ICPAK absolves auditors from blame in ongoing banking crisis

ICPAK Chairman Fernades Barasa (right) and CEO Patrick Ngumi during a recent meeting. The accountancy body promised to sanction errant members if and when they commit an offence but absolves them from blame in the recent banking crisis. [PICTURE: STANDARD/FILE]

An accountancy body has defended its members amid the current banking crisis, claiming that company directors are largely to blame for lapse in corporate governance.

As debate on financial malpractices including those of banks falsifying their financial books rages on, the role of external auditors has come under spotlight.