URBRA Staff Scoops Accountancy Services Award
Cosma Ssenyonga was on Friday 10th December crowned “Young Accountant of the Year 2021”, in recognition of his outstanding contribution to the accountancy profession in Uganda. Senyonga is a Senior Supervision Officer at the Uganda Retirement Benefits Regulatory Authority (URBRA)
Senyonga, a Certified Public Accountant (CPA), was nominated by fellow accountants, citing his high level of commitment, resilience and zeal. They also described him as an insightful and great influence of positive change, particularly in the Retirement Benefits Sector.
“I am honored and humbled by fellow accountants’ recognition of my efforts. This motivates me to work even harder to raise my own bar and that of the profession,” said Senyonga, who is also Acting Manager, Prudential Supervision at URBRA.
Senyonga’s growth in the profession has not been an overnight feat. He has been working long and hard, always aiming to get better in everything he does.
Since 2016, he has led his colleagues from the departments of supervision, market conduct, investment and research, in undertaking annual analysis of audited financial statements submitted by retirement benefits schemes and sector service providers. He has also been at the helm of preparing the annual sector performance reports.
At the level of the Retirement Benefits Sector, Senyonga has since 2017 been in charge of organizing and facilitating the URBRA Annual Accountants and Auditors Conference, which brings together stakeholders involved in financial reporting related to retirement benefits schemes. He has also mobilized retirement benefits schemes to participate in ICPAU’s FiRE Awards, where the retirement benefits sector has consistently registered the highest number of participants.
At a regional level, Senyonga has represented URBRA on the technical and legal committee of the East African Pension Supervisors’ Association (EAPSA) where he was played a key role in the development of regional disclosure and investment principles, the EAC retirement benefits policy and the EAC Retirement Benefits Bill.
His track record is dotted with many firsts, which points him out as a trailblazer in his own right.
- He established applicable measures that enabled improvement in operational and efficiency indicators of the retirement benefits sector
- Championed the development of financial reporting and disclosure regulations
- Spearheaded the development of guidelines for the preparation scheme annual reports, enabling non-finance trustees and stakeholders to understand the application of international financial reporting standards
- Championed the development of auditing guidelines for the retirement benefits sector so support auditors in executing their roles
- Led the transformation and improvement in conducting onsite inspection, lending credence to the quality and depth of the regulatory and supervisory oversight.
As he continues to grow in the profession, Senyonga pledges to continue supporting and mentoring colleagues on best practices in accounting. He is especially interested in supporting interns and students to ensure that they also excel in the accounting profession.