Former President Mwai Kibaki calls for Transparency in Auditing of public offices

Former President Mwai Kibaki has called for transparency in auditing of public offices to increase investors trust.

This, he said, will enable the emergence of sound financial decisions and leadership consequently minimizing the loopholes associated with corruption.

The economist noted of the recent rapid emergence of public private partnerships that have become inevitable in achieving the economic goals set by the country.

"Such collaborations should drive this country to greater heights of socio-economic development hence every engagement with through public private partnerships should cater for the emerging needs of the investors," said Kibaki.

Kibaki emphasised on a fully and well-coordinated public accounting system so that the economic progress not to be threatened to slow down.

The former president was speaking after receiving a honorary award from the Institute of Certified Public Accounts of Kenya (ICPAK). The award was meant to recognize his efforts in spearheading transparency and accountability in governance.

In October, ICPAK did reveal that as from 2017, all external auditors of both companies and financial institutions should start reporting cases of mismanagements as well as what step the institution's managers took against the malpractice.

Recently, the country has witnessed fraudulent cases both in the public and private offices: notable ones being the cases of imperial and Dubai banks with the Devolution Ministry being on the spot over the Sh791 million National Youth Service Scandal (NYS).

Former President Mwai Kibaki (PHOTO: COURTESY)

Already, President Uhuru Kenyatta has confirmed Sh2.4 billion worth of assets and cash either recovered or frozen as they were acquired inappropriately a move that was lauded by Mukurwe-ini legislator Kabando wa Kabando.

ICPAK Chair Fernandes Barasa said uplifting of the accountancy standards will provide the foundation for quality financial information to enhance transparency.

"We need to have the ability to provide investors honest information on their returns. More so, sectors alike Small and Micro Enterprises to be compliant also," said Barasa.

Calling for hastening of the public finance management act, the chair insisted on stringent penalties on firms and individuals on audit firms to increase professionalism and curb corruption.