In a bid to fortify the accountancy profession against the challenges of the future, the Institute of Certified Public Accountants of Kenya (ICPAK) has hosted its 40th Annual Seminar with a focus on digital transformation and the fight against corruption.
The seminar, which was held from 20th to 24th November, gathered industry leaders, experts, and speakers to discuss the theme of ‘future readiness of the accountancy profession.’
Grace Kamau, the Chief Executive Officer of ICPAK, emphasized the need for accountants to be adaptable and agile in the face of constant changes and challenges on both local and global fronts. Identifying climate change and issues related to environmental, social, and governance as crucial areas of focus, Kamau stressed the importance of accountants becoming well-versed in the adaptation and implications of emerging technologies such as artificial intelligence, big data analytics, blockchain, cloud computing, and cybersecurity.
Kamau stressed the significance of accountants providing valuable financial and non-financial insight to navigate uncertainty while upholding professional ethics. She urged them to champion accountability, integrity, and trust for good governance in the public interest.
During the conference, Chris Kiptoo, the Principal Secretary of the National Treasury, commended ICPAK for its pivotal role in combating corruption in Kenya. Acknowledging the persistent challenges posed by corruption, Kiptoo urged ICPAK to develop an action plan to address it and economic crime. He emphasized the need for a framework outlining the accountancy profession’s role in the fight against corruption.
Kiptoo assured the audience of the government’s commitment to engage with ICPAK on proposed reform measures, particularly in the area of debt management. He highlighted the progress made by the National Treasury in transitioning from cash accounting to accrual accounting, pending cabinet approval and slated for implementation in the next financial year.
In his concluding remarks, Kiptoo emphasized the vital role of accountants, stating that empowering them is essential for transforming the country and ensuring the transparent use of public resources in the ongoing fight against corruption.