The Institute of Certified Public Accountants of Kenya (“ICPAK”) in seeking to realize its state vision of positioning itself as a globally recognized professional accountancy institute has in the recent past sought to partner with internationally recognized accountancy institutes to facilitate global recognition of the CPA brand.
The Institute on September 9, 2011 joined hands with the Institute of Chartered Accountants of England and Wales (“ICAEW”) in signing a Memorandum of Understanding that will facilitate recognition of CPA brand within the United Kingdom and the wider network already created by ICAEW.
The agreed framework under the Memorandum of Understanding provides the platform within which a Kenyan professional accountant can obtain membership in the ICAEW and vice versa. The memorandum of understanding has however precluded granting of audit or practising rights to professionals from either side. Discussions into this area are underway with an expectation to conclude the discussions in the near future.
In specific terms, the memorandum of understanding provides the framework to enable appropriately qualified members of either Institute to join the other institute by receiving appropriate credit for their existing accountancy qualification. The specific provisions of the MoU are as follows:
- That members with no adverse disciplinary findings made against them, no outstanding complaints pending investigation, no ethical issues and who have confirmed their compliance with the CPD requirements of the host institute will be eligible to take advantage of these new membership arrangements. Any member not satisfying the requirements above may apply to the host institute, which may at its sole discretion admit such a member to membership.
- The MoU will thus apply to all appropriately qualified and experienced ICAEW and ICPAK members irrespective of the syllabus they followed for their home body membership. This recognizes the evolution of both qualifications and the CPD responsibilities upon members to keep up to date.
ICAEW membership requirements for ICPAK members
ICAEW has agreed that appropriately qualified ICPAK members will be eligible to apply for ICAEW membership subject to:
- Passing three (3) ICAEW’s Advanced Stage examinations on Technical integration Business Change, Technical Integration Reporting and a Case Study based paper;
- Completing a minimum of three years’ work experience, including 450 days’ of Technical Work Experience (TWE), within a mutually agreed Authorized Training Employer (ATE).
- Verification by the ATE of the completion of Initial Professional Development requirements in accordance with International Education Standards number 2, either through previous development gained at the ATE or through development after the commencement of Chartered Accountant training.
To facilitate the above, ICAEW will grant credit to appropriately qualified ICPAK members for all papers of ICAEW’s Professional Stage examinations but excluding advanced level papers.
ICPAK membership requirements for ICAEW members
ICPAK membership will be open to appropriately qualified ICAEW members subject to:
- Passing the Kenya Accountants and Secretaries National Board’s (KASNEB) examinations in Advanced Tax and Company Law. To facilitate the above, ICPAK will grant credit to appropriately qualified ICAEW members for the sixteen KASNEB examinations relating to ICPAK membership with the exception of the two papers above.
- On account of well structured practical work framework, ICPAK shall grant ICAEW members credit for experience and skill development requirements for membership.
The MoU in specific terms addressed itself to any third party agreements that saw each of the parties to the agreement admitting members on the strength of foreign accountancy qualifications (FAQs). It has therefore excluded members of either institute who may have been admitted into the membership of that institute on the basis of a memorandum of understanding or mutual recognition agreement with a third party institute.
In case of any queries on these developments, you are encouraged to get in touch with ICPAK Secretariat representative, CPA Fredrick Riaga on fredrick.riaga@icpak.com.
