In Summary
  • Institute of Certified Public Accountants of Kenya (ICPAK) also called for a review of the 2008 Accountants Act.
  • Speaking during their 34th annual seminar at Sarova Whitesands Hotel in Mombasa, he said the stiff penalty will deter corruption in public service.

Accountants have proposed Sh1 million to Sh10 million fine for any of their member who engages in financial malpractices.

Institute of Certified Public Accountants of Kenya (ICPAK) also called for a review of the 2008 Accountants Act.

“It is sad that Sh100,000 is the penalty for accountants if one steals Sh9 billion. It is very easy to pay the fees, but if we enhance the penalties we will stop corruption,” said chairman Julius Mwatu.

Speaking during their 34th annual seminar at Sarova Whitesands Hotel in Mombasa, he said the stiff penalty will deter corruption in public service.

“We want laws changed to stop corruption and enable us to penalise any member found culpable. We want more discipline mechanism,” he added.

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