The Institute of Certified Public Accountants of Kenya (ICPAK), established in 1978, operates under the Accountants Act and plays a pivotal role in Kenya’s accountancy and finance sectors. As a member of the Pan-African Federation of Accountants (PAFA) and the International Federation of Accountants (IFAC), ICPAK carries out various essential functions.
As a corporate entity, