Auditors of 16 companies may soon face disciplinary action from a professional body over their roles in scandals.
Institute of Certified Public Accountants of Kenya (Icpak) Chief Executive Edwin Makori said the cases are under due process and the institute will provide a report on firms and individuals found capable.
He warned that the firms risk deregistration and suspension while the individual auditors may be deregistered, suspended or lose practice licences.
Some of the firms hit by financial scandals include Uchumi Supermarkets, National Youth Service, Chase Bank, Imperial Bank and National Bank of Kenya.
“As a regulator we take concern that in all these institutions there was an accountant or an auditor involved,” Mr Makori said.
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“Our role is to assure the public that we are keen to the regulation of the profession and to that effect, be seen to have taken all the necessary steps whenever any issues of misconduct arise concerning accountancy.”
The announcement however is unlikely to stir excitement since some of the alleged misconduct was carried out years ago and Icpak has taken action on its members.
