Market News

ICPAK handling 21 misconduct cases

Wednesday January 16 2019

ICPAK chief executive Edwin Makori. FILE PHOTO | NMG

The Institute of Certified Public Accountants of Kenya (ICPAK) is handling 21 cases of professional misconduct brought against members.

Chief executive Edwin Makori said the fate of the 21 drawn from the public and private sectors will be known on completion of ongoing disciplinary sittings.

“We have a quasi-judicial committee looking into the matters before us and have an obligation to remain silent until the final verdict for each member is released,” said Makori.

Mr Makori, however, said new regulations were required to compel public and private agencies to forward documented evidence of professional misconduct against members to facilitate disciplinary action.

Kenya’s accounting fraternity has in recent years been in the spot following revelations that some listed firms and banks used creative accounting to conceal real financial status – followed by sudden collapse.