Philomena Mwilu rejects claim that Judiciary is in bed with the State
By Joackim Bwana | Deputy Chief Justice Philomena Mwilu has defended the Judiciary against accusations it is in bed with the government. Justice Mwilu said the Judiciary is an arm of the government that enjoys a symbiotic relationship with the Executive and the Legislature. She was reacting to concerns by accountants on the additional budgetary allocation of Sh3 […]
Accountants caution on hustler fund role
By Brian Ocharo The Institute of Certified Public Accountants of Kenya (ICPAK) has expressed fears that Kenya Kwanza’s proposed Hustler Fund kitty risks eroding existing funds such as the Uwezo Fund for the youth and women. Speaking during their 39th annual conference in Mombasa, the ICPAK council called on President William Ruto to keep the existing […]
State agencies chided for poor financial reporting
By Moses Omusolo | Oct 06, 2022 The government is planning to sanction public entities yet to fully comply with international best practices in financial reporting. Public Sector Accounting Standards Board (PSASB) chief executive Fredrick Riaga yesterday said that a significant number of state agencies risked removal from office of their leaders and withholding of funds […]
Financial reporting award promoters inaugurate 20th edition of coveted fete
The 20th edition of the Financial Reporting (FiRe) Award has been launched, inviting reporting entities to prepare and submit their Annual Financial Reports for assessment for this year’s awards. Private and public sector entities are invited to submit their entries between Wednesday, October 5, 2022, and Friday, October 21, 2022, for review by a panel […]
ICPAK raises concern over faulty reports
By Herald Aloo Erratic legal and regulatory environments have been identified as the top hindrance in the presentation of audited financial reports devoid of misinterpretations. Institute of Certified Public Accountants of Kenya (ICPAK) said this has resulted in challenges in the “readability and understandability” of financial statements leading to loss of funds by investors. For instance, […]
County audit reports alarming – ICPAK
By Victor Amadala- The Star Newspaper Only three counties have once received clean audits since the introduction of devolution, illustrating massive corruption in decentralized governments. Speaking during the baseline study on Readability and Understandability of Financial Statements in Kenya, the Institute of Certified Public Accountants of Kenya (ICPAK) chairman George Mukua termed the situation as […]
Accrual accounting pathway to fiscal transparency in Kenya
By George Mokua | Jul 19th, 2022 In recent times, discussions have been rife in the public sector on the merits of shifting from cash to the accrual basis of accounting for purposes of enhancing fiscal reporting. Accrual basis of accounting is an accounting method that requires revenues and expenditures to be recorded in the financial […]
MPs urged to expedite enactment of Prompt Payment Bill
By Herald Aloo The Institute of Certified Public Accountants of Kenya (ICPAK) has urged the national and county governments to expedite the implementation of the Prompt Payment Bill, 2021 to address the ballooning pending bills that now risks transitioning to the next administration. It urged the two levels of government to adhere to the prescribed […]