The Institute of Certified Public Accountants of Kenya is set to amend the Accountants Act No. 05 of 2008.
The institution says it’s seeking to amend the definition of Accountant which was previously ambiguous and constrained the application of the act.
The new amendments to the Accountants Act, through Finance Act 2018, will also provide a new section that protects accountants from retaliation in case they detect and inform authorities on such malpractices.
They say the amendment will further ensure that ICPAK is able to issue licenses to members which will enable them to specialize and practice under ICPAK.
It will also introduce a student category which will ensure the students/ trainees get practical training from the institute before completing their exam.
‘’The current debate has been triggered by the rising cost of financing many structures established through the 2010 constitution. Time is nigh to have an objective look our constitution a view of making it a living sacred document that meets our individual and collective aspirations, that can improve our lives and check excesses of those in power while at the same time promoting democracy,’’ ICPAK said in a statement.
Adding that the institute is guided by the report that was made through the working group on social economic audit by the constitution of Kenya issued in 2016.
Accountants will be protected by law from retaliation by employers and clients in case they expose graft-related cases.