Accountants raise the alarm over county assets audit delay

The Institute of Certified Public Accountants of Kenya (ICPAK) has raised the alarm over the delay in finalising the devolved assets audit and verification.

ICPAK chairman Fernandes Barasa expressed concern that five years since the process began and as elections approach, the process is yet to be completed.

He noted that despite a number of initiatives established by the defunct Transition Authority to address the issue, nothing has been concluded.

“The situation has created loopholes which could be capitalised by exiting elected officials to pilfer public assets during the election period and beyond,” he warned.

“For a long time, Kenyans have not known how many assets the government owns, their carrying amounts and the depreciation charges and impairment loses relating to them.”

He said an extensive audit is necessary in not only informing future acquisitions but also in ensuring prudent management of the assets and improved service delivery.

“We call for an urgent update of the status of asset audit and inventory,” he said.