By Kepher Otieno
Accountants have opposed plans to constitute a financial and regulations oversight board aimed at registering auditors.
They claim the new suggestions by the Institute of Certified Public Accountants in Kenya (ICPAK) were hurriedly done without wide consultations with accountants.
Consequently, they want an amendment to the clause contained in the draft proposals for revision of Accountants Act to allow inclusion of ideas from members.
Similarly, they want the proposal for development of the financial reporting oversight law reviewed to avoid double registration of members.
Speaking in Kisumu during a workshop, several certified accountants accused ICPAK of going by the demands of the World Bank.
World Bank has sponsored seminars to sensitise members of ICPAK on the proposed changes in Accounts and Financial Reporting Bills.
Proposal
The draft proposes that the oversight body be enacted as part of an Accountants Act.
But they argued this would ensure that only auditors of public interest entities like those listed at the national trading bourse are registered by the oversight board and ICPAK.
This, they argue, is likely to lock out small audit firms from securing big business.
World Bank consultant Mike Mbaya and ICPAK’s Andrew Bulemi had a rough time on Thursdaywith branch members who demanded to know who drafted the twin Bills.
Accountants questioned the rationale of seeking the input to fine tune the Bills at the last minute.
“The secretariat ought to know that they are there because of us. They must consult members,” said ICPAK Kisumu branch Vice Chairman William Omondi.
The accountants are particularly up in arms against the proposed composition of the board and vesting the authority on the State to appoint its chair.
