Internal audit creates the most value when it helps leaders see risk early—not when it is treated as an enforcement unit. The moment internal audit enters a department, the atmosphere can change. Files are straightened, explanations are rehearsed and people become careful about what they say. In some organisations, internal audit is treated like the police: a team waiting for someone to make a mistake, break a rule or fail to produce a document. That perception is understandable, but it is dangerous. It reduces a valuable governance function to fault-finding and fear. It can also make employees more likely to hide problems, defend weak processes and wait until risks become crises before speaking honestly. Internal audit is not meant to patrol the organisation in search of people to punish. At its best, it is an independent early-warning system: a function that helps the board and management see whether governance, risk management and internal controls are working before weaknesse...

Case / Organisation: Uganda Post Limited (Posta Uganda) Country: Uganda Period: FY2024/25, reported December 2025 FGL focus: Governance, Internal Controls, HR Governance, Payroll Risk Case snapshot Payroll discipline is normally a sign of prudent financial management. But what happens when an organisation controls payroll partly by leaving a significant share of its approved structure vacant? That was the governance issue highlighted by Uganda's Auditor General in the FY2024/25 audit of Uganda Post Limited. Of an approved structure of 240 positions, only 157 were filled, leaving 83 vacancies, or 35% of the establishment . The gaps included positions in finance, internal audit and risk management, legal services, security and investigations, estates, marketing and other operational areas. Management explained that the staff review had been completed and the necessary positions approved by the Board, but that vacancies were being filled slo...

Effective date: IFRS 18 applies for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. IFRS 18 Presentation and Disclosure in Financial Statements changes how companies structure and explain financial performance. It replaces IAS 1, introduces a more defined structure for the statement of profit or loss, creates new disclosure requirements for certain management-defined performance measures, and strengthens the principles for aggregation and disaggregation. The standard does not generally change how revenue, assets, liabilities or expenses are measured. Its main effect is presentation and disclosure. That still makes implementation a systems and controls project: finance teams need the right account mapping, reporting logic, comparative data, management-measure governance and audit evidence before the first IFRS 18 reporting period. Why finance teams should prepare before 2027 For a calendar-year entity, the first mandatory IFRS ...

On 7 September 2026, the Uganda Revenue Authority published the compliance risks that will receive particular attention under its Compliance Improvement Plan for the 2026/27 financial year. The notice lists 22 risk areas covering inventory, excise duty, exports, sales, expenses, payroll, withholding tax, EFRIS, Digital Tax Stamps and related-party transactions. The practical response is to review the links between your accounting records, tax returns and operational systems before URA asks for an explanation. Do not force every record to match. Identify genuine errors, correct them through the proper process, and document valid timing, classification or system differences. This article explains what URA has announced and sets out a practical readiness programme for finance teams, tax managers and business owners. It does not assume that every organisation will face an audit or that every variance represents unpaid tax. What URA Actually Announced URA says the FY 2026/27 ...

IFRS 18 Presentation and Disclosure in Financial Statements becomes effective for annual reporting periods beginning on or after 1 January 2027. For finance teams, however, implementation begins before that date. A calendar-year entity applying IFRS 18 from 1 January 2027 will present 2026 comparative information under the new Standard. This means transactions, account mappings, management performance measures, cash-flow classifications and disclosure data being generated during 2026 may ultimately need to support an IFRS 18 presentation. IFRS 18 replaces IAS 1 Presentation of Financial Statements . Its most visible effect is on the statement of profit or loss, but implementation reaches much further: chart-of-account design, consolidation mappings, management reporting, investor communications, treasury classifications, expense analysis, comparative restatement, financial reporting controls and audit evidence may all need attention. The International Accounting Standards ...