At ICPAU’s inception, the Government of Uganda through the Ministry of Finance under the IDA project, provided a seed grant of USD 1 million to start the profession. Part of the grant was used on a twinning arrangement with an experienced accountancy body; the Institute of Chartered Accountants of Scotland (ICAS), the oldest professional accountancy institute in the world, to assist ICPAU in its formative years. This enabled the Institute to start on a firm foundation.
At the establishment of ICPAU, only 79 professional accountants were registered and these are counted as the only professional accountants the country had at the time. All of them held foreign professional accountancy qualifications. A number of World Bank Reports, of past years, indicate that cost of training professional accountants in the country was high, mainly, due to reliance on foreign professional courses and materials. The development of ICPAU has helped to reduce that cost of such training.