ICPAK probes members in graft war

The Institute of Certified Public Accountants of Kenya (ICPAK) is investigating its members who have been adversely mentioned in graft-related cases, financial malpractice or on bad governance.

The institute, in a statement Friday said the process is a joint effort with other regulators and public feedback.

“Some of the issues under investigations may be criminal and will be handled by both the courts of law and the same time a number have or will be presented to the disciplinary committee of the institute for due process to take place,” said ICPAK chief executive Edwin Makori.

Mr Makori said a total of 16 cases are under due process and the institute will be providing a report on firms and individuals found culpable with the aim of deregistration of the firms or members, suspending the firms or members, or even withdrawal of practice licences.

In the recent past, alarm has been raised over the state of affairs in a number of public and private entities revolving around corrupt practices, financial malpractice or bad governance.

Some of the institutions which have been on the headline include Uchumi Supermarkets, National Youth Service (NYS), Chase Bank, Imperial Bank and National Bank of Kenya (NBK).

Mr Makori at the same time advised all the users of the accountancy services to verify first whether the practitioners they are dealing with are genuine by contacting ICPAK or by verifying online via the institute’s online portal.