Professional Forum: Unclaimed Financial Assets Act 2011

THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA

(established under the Accountant Act, Laws of Kenya)

Professional Forum: Unclaimed Financial Assets Act 2011

The role of the Accountant

Date: 26^th JULY 2017

Venue: PrideInn Mombasa, Haile Selassie Rd, Mombasa

Brief

Kenya’s legislature passed a landmark law, the Unclaimed Financial Assets Act No. 40, on 16^th December 2011 which subsequently established the Unclaimed Financial Assets Authority (UFAA). The goal of the authority is to receive unclaimed financial assets, safeguard them and then surrender them to the rightful owners.  In enforcing this Act, UFAA is tasked with investment of the funds held as a source of income for the authority, ensuring accurate accounting for unclaimed assets and notifying rightful owners of financial assets, among other roles.

This Act was necessitated by the scores of Kenyans who own financial assets that they may be unaware of. These include savings and deposit accounts, safe deposit box contents, unclaimed shares of stock, uncashed dividend, insurance and retirement benefits, stocks and bond proceeds. On the other hand, numerous institutions hold finances deemed to have been abandoned by the owners and may even have assumed ownership of them. The Unclaimed Financial Assets Act stipulates stiff penalties for organizations that fail to meet the regulations on determining and reporting unclaimed financial assets. It is therefore imperative that professionals and the public by extension to learn about the Act that is likely to affect them one way or another.

This session will see ICPAK host top officials from the UFAA with the following goals:

1. To educate delegates on the UFA Act of 2011
2. Enumerate the roles of accountants, auditors and the general public in the enactment of the law

Target Audience

Associate members, Young professionals, Academia, Financial Reporting Consultants, Accountants in the public sector, Audit practitioners involved in the public and private sector, Scholars, Professionals from Financial services Sector (Banks, Insurance Companies, NS.S.F, Retirement Benefit Schemes, Investment companies etc.) and Representatives from regulatory bodies (SASRA, CBK, IRA etc.)

Online Booking

Kindly note that booking for this Professional Forum is available either online at www.icpak.com/events  or on the ICPAK Live – A smart phone based application that is available from Google store. Delegates are advised that bookings close on 24^th July, 2017 at 1700 hrs.

 Workshop Charges

Charges for this event are as provided below:

 Continuous Professional Development (CPD) Units

Members of ICPAK will earn 3 CPD points upon successful attendance.

Enquiries may be directed to us via telephone on +254 770 130549 or via email to joy.wanyonyi@icpak.com