THE University of Guyana (UG) and the Association of Chartered Certified Accountants (ACCA) on Thursday signed a Memorandum of Understanding (MoU) to advance the university’s accountancy programme.
A historic event, the MoU signing was held in partnership with the ACCA and the Institute of Chartered Accountants of Guyana at the University of Guyana’s Education Lecture Theatre, at Turkeyen Campus.
This historic collaboration is one that was built on a shared commitment to developing globally competitive accounting and finance professionals in Guyana. Over the past seven years, the School of Entrepreneurship and Business Innovation (SEBI), and the Department of Accounting and Finance conducted a review of the work to be done, to strengthen the Bachelor of Accountancy programme, which will allow it to be in line with international professional standards.
A major milestone under the University of Guyana’s belt, this accreditation from the ACCA means that UG is granted exemption for four papers from the ACCA programme, placing the tertiary institution among the ranks of accredited universities across the Caribbean.
The next step together is to enhance the syllabus further, for students to benefit from additional exemptions as they progress in their studies.
It was announced that they will develop a Dual Award programme, that will be the first of its kind in the Caribbean region, at the Bachelor’s (BSc) level. This programme is set to allow students to graduate with both their UG degree and the ACCA Advanced Diploma in Accounting and Business through an integrated pathway that is expected to be a game changer for employability, as well as professional readiness.
More than this, it provides UG students with a more efficient pathway to obtaining one of the world’s most respected professional qualifications.
The signing marked the beginning of an exciting new chapter for not just the University of Guyana, but also its students. Now the work begins, and this means that beyond strengthening their existing relationship, this new advancement provides a framework for deeper collaboration in curriculum development, professional engagement, and capacity building for the university and its students.
Speaking at the significant occasion, Minister of Education Sonia Parag related that for a long time, President Dr. Irfaan Ali had been speaking about such a programme for the accounting field, and what can be done to enhance the qualifications of those who are in this field so that they can better contribute to both the public and private sector.
The minister said that the University of Guyana is our national university, and it therefore must remain relevant.
“It has to remain relevant. Accountancy is not one of those programmes that can be irrelevant. If anything, it has to be relevant, not only for today, but 10 years from now, 20 years from now, and a lot of our young people who are studying this programme are exiting the country to do their undergraduate in accountancy,” Minister Parag stated, adding:
“Almost everybody that I speak to every now and again, they are going to some university in the UK or USA to do accountancy, and then move on to their master’s in finance, and then they come back, or maybe come back here, or not,” she said.
She posited that with the advancement of this programme, Guyana will be able to produce students who will remain relevant in the future.
Meanwhile, at the level of the government, the Minister said they have been able to work with the University of Guyana to accomplish several things that lead to student advancement.
The minister recalled many times where persons would underscore the difference in studying ACCA and the Degree in Accountancy, as well as the difference in performance at various companies.
With this in mind, she said any country that is transforming, the qualifications of persons in that country need to match that transformation.
“I fully take the point that this isn’t just for the benefit of those who are going into the programme, but how it will definitely help us to manage our country in a way where we will be an example for the rest of the world,” Minister Parag said.
Meanwhile, ACCA’s President, Melanie Proffitt on the sidelines of the event shared similar sentiments, noting that because Guyana is evolving, attracting investment opportunities and our economy is growing, there is a need for good, professionally trained accountants that are ethically motivated and who are going to provide assurance, as well as help the economy to grow.
These persons can also help organisations that have confidence in the country. Capacity building, which is something the ACCA provides globally, has a really significant role to play in Guyana in helping to build out ethically trained and technically competent accountants for the future.
“You heard the Vice-Chancellor talking. It’s incredibly inspiring to think about how the University of Guyana can work in partnership with ACCA to produce the accountants that the country needs to provide that foundation for growth and sustainability, making sure that the resources are used in the right way,” Ms. Proffitt said.
She shared that Guyana is poised, at a great point, to grow and prosper, but “I think University of Guyana and ACCA can really help to foster that growth and make sure that everything is done with the purpose for good. ACCA’s purpose is to protect the public interest and be a force for good, and I think that’s exactly what this partnership will do and help create good opportunities for the next generation of accountants,” she said.
