The Institute of Certified Public Accountants of Kenya (ICPAK) was established in 1978. The Institute is a member of the Pan-African Federation of Accountants (PAFA) and the International Federation of Accountants (IFAC), the global umbrella body for the accountancy profession. The Vision of the Institute is A world class professional accountancy institute, while the Mission is ‘To develop and promote internationally recognised accountancy profession that upholds public interest through effective regulation, research and innovation’.

The Institute is guided by the following core values: Credibility, Professionalism and Accountability. The Institute draws its mandate from the Accountants Act (no 15 of 2008). The Act prescribes the following as the functions of the Institute:

  • To promote standards of professional competence and practice amongst members of the Institute
  • To promote research into the subject of accountancy and finance and related matters, and the publication of books, periodicals, journals and articles in connection therewith;
  • To promote the international recognition of the Institute.
  • To advise the Examination Board on matters relating to examinations standards and policies;
  • To advise the Minister on matters relating to financial accountability in all sectors of the economy;
  • To carry out any other functions prescribed for it under any of the other provisions of this Act or any other written law and
  • To do anything incidental or conducive to the performance of any of the preceding functions.

Our Mandate

The Accountants Act No 15, 2008 prescribes the following as the functions of the Institute:

  • To promote standards of professional competence and practice amongst members of the Institute
  • To promote research into the subject of accountancy and finance and related matters, and the publication of books, periodicals, journals and articles in connection therewith;
  • To promote the international recognition of the Institute.
  • To advise the Examination Board on matters relating to examinations standards and policies;
  • To advise the Minister on matters relating to financial accountability in all sectors of the economy;
  • To carry out any other functions prescribed for it under any of the other provisions of this Act or any other written law and
  • To do anything incidental or conducive to the performance of any of the preceding functions.

Governance and Management of the Institute

ICPAK is governed by an 11 member Council.  However, the day to day operations of ICPAK is undertaken by the Management Team headed by the Chief Executive who is also the Secretary to the Council.  The Chief executive oversees with a group of professional staff, who are stationed at the Institute’s offices.

The composition of ICPAK Council includes;

  • A Chairman elected from the members of the Institute.
  • Six Members elected from the members of the Institute. These members serve for a three year term and are eligible for re-election.
  • Two Members nominated by the Minister for Finance, one of whom will typically be drawn from the Ministry of Finance and will serve to provide the linkages with the Ministry and aid the Institute in fulfilling its role as an advisor to the Minister for Finance in matters of accountability and governance particularly as affects the economy. The other Member would be drawn from a profession other than accountancy and would typically represent users of accounting services and would serve to bring the perspectives of these users to the Council ensuring that the Institute and its members serve the public interest.
  • One Member nominated by the Kenya Accountants and Secretaries National Examinations Board (KASNEB) which is the national body charged with overseeing and administering the professional accountancy examinations in Kenya.
  • One Member nominated by the Capital Markets Authority (CMA) charged with the development and regulation of the Capital Markets in Kenya. This representative brings the perspectives of regulators and serves to strengthen the regulatory role played by ICPAK.

Functions of ICPAK Council

The Accountants Act (2008) confers upon the Council the following roles and functions:

  1. Issuing standards of professional practice, including accounting and auditing standards, which form the basis of accountancy practice for members of the Institute in the preparation, verification and auditing of financial statements.
  2. Issuance of by-laws, regulations and guidelines to govern matters affecting the operations of the Institute and practice by members of the Institute.
  3. Establishing such committee as are necessary for the performance of the functions of the Institute and may, subject to the provisions of this Act, delegate powers conferred on it to such committees.
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