides courses 

that are popular for students looking 

to move directly into a professional 

career as well as those whose 

ambitions lie in broader Computer 

Science as well as Business Management 

disciplines. Through the 

acquisition of comprehensive 

qualitative, computational and analytical 

skills, our student is well 

positioned and qualified to continue 

into specialized and professional 

qualifications or to take the first 

steps in their life-long careers. 

Gold standard teaching 

and thinking 

Students at KIMU learn about the 

role and operation of wide range of 

course contexts, informed by contemporary 

thinking and research in 

their respective disciplines. Many 

of our lecturers have extensive 

industry experience 

which 

they draw on 

through structured 

courses that 

include lectures, tutorials, 

essays and practical assignments. 

Why study at KIM 

University: 

We mentor our students and encourage 

a culture of excellence 

in the undergraduate and 

graduate academic programs 

as well as professional 

studies. Through this 

culture of ambition, the 

majority of them aim at getting a 

bachelor’s degree and a relevant 

professional qualification in their 

first three years of study at KIMU. 

KIMU offers an opportunity for a 

double qualification combining an 

honors degree with a professional 

course. The double qualification 

makes our graduates more competitive 

on the labor market. KIMU 

also offers merit scholarships for 

enrolled students to pursue studies 

towards professional qualification. 



14 Journal 

The iCPAR 

Professional Programmes of Study 

Short Certificate Courses 

• Certified Public Accountant (CPA) ICPAR 

• Certified Accounting Technicians (CAT) ICPAR 

• Accounting Technicians Diploma (ATD) 

KASNEB 

• Certified Public Accountant (CPA) KASNEB 

• Human Resource Management Professional 

• The Certified Associate in Project 

Management (CAPM) 

• Project Management Professional (PMP) 

Certification 

• Certified Procurement & Supply Professional 

of Kenya (CPSP-K) 

• Associate in Procurement & Supply of Kenya 

(APS-K) 

• Professional Certificate in Procurement & 

Supplies (CIPS-UK) 

• Diploma in Insurance 

• Craft Course in Insurance (CCI) 

• Certificate of Proficiency (COP) 

• Certified Internal Auditor certification (CIA) 

USA 

• Association of Chartered Certified Accountant 

(ACCA-UK) 

• Foundations in Accountancy (FIA-UK) 

• Chartered Institute of Purchasing and Supply 

(CIPS-UK) 

• Certified Investment and Financial Analyst 

(CIFA) 

• Cisco Certified Network Professional (CCNP) 

• Cisco Certified Network Associate (CCNA) 

• Cisco Certified Network Associate-Security 

(CCNA-Security) 

• Information Technology Essentials (CCENT) 

• Linux Essential Level (LPI 1 &2) 

• Computer Graphics & Animation 

• Website Development 

• Certificate in Computer Applications 

• Computer Repairs and Maintenance 

• Certificate in Book Keeping 

• Cost and Management Accounting 

• Computerized Accounting Packages: Quick 

Books, Sage, Tally, … 

• Data Analysis packages: SPSS, SATA, TORA, 

EPI Info 

• Sales and Marketing Management 

• Taxation administration and Compliance in 

Rwanda 

• Customer Service and Sales Management 

• Human Resource Planning and Management 

• Logistics and Supplies Management 

• Business Administration & Office 

Management 

• Strategic Plan Development 

• Entrepreneurship & Leadership skills 

• Retirement Planning 




15 

Masters Programs 

Masters Degree Specializations 

Master’s in Business Administration (MBA) 

• Finance and Accounting 

• Strategic Management 

• Logistics & Supply Chain Management 

• Human Resource Management 

• Marketing 

• Project Management 

Undergraduate Programmes 

Undergraduate Degree Specializations 

Bachelor of Business Management (BBM) 

• Accounting 

• Finance and Banking 

• Procurement and Logistics Management 

Bachelor of Science in Economics 

• Health Economics 

• Labor and demography 

• Financial Economics 

• Environmental Economics 

Bachelor of Science in Computer Science 

• Information Technology 

• Information systems 

• Computer science 

Bachelor of Science in logistics and Supply Chain 

Management 

• Logistics and Supply Chain Management 

Join KIMU now and thereafter your life will 

change for the better 

• Highly qualified, experienced, skilled and 

competent facilitators 

• Flexible mode of study (Day, Evening and Weekend) 

