Two PhD candidates, October 23, defended their thesis sponsored by the Commonwealth at the University of Buea both scoring ‘A’ Grade.

The candidates, Michael Fossung and Fritz Ikundi, become the first PhD holders in Accounting in Cameroon.

Commonwealth expert and supervisor of the thesis, Prof. Ngotho Wa Kariuki, observed that the candidates did brilliant jobs. Prof Kariuki, who is also a member of the Kenyan Judges and Magistrates Vetting Board, also remarked that Fossung and Ikundi were big assets to Cameroon.

Fossung’s thesis was on “Measuring the Convergence of the OHADA Uniform Accounting Act with the International Financial Reporting Standards, IFRS, while Ikundi’s was on “Ethical Philosophies of Practising Accounting in Cameroon.”

The Dean of the Faculty of Social and Management Sciences, Prof Martha Tumnde, who chaired the defence, said Fossung’s work was “original and well defended. Fossung told reporters after the defence that the challenges of the long journey which began in 2008 were enormous especially gathering data which took him to Kenya and the United Kingdom.

Elaborating on his thesis, he said they found a big gap in terms of convergence between the OHADA Uniform Accounting Act and the International Financial Reporting Standards.

“In addition, we found out that there was no convergent review in OHADA and that they had not put in place mechanisms for continuous review of the OHADA Uniform Accounting Act which is something that is very important.

However, we also noticed some good things about the OHADA Uniform Act, in that, even though it is not harmonised with the IFRS, it is standardised to some extent, and that feature of standardisation is very pertinent,” Fossung explained.

Dr. Michael Fossung Forseh is a Certified Public Accountant CPA and Fellow, Certified Forensic Investigation Professional. He is the General Manager of Kosam Crisplant Cameroon (the company that supplies GlocalGaz, formerly Chief Internal Auditor of Union Bank of Cameroon. He is also a lecturer of Accounting and Proprietor of FOMIC Polytechnic and FOMIC High School in Buea.

Dr. Fritz Ikundi is a Graduate Certified Internal Auditor, Certified Forensic Investigation Professional, Bachelors and Masters Degrees in Accounting, former Assistant Professor (Accounting) in two US Universities (Holmes and Voorhees), formerly Internal Auditor for Guinness Nigeria and Nigeria Airways, currently Director of Studies at Cameroon Development Corporation and recently appointed by MINMAP AS Secretary of the CDC Tenders Board.

Fossung and Ikundi are the first ever PhDs of Accounting awarded by the University of Buea Department of Economics and Management and the first ever PhDs of Accounting in Cameroon.