On July 10, 2019, Bank of Uganda issued Instruction Circular ‘EDS.306.2 as a follow-up to circular Ref: EDS.306.2 dated July 13, 2017, with respect to the subject matter. All SFIs are required to conduct an external audit of their ICT Systems. And that an SFI may identify and engage any firm from the list of firms prequalified to provide External Audit Services; and such a firm DOES NOT have to be appointed external audit of the said SFI. Summit Consulting Ltd has partnered with an audit firm to provide External Audit of SFI ICT Systems at an affordable fee. You…
The cunning accountant, part 1
Beautiful, self-motivated and full of energy, Jane Kugonza was an exceptional accountant with a sense of style. She held the latest iPhone model and had a particular liking for red stylish shoes with matching lipstick and leather bags. A certified chartered accountant, Jane was an envy of those who knew her: the boys wanted some piece of her while the ladies envied the attention she commanded. However, her beauty and false innocent look led to the collapse of a business in a Ugx. 3 billion fraud scheme. Jane worked with two assistants, Julius Okiring and Maria Atukunda in her finance…
Bank fraud in East Africa, how to prevent this ever-present danger, part 1
No system is unhackable. That is the hackers’ credo. And it is accurate. There is no security system that cannot be breached. The catchphrase these days is “military-grade” encryption. The truth is, the military-grade security system is managed by human beings! It goes without saying that what one human being can do. Another can do better. The good guys, the IT professionals, and cybersecurity experts are always in the comfort of their offices. They can easily sleep off. However, the bad guys are highly motivated. So what is hacking and how do hackers do it? Hacking is a breach of…