• Distance learning 

• Computer labs with high speed internet 

• Job placement and career guidance 

• Life skills training 

• Spacious class rooms 

• High pass rate 

Contacts: 

KK 3 Rd – KIGALI, RWANDA 

Tel: +250 788 865 088 

Email: info@kimuniversity.ac.rw 

Website: www.kimuniversity.ac.rw 


16 Journal 

The iCPAR 

Q&A 

WITH 

CPA FINALIST 

Kajungu Clode 

At just 25 years of age, 

Kajungu Clode is a CPA 

finalist. Kajungu joined the 

University of Kigali in 2014 with 

the aim of attaining a Bachelors of 

Business Administration. One year 

into the BBA course, his lecturers 

had noticed his prowess with 

numbers and urged him to pursue 

CPA qualification in addition to the 

BBA course. 

In 2015 Kajungu continued to 

perform well and his grades were 

noticed by the University of Kigali 

administration which offered to 

sponsor him if he chose to take up 

Professional Accountancy Course. 

With continued encouragement 

from his lecturers, Kajungu jumped 

to the offer and enrolled for the 

CPA program in 2016. Motivated 

to succeed, he immediately begun 

preparing for and passed his exams 

in only four sittings, that is exactly 

two years which is not an easy feat. 

Kajungu is very ambitious. As a 

beginning, he wants to become 

a member iCPAR, pursue 

his continuous professional 

development (CPD) sessions in 

If you want to 

be and remain 

relevant in the 

business and 

finance world, 

it is critical 

that you attain 

Professional 

Accounting 

Qualifications- 

Kajungu Clode 

I encourage anyone who envisions their future in 

accounting, auditing, finance and generally the business 

arena to take up professional accounting courses if they 

intend to succeed. The CPA qualifications have been truly 

an eye opener for me. It would indeed do them a lot of 

good. 

Kajungu Clode 




17 

CPA Finalist - Kajungu Clode 

a bid to remaining relevant and 

innovative in this uncertain and 

dynamic world of business. 

Kajungu worked as an intern at 

University of Kigali, Office of Vice 

Chancellor while still studying for 

his CPA qualifications. Now that 

he has completed his professional 

qualification, the university plans 

to retain him as its internal auditor. 

Meanwhile, Kajungu awaits to 

graduate this year after completing 

his Bachelors of Business 

Administration course. He shared 

his story with Jean Marie Vianney 

Muhire, the director of Education 

Development Services at iCPAR. 

Below are the excerpts 

JMV Muhire: Tell us about 

your journey towards 

attaining your CPA 

qualifications? 

Kajungu: I think it is one of the 

fascinating experiences of my 

life. When I joined the University 

of Kigali for my BBA program, I 

had not realized the importance 

of professional qualification 

courses. After my first year, with 

heavy encouragement from my 

lectures, it downed on me that I 

needed to enroll for a professional 

qualification. Luckily, I got 

sponsorship from the University 

and I decided to give it my all. I 

enrolled in 2016 and wanted to 

do eight modules. I gave myself 

a target of two years to complete 

the CPA qualification. My focus 

was the end results. I was a bit 

obsessed. 

JMV Muhire: You just 

qualified as a CPA how 

do you feel after all the 

hard work you put in? 

Kajungu: I am excited and ready 

to venture into the real world of 

professional accountants. I am 

looking forward to learning from 

more experienced professionals 

and translate theory into practice. 

Hard work is a priority for me. 

JMV Muhire: Where do you 

see yourself in the next 

five years? 

Kajungu: To be quite honest, I 

am an ambitious individual. At 

the moment I am focusing on 

attaining enough experience in 

the profession. I would like to take 

on managerial responsibilities 

in the near future. Being a Chief 

Financial Officer would be a great 

achievement. 

JMV Muhire: What is your 

advice to others who are 

yet to start professional 

qualifications? 

