CPA Samuel C.O. Okello (ALALA)
ICPAK Reg. No. 4308,
Tel: +254-722818249; 0708034630; 0733741491
Facebook: Sam Alala Okello
LinkedIn: CPA Okello Sam O.
Key Professional & Educational Qualification highlights:
- MBA Finance, University of Nairobi
- Bachelor of Commerce- Accounting, University of Nairobi
- Diploma in Risk Management in Finance and Banking (RFMB), Sweden.
- Certified Public Accountant of Kenya (CPAK)
- Certified Public Secretary of Kenya (CPSK)
- Certified Information Systems Analyst (CISA)
Good friends and fellow member of our esteemed Institute. ICPAK has made big strides in the past due to competent and good leadership at the council, the committees, institute’s management and secretariat staff stages. I present myself for re-election. Given the mandate, this position will enable me complete a number of activities that I have initiated for the benefit of members as well as leverage the corporate brand of ICPAK. I have the passion, interest, experience, knowledge and capacity to serve the Institute, the members and the entire accounting profession at local, regional and international levels.
I have served as a Council member since 2015 and the current convener of Member Services Committee (MSC), mandated with addressing members’ needs and preparation and coordination of ICPAK calendar of events, among others. I serve in the Public Policy and Governance (PPG) Committee which deals with policies and stakeholders matters; Chairman of Council Sub-Committee on Human Resources; Chairman of the task force of the ICPAK Centre (the defunct ICPAK Complex Task Force 2015-2017). I previously served as the convener of Finance and Strategy Committee (FSC) as well as the chair of ICPAK Complex sub-committee. Before joining the Council, I served as a member of Finance and Strategy Committee (2011-2014) and member of Finance and Shared Services Committee (2008-2011).
Initiatives in Council Committees:
As past Chairman of Finance & Strategy Committee (FSC), I played a key role in the following ICPAK Initiatives: implementation of the Institutional Development Fund (IDF) grant of USD 698,000 from the World Bank; completion of the ultra-modern ICPAK Center as the sub-committee chair and fast tracked the project to ensure that it was officially opened in June 2017 and had more than half occupancy on the first year of operation; and oversaw the development and implementation of the Institute’s Strategic Plan 2016-2018 which led to a vote for physical branch offices which has come to fruition. During the period the financial position of the institute grew to over a capital base of 1.5 Billion.
As Convener of Member Services Committee (MSC), I played a key role in the following ICPAK Initiatives: online trainings; initiated the 50% Discount offer for new members joining the institute; Trainee Accountants Practical Experience Framework (TAPEF) to address the needs of the youth; profiling members through KYM to help improve services; implementation of Benevolent Fund that has benefited many families; and review of various memoranda of understanding to the benefit of members. I also oversaw the drafting of a proposal to Council for the members who are senior citizens or retired to have a discount on their subscription and event costs for purposes of CPD Hours.
Job and Board Experience
I currently work at Central Bank of Kenya as the Head of Fixed Assets and Compliance in the Finance Department. I have previously held other key positions at the Central Bank of Kenya such as Assistant Manager, Risk and Compliance in External Payments and Reserves Management (EPRM) Division and a Senior Bank Officer in Internal Audit Department. Prior to that, I worked at the University of Nairobi as Head of Finance at the College of Agriculture and Veterinary Sciences and an Accountant at the University of Nairobi Enterprises and Services (UNES). I am experienced in private sector, financial and audit matters having also worked at Barclays Bank of Kenya and various audit firms.
In addition to this, I am a Board Member of Banki Kuu Sacco, where I am currently the Hon. Secretary of the Sacco and previously was the chair of Credit Committee. I served in the Finance and Audit Committee of the Kenya Bankers Association, as a representative of the Central Bank of Kenya. As an old boy of Starehe Boys’ Centre, I am part of the Starehe Boys’ alumni mentorship team, which mentors current students of Starehe Boys’ Centre on various issues and member of the Development Committees of the St. Barnabas and St. Simon the Cyrene Anglican Churches in Nairobi and Nyanza, respectively.
Professional & Educational Qualification:
Holder of MBA (Finance option) 2004-2006, B.Com (Accounting option) 1998-2002 both from University of Nairobi, C.P.A (K), C.P.S (K), a Certified Information Systems Analyst (CISA) and a member of Information Systems Audit and Control Association (ISACA). I am a holder of a Diploma in Risk Management in Finance and Banking (RFMB) from Sweden.
