ICPAK to deregister corrupt accountants
Mr Fernandes Barasa a during a past event.
What you need to know:
- The comments by ICPAK come amidst questions of credibility of some of its more than 18,000 members, and also reported cases of corruption in different sectors in the country.
- ICPAK National Chairman Fernandes Barasa speaking during a media engagement forum in Mombasa said they would conduct internal investigations and deregister or charge hefty fines to those found culpable.
- The institute defended its alleged incompetence over dealing with several issues ranging from the recent car importation tax evasion fraud reveled by the Kenya Revenue Authority, the collapse or receivership of some banks, the National Youth Service saga, among others.
The Institute of Public Certified Accountants of Kenya has said it will deregister corrupt accountants who steal public funds or refuse to cooperate with the Auditor General.
The comments by ICPAK come amidst questions of credibility of some of its more than 18,000 members, and also reported cases of corruption in different sectors in the country.
ICPAK National Chairman Fernandes Barasa speaking during a media engagement forum in Mombasa said they would conduct internal investigations and deregister or charge hefty fines to those found culpable.
“As ICPAK we don’t support any of our members participating in economic crimes,” he said.
He added that the institute has so far deregistered over 100 members for various reasons. He said that the Uchumi Supermarkets, Chase Bank and the Imperial Bank cases will be some of the issue they will be handling next.
“On the issue of receivership, when we find issues of financial impropriety we look at a bigger picture. The case of Chase Bank, we are going further, we are working closely with Central Bank who are carrying out forensic audit,” Mr Barasa added.
He also warned quacks masquerading as accountants working in counties that they will be arrested and punitive measures taken against them.
“The maximum penalty for economic crime is 10 years. We want to amend the penalties in the Accountants Act so that when we get those practicing as accountants without qualifications, they’ll now face the full force of the law,” he said.
The institute defended its alleged incompetence over dealing with several issues ranging from the recent car importation tax evasion fraud reveled by the Kenya Revenue Authority, the collapse or receivership of some banks, the National Youth Service saga, among others.
More than 1, 800 accountants are expected to attend the 32nd ICPAK Annual General Meeting, themed “Accountability as a Driver for Economic Growth and Development”.
The event was officially opened by national Treasury cabinet secretary Henry Rotich on Wednesday.
