CMC report on secret fund audit ready

The accountants’ regulatory agency, ICPAK, will next month make public the findings of a two-year enquiry into how consulting firm Deloitte and Touche handled the financial statements of CMC Holdings, whose directors were accused of maintaining a secret overseas slush fund that cost shareholders up to Sh1.2 billion.

The disciplinary committee of the Institute of Certified Public Accountants of Kenya (ICPAK) says it has finished a forensic audit into allegations of financial malpractices at CMC, previously an NSE-listed company until its purchase by Dubai-based Al-Futtaim Group this year.