Key Achievements in Finance & Strategy Committee
- Developed and implementation of the ambitious 2016-2017 Strategic Plan
- Oversaw the implementation of the World Bank IDF Project
- Developed the web. Based on-line ICT Knowledge center and database
- Developed the Quality review and assurance program
- Strengthening accounting profession in private and public sector in the devolved environment
- Enhancing capacity of staff at the ICPAK Secretariat to meet international Standards
- Initiated Training programs for improving quality for SMPs
- Initiated and planned for Practical Experience Framework for the young ICPAK members
- Support Budgeting and Financial Framework for County governments
- Introduction of activity based budgeting and monitoring processes using modern techniques.
- Through Finance & Strategy Committee, introduced the auditor’s rotation which was approved and implemented in 2017 AGM for the first time ever.
- Oversaw the introduction and review of the following ICPAK policies:
- Human Resource Policy
- Procurement Policy
- Finance Policy and Procedure manuals
- Succession Plan Policy
- Conflict of interest policy
- Gift handling policy
- Disaster Recovery Policy
- Communication Policy
Key Achievements in Public Policy and Governance (PPG) committee
The Institute has continued to position itself as an influential leader in public policy and decision making at the national and global level. Council leadership was particularly important in 2017 in the run-up to the General elections and post-election period. I participated in partnership meetings including:
- Independent Electoral and Boundaries Commission (IEBC) aimed at strengthening democracy through credible electoral management.
- Contributed to the development of the Third Medium Term Plan (2018-2022) of Vision 2030
- Participated in the petition before the Finance, Planning and Trade Committee-National Assembly, on the removal of Auditor General from Office.
- initiated efforts to develop Policy proposals to guide the drafting of the Income Tax Legislation
- Participated in various stakeholders engagements including:
- Independent Electoral and Boundaries Commission (IEBC)
- National Assembly, Departmental Committee on Finance, Planning and Trade
- County Government of Kisumu
- The Auditor General’s Office
- The Office of the President among others
- Participated in the review of the following legislations:
- Reviewed the Companies Act (Amendment) Bill 2017
- EAC cross border Trade in Professional Services Bill 2016
- Nairobi International Financial Centre Bill (NIFC Bill)
- Finance Bill 2016- Budget 2016/17
Key Achievements, member services committee and Council Level
- Developed and implementation of online CPD
- Increase in CPD events from 156 to 220 to cater for different member needs
- Increase in membership from 12000 to 21000 Members
- MOU with OAG for the outsourcing of work to practitioners
- MOU with UFAA to outsource work to practitioners
- Introduction of an ethical declaration by members
- Scholarship to students undertaking Finance and Accounting courses
- Completion of CPA Centre
- Signing of MRA with SAICA and ICAEW
- Discount for member registration
- Development of Income Tax Policy
- Establishment of a Benevolent Scheme for members
- Automation of member registration
- Value added products with discounts in Toyota Kenya, Simba Colt, Sameer, Hilton Hotel
- Development of a firm guide to assist the new and existing practitioners manage their business successfully
- Introduction of Branch Mentorship Programme
- Opening of physical branch offices for Nyanza, Western and Eastern among others
My interactions with the Institute started during my student days as a member of the Accountant Students Association (ASA) at the University of Nairobi (Lower Kabete Campus). My leadership skills were evident at a young age at Starehe Boys’ Center where I was The Prefect in charge of the Director’s Office (the late Dr. G.W. Griffin). During those days at the University (1998-2002) the passion for leadership and my propelled me to take up key leadership roles. I was a member of the editorial board of the Accountant magazine in Campus where I contributed by publishing/ writing informative papers to students. I was also a member of the Finance Students Association (FISA) at Lower Kabete Campus, University of Nairobi. After completing my CPA examinations, I was among the early finalist to join the Institute, member No. 4308 and since then the membership has grown in leaps and bound to stand at over 21,000. I have been a member of the Institute, in good standing, for the last twelve years (from 2006 to-date) and I have been privileged to serve in various committees thus giving me a chance to add value in steering the institute in the right direction. I have published various papers in various journals including Kenya Institute of Management (KIM) Magazine, The Business Daily, CBK Magazine, The Accountant, The Entrepreneur among others, addressing topical issues covering Personal Financial Management, Planning and debt management.
I am currently a mentor of South Rift and Mount Kenya branches of the Institute. This was assigned to me by the Council order to give support to the Branches and create opportunities for the young members.
During my term as Council member, I have professionally run my activities under the ethos of high Capacity Building, Commitment, Transparency and Values (CCTV) for a faster and better growth of ICPAK.
I am married to Hellen Alala, and together, God has blessed us with three girls and two boys.
I am at your service at the Institute.
God bless you, God bless ICPAK and God bless Kenya.
1 Peter 4:10: As each has received a gift, use it to serve one another, as good stewards of God’s varied grace.