Accountants encouraged to embrace digital transformation

Mombasa,

Wednesday, November 22, 2023,

KNA by Fatma Said

The Institute of Certified Public Accountants of Kenya (ICPAK) is currently holding its 40th Annual seminar and is working towards the realization of the future readiness of the accountancy profession.

 ICPAK has played vital roles in the legislation of the country through effective public participation in different bills tabled in Parliament, such as the Commercialization Bill, Insurance Regulatory Bill, and Privatization Bill.

One of the most significant contributions has been the Finance Act of 2023 clauses of zero-rating export services and removal of interest restriction from resident companies when calculating corporate taxes.

Speaking during the ICPAK’s 40th Annual meeting, the Chief Executive Officer (CEO), Grace Kamau said that accountants need to be adaptable and agile to thrive to the never-ending changes and challenges that face the Country and the Globe at large.

“As the ruminator and the developer and promoter of the accountancy profession in the country, ICPAK has identified climate change and issues around the environmental social, and governance,” Kamau said.

The CEO added that it is important for accountants to become more knowledgeable on the adaptation and implications of technologies and tools relevant to the profession, such as artificial intelligence (AI) big data analytics, block chain, cloud, and cybersecurity.

Kamau emphasized that accountants must hasten their value on financial and non-financial insights to manage prolonged uncertainty, in both local, and global arenas, and uphold professional ethics without failing to champion accountability, integrity, and trust for good governance for the public interest.

 The CEO said that all through the week of the conference, the accountants will share numerous perspectives from their guests of honor and experts centering on their theme of ‘future readiness of the accountancy profession.’

  Principal Secretary, of the National Treasury, Chris Kiptoo who also graced the conference and gave a speech on behalf of the Cabinet Secretary, of National Treasury and Economic Planning, Njuguna Ndung’u lauded ICPAK saying that it is playing a crucial role in fighting corruption in the country.

 Kiptoo said that corruption has been continuously presenting constant obstacles and that it is high time ICPAK develops an action plan for fighting corruption and economic crime which should provide a framework for the accountancy profession’s role in combating the vice.

The PS assured to engage ICPAK in measures they have proposed on the reform agenda, especially on debt management.

 He added that the National Treasury has made progress in moving the country from cash accounting to accrual accounting, pending cabinet approval, set to be implemented during the next financial year.

 He concluded that Accountants are vital people and that the way to transform our country is through empowering and anchoring them to fight corruption to ensure the transparent use of public resources.

Courtesy; KNA