This archive report was first published on 12 December 2019.
December 12, 2019, marked a significant development in the ongoing saga of errant accountants in Kenya. The Institute of Certified Public Accountants of Kenya (ICPAK) has been investigating several cases of accounting irregularities, and the latest update reveals that six new cases have been added to the existing eight.
According to ICPAK, the new cases were reported between 2017 and 2019, while five of the existing cases are currently under mediation for alternative dispute resolution. The disciplinary cases update states, 'There are six matters that are at the preliminary investigations stage before they are booked at the inquiry stage.'
Since 2014, ICPAK has closed six cases involving its members. Of the old eight cases, three are at the committee stage, two are due for hearing, and three are due for determination. The cases involve auditors and some of ICPAK's members accused of their roles in cooking books, a trend that has contributed to massive investor losses, especially in publicly-traded firms.
Chief Executive Edwin Makori earlier this year stated that 16 cases were under due process, and the institute would provide a report on firms and individuals found culpable. The investigation has also led to the scrutiny of major audit firms, including Deloitte & Touche and PricewaterhouseCoopers (PwC), which have been accused of either actively colluding or failing to highlight the frauds.
