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Functions of Institute of Certified Public Accountants of Kenya (ICPAK)

The functions of the Institute of Certified Public Accountants of Kenya (ICPAK) derive from the Accountants Act. ICPAK was established in 1978 and is a member of the Pan-African Federation of Accountants (PAFA) and the International Federation of Accountants (IFAC), the global umbrella body for the accountancy profession.

ICPAK should be a body corporate, capable of suing and being sued in its corporate names and should have a common seal which should be kept in such a manner as the Council may direct.

ICPAK may with the prior approval of the Cabinet Secretary responsible for matters relating to finance, borrow, lend or otherwise raise money in such a usual manner, including by way of executing securities and guarantees, as it may from time to time determine.

ICPAK may acquire, hold, develop and dispose of movable or immovable property. It may also acquire, hold and dispose of investments in other enterprises subject to approval by the Cabinet Secretary responsible for matters relating to finance.

Functions of ICPAK

The functions of the Institute of Certified Public Accountants of Kenya should be to—

  • promote standards of professional competence and practice amongst members of the Institute;
  • promote research into the subjects of accountancy and finance and related matters, and the publication of books, periodicals, journals and articles in connection therewith;
  • promote the international recognition of the Institute;
  • advise the Kenya Accountants and Secretaries National Examinations Board on matters relating to examinations standards and policies;
  • advise the Cabinet Secretary responsible for matters relating to finance on matters relating to financial accountability in all sectors of the economy;
  • carry out any other functions prescribed for it under any of the other provisions of the Accountants Act or any other written law;
    • prescribe the remuneration order for the accountancy profession with the approval of the Cabinet Secretary responsible for finance; and
  • do anything incidental or conducive to the performance of any of the preceding functions.

For more about the Institute of Certified Public Accountants of Kenya (ICPAK), see the Accountants Act or their website at icpak.com.

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Gĩthĩnji is the founder of afrocave.com. He is passionate about politics and governance, public finance management and cycling.@Afrophi