History
The Somali Institute of Certified Public Accountants (SICPA) was established in October 2014 by Somali professionals to create the first national body for accountants in Somalia, aiming to develop standards, promote the profession, and ensure accountability, filling a crucial gap for Somali accountants in the country and diaspora. Its founding addressed the need for a unified organization to regulate the profession and build capacity, contributing to public trust and good governance in both public and private sectors. .
Background
The Somali Institute of Certified Public Accountants (SICPA) is a Professional Accountancy Organization (PAO) to be established in Somalia to maintain public interest through effective regulation of the profession and participate in nation-building via thought-leadership and innovation.
The Accountants Act
The Somali Institute of Certified Public Accountants(SICPA) was established in 2014 by an Act of Parliament, now the Accountants Act.
Key Points in SICPA's History:
- Founding (2014): Established during a critical time in Somalia by dedicated local professionals seeking to build a strong accounting framework.
- Mission: To develop and regulate the accountancy profession, establish high standards, and foster transparency and accountability in Somalia.
- Role: Serves as the primary professional body for accountants in Somalia, representing members and promoting ethical practices.
Focus Areas:-
- Protecting public interest.
- Setting codes of conduct and professional standards.
- Representing accountants in all sectors.
- Thought leadership in areas like public financial management and economic resilience.