Kajungu: I encourage anyone 

who envisions their future in 

accounting, auditing, finance and 

generally the business arena to 

take up professional accounting 

courses if they intend to succeed. 

The CPA qualification has been 

truly an eye opener for me. It 

would indeed do them a lot of 

good. 



18 Journal 

The iCPAR 

Accountants in history 

Luca Pacioli 

1. Luca Pacioli: The father of accounting 

Italian mathematician Luca Pacioli published the first 

book about double-entry bookkeeping on 10 November 

1494 - and it is in his honour that International 

Accountants Day was started. His book, Summa de 

Arithmetica, Geometria, Proportioni et Proportionalita, 

described keeping accounts for assets, liabilities, 

capital, income, and expenses, much like the systems 

we use today in balance sheets and income statements. 

He advocated the use of ledgers and is known for 

saying a person should not go to sleep at night until 

their debits and credits are equal. 

2. The world’s first accountants originated 

in Ancient Mesopotamia: 

Accounting is thousands of years old and can be 

traced as far back as ancient Mesopotamia. 

The world’s first accountants worked for the temples, 

keeping track of taxes paid in sheep and agricultural 

produce for the religious authorities of the day. In the 

process, many historians believe they invented the 

practice of writing in order to keep receipts. Prior to 

this development in record keeping, token systems 

were often used to document the exchange of goods 

and services. Early forms of bookkeeping have also 

been found in ancient Iran. 

3. Many accounting terms have Latin 

roots: 

Accounting may be called ‘the language of business’, 

but did you know that many well-known accounting 

terms are derived from Latin? The word ‘debit’ means 

‘he owes’ in Latin, while ‘credit’ means ‘he trusts’. The 

word ‘accountant’ is derived from the Latin ‘computare’, 

which means ‘count’. 

4. ICAS is the oldest professional body of 

chartered accountants in the world: 

ICAS was founded in 1854 by Royal Charter, making 

it the oldest professional body of chartered accountants. 

ICAS originated from the Edinburgh Society of 

Accountants, the Glasgow Institute of Accountants 

and Actuaries, and the Aberdeen Society of Accountants. 

James Brown, James McClelland and John Smith 

were the first presidents of the three institutes. Robert 

Gordon Simpson CA was named as the first president 

of ICAS in 1951. 

5. Bubblegum was invented by an accountant: 

US accountant Walter Diemer worked for the Fleer 

Corporation in the 1920s. But his big claim to fame is 

that he invented bubble gum in his spare time! 

Source; 

First published in CA today on 10 th November 2017 




19 

List of accounting firms 

licenced by iCPAR as at 31 

January 2018 

Firm Names Partners Telephone Emails 

ABC Consultants Ltd 

Wenceslaus 

Ndabagayire Ndiyo 

+250788517093 ndiyonda@yahoo.co.uk 

Anil R T& Co Ltd Anil Gupta +250788307473 anilrtco@gmail.com 

Baker Tilly Meralis CPA Ltd Madhav S. Bhandari +250788407373 madhav@meraliscpa.com 

BDO EA Rwanda Ltd Emmanuel Habineza +250788304070 emmanuel.habineza@bdo-ea.com 

BIKO & Associates Ltd Francois Bikolimana +250785828020 bikolimana@hotmail.com 

BM & Associates Ltd Boniface N. Mutua +250788713619 bnmutua@gmail.com 

Deloitte Rwanda Ltd David Waweru +250784442958 dwaweru@deloitte.com 

DMU & Partners Ltd Deogratias Musonera +250785354961 deomusonera@gmail.com 

EDES & Associates 

Consultants Ltd 

Emmanuel Muwazi +250788312335 

emmanuel.muwazi@ 

edesassociates.com 

Ernst & Young Rwanda Ltd Allan K. Gichuhi +250788387085 allan.gichuhi@rw.ey.com 

Financial Advisory Services 

& Training Ltd 

Lindsay Hodgson +250788302895 lhodgson@fast-global.com 

FJ Consultant Ltd Julian Nabawanuka +250783098905 junaba3007@yahoo.com 

GK CPA Ltd 

Wilfred Gichia 

Kiunyu 

+250783353795 gichiawilfred@gmail.com 

GNI CPA Ltd Ibrahim N. Gatimu +250782117222 gnicpar@gmail.com 

GPO Partners RWANDA Ltd Patrick Gashagaza +250788300832 gporw@gpopartners.com 

IDENT CPA Ltd Ian Dent +250786978988 ian.dent@yahoo.com 

ITAU Auditors Ltd Vincent O. Nyauma +250788754870 vnyauma@yahoo.com 

JDD & Associates Ltd 

Dusengimana Jean 

Damascene 

+250788621378 dusenge2@gmail.com 

JNN CPA Ltd Job Ngatho Njoroge +250782274442 jobngatho@yahoo.co.uk 



20 Journal 

The iCPAR 

Firm Names Partners Telephone Emails 

J.K Partners Ltd 

KMD Partners Limited 

Kizza Koperi 

Mutwalume Joseph 

Solomon Kalibwanyi 

Musoke 

+250786765422 jalipartners@gmail.com 

+250782173513 skmusoke@yahoo.co.uk 

KPMG Rwanda Stephen Ineget +250252579792 sineget@kpmg.com 

Maurice Associates Ltd 

Mazars Rwanda 

Maurice Kinyanjui 

Njaoh 

Joshua Ouma 

Odhuno 

+250788307472 mnjaoh@yahoo.com 

+250736595830 joshua.odhuno@mazars.co.ke 

MIT Partners Ltd Ivan Mbabazi +250788307642 imbabazi@mitpartners.co.ug 

M.N & Associates CPA Michael M. Ndungu +250788853063 mnassociatesrw@yahoo.com 

MOM Associates Olive Mukankwaya +250783373382 olivia.mukankwaya@gmail.com 

Nambiar Grant Thornton 

CPA Ltd 

Raghavan Nambiar +250788307654 raghavan.nambiar@rw.gt.com 

OA & Associates CPA Otieno H.Ayany +250788418001 oayanyjnr@yahoo.co.uk 

OGC CPA Ltd Charles G. Otieno +250788987798 charlesguya2000@yahoo.com 

ON & Associates Ltd 

Ntawuyirushintege 

Olivier 

+250788303061 ntawolivier@gmail.com 

PEWMU Associates Ltd Muchiri Waititu +250785835735 muchiriwaititupete@gmail.com 

PKF Rwanda Ltd Gurmit Singh Santokh +250788300428 gsantokh@rw.pkfea.com 

PwC Rwanda Ltd 

RAJ, Ashiwal & Mehta(RAM) 

Associates Ltd 

Florence Wangu 

Gatome 

+250785704449 florence.w.gatome@pwc.com 

Niranjan Rajagopalan +250784445844 niranjan.rajagopalan@gmail.com 

RSK Associates Moses Mugadde +250786653828 mmugadde@yahoo.com 

RUMA CPA Peter Rutaremara +250788301220 rutare@rumacpa.com 

SECAF Ltd Vedaste Habimana +250788892514 vhabimana2@yahoo.fr 

Sharma & Vaswani 

Associates Ltd 

SRC Rwanda Ltd 

Susan Irungu & Associates 

Ltd 

Abhinav Sharma +250738316914 abhisharma+250@gmail.com 

Robert Muriithi 

Muthike 

+250782637247 info.srcrwanda@gmail.com 

Susan Wanjiku Irungu +250737821956 siicsassociates@gmail.com 

UT CPA Ltd Therese Uwamariya +250788303980 utcpa.ltd@gmail.com 

Wamira and Associates Ltd 

Francis Ojwangi 

Wamira 

+250788381007 fwamira@yahoo.com 




21 

2018 CPD Calendar 

No Date Event 

1 26 January 2018 The 7 th Annual Tax 

Assessment Forum 

2 09 February 2018 Accounting and Finance 

aspects for Non Finance 

Managers 

3 23 February 2018 Corporate Governance 

Workshop 

4 14 - 16 March 2018 Training of Trainers (ToT) 

on Board Leadership 

CPD 

Hrs 

Venue 

7 Senera Hotel, 

Kigali 

7 Hotel des mille 

Collines 

Price 

65,000 / 85,000 Rwf 

Members/Non-Members 

65,000 / 85,000 Rwf 


7 Marriot Hotel 65,000 / 85,000 Rwf 


20 Kampala 195,000 / 225,000 Rwf 


5 26 - 28 April 2018 1 st ICPAR Economic Forum 20 Golden Tulip 420,000 / 450,000 Rwf 


6 29 - 30 May 2018 Practitioners /audit firms’ 

development workshop 

7 21 - 22 June 2018 ISA’s update and Code of 

Ethics workshop 

8 22 June 2018 Evening Talk – Budget and 

other current matters 

9 12 -13 July 2018 Tax and Financial 

Reporting workshop for 

SME’s and NGO’s. 

10 26 - 27 August 2018 Financial Services and 

Reporting workshop 

14 Marriot Hotel 180,000 Rwf 


Kigali 


Kigali 


Collines 


Kigali 

140,000 / 170,000 Rwf 


50,000 Rwf 

140,000 / 170,000 Rwf 


140,000 / 170,000 Rwf 


11 13 - 14 September 

2018 

Public Financial 

Management workshop 

12 04 - 05 October 2018 Modern Age Customer 

service and Professional 

skills development 

13 24 - 26 October 2018 The 7 th iCPAR Annual 

Conference 

14 8 -9 November 2018 Internal Audit, Risk, 

Control & Assurance 

Conference 

15 9 November CPA’s and Other Leaders 

Evening Talk 

16 14 December 2018 Evening talk – Practitioner’s 

Dinner 


Collines 

140,000 / 170,000 Rwf 


14 Marriot Hotel 140,000 / 170,000 Rwf 


20 Golden Tulip 420,000 / 450,000 Rwf 



Collines 


Collines 

140,000 / 170,000 Rwf 


50,000 Rwf 

3 Marriot Hotel 50,000 Rwf 

NOTE: Prices indicated are VAT exclusive. Disclaimer: The Secretariat reserves the right to amend this Schedule as it may deem appropriate. 



22 Journal 

The iCPAR 

Humour 

Crossword 

How do you know if 

your son is going to be 

a CPA? 

When you read him 

the story of Cinderella 

and get to the part 

where the pumpkin 

turns into a golden 

carriage, he asks, “Is 

that ordinary income, 

or a capital gain?” 

You might be a tax 

accountant if ... 

… you refer to your 

child as Deduction 

214. 

How do you know 

when an accountant is 

on vacation? 

He doesn’t wear a tie 

and comes in after 8 

a.m. 

Office location 

Dear stakeholder, 

In a bid to serve you better and cater for future expansion, 

from October 1, 2017 we relocated to new 

office located at the former BRD student loan office 

on KG 501 Street ,21 behind Career Center Building. 



About us 

The Institute is the sole professional accountancy 

organization established by law No. 11/2008 of 6 th May 

2008 with a broad mandate to grow and regulate the 

accountancy profession 

What we do 

We regulate the accountancy profession; We preserve 

the integrity of the accounting profession; We promote 

the competence and the capacities of own members. 

We deliver accounting qualifications, programs 

and examinations.We promote compliance with 

professional standards 

Vision 

A strong, relevant and sustainable profession 

Mission 

To build a strong and engaged professional 

accountancy organization that anticipates stakeholder 

expectations and acts in the public interest 

Our Office 



T: +250 784103930 

F: +250 280103930 

E: info@icparwanda.com

Published by Institute of Certified Public Accountants of Rwanda 



T: +250 784103930 

F: +250 280103930 

E: info@icparwanda.com 

www.icparrwanda.com 

Copyright © iCPAR 2017. All rights reserved. 

Copyrights and all / or other intelectual property rights on all designs, 

graphics, logos, images, phots, texts, trade names, trademarks, etc 

in this publication are reserved. The reproduction, transmission or 

modification of any part of the contents of this publication is strictly 

prohibited.

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