ICPAK urges accountants to restore trust in public institutions

From left: Prof PLO Lumumba, ICPAK Chairperson Elizabeth Kalunda, former PAFA president Keto Kyemba and ICPAK CEO Grace Kamau during the 43rd ICPAK Annual Seminar in Mombasa on May 20, 2026. [Joackim Bwana, Standard]  

Accountants have been asked to become public finance stewards and ensure trust and transparency is restored in auditing public institutions.

On Wednesday, the Institute of Certified Public Accountants (ICPAK) Chairperson Elizabeth Kalunda, said that Kenyans are no longer merely asking institutions to function but to be trusted.

Speaking during the 43rd ICPAK Annual Seminar in Mombasa, Kalunda said that the recent national conversations around economic reforms, taxation, public debt, and fiscal sustainability demonstrated that Kenyans want governance and financial transparency and trust in public institutions.

The ICPAK Chair said that institutions do not fail overnight but weaken gradually when governance erodes, accountability declines, ethical standards become negotiable, and leadership loses sight of long-term responsibility.

“From value-for-money auditing to transparent tax administration; from budget credibility to anti-corruption systems, accountants help nations convert public resources into public trust,” said Kalunda.

She emphasized that accountants must everyday help institutions achieve better governance, transparency, sustainability, accountability, investment confidence, and institutional trust.

Kalunda said that economic resilience cannot be built on debt accumulation alone but must be built on fiscal discipline, efficient public expenditure, transparent procurement systems, credible budgeting, and accountable stewardship of public resources.

She noted that even as Kenya’s economy remains relatively resilient, with growth projections hovering around five percent, households and businesses continue to feel the pressure of rising fuel prices, increasing electricity costs, elevated taxation, and growing concerns around public debt, which has now crossed Sh11 trillion.

"In an era when citizens demand accountability for every shilling collected and every policy implemented, our profession must continue to stand firmly on the side of integrity, transparency, and national responsibility,” said Kalunda

The ICPAK Chair said beneath the economic pressures lies a deeper national question of how do nations build economic growth that citizens can genuinely trust.

Kalunda explained that when societies begin searching for trust, credibility, and stewardship, the accountancy profession inevitably becomes central to that conversation.

She said that when uncertainty rises, organisations look for insight and when confidence weakens, investors look for transparency. Further she said organizations today are being forced to rethink resilience, efficiency, sustainability, and long-term value creation in an increasingly complex operating environment.

“Today’s accountant increasingly serve as a strategist, a governance advisor, a sustainability champion, a digital transformation partner, a risk navigator, a public finance steward, and above all, a trusted voice in moments of complexity and uncertainty,” said Kalunda.

She said accountants today are being called upon not merely to report organisational performance, but to help shape institutional resilience, sustainability, ethical leadership, and long-term value creation.

Kalunda emphasized that accountants should take lead in realising harmonised reporting standards, coherent tax systems, and stronger cross-border regulatory collaboration under the African Continental Free Trade Area (AfCFTA), regional value chains, and pan-African capital markets.

The ICPAK Chair said that increasingly, globally, capital is flowing toward institutions that demonstrate transparency, sustainability, ethical governance, and long-term resilience.

“ICPAK must continue to position itself not merely as a national professional body but as a regional thought leader contributing meaningfully to Africa’s institutional and economic integration agenda,” said Kalunda.

ICPAK Chief Executive Officer Grace Kamau said that long before economies expand, investments grow, or markets stabilise, there must first be trust in the systems that govern financial decision-making.

Kamau noted that trust has become one of the most valuable currencies in modern economies across governments, markets, and institutions.

“Where trust weakens, investment hesitates, institutions struggle, and public confidence declines,” she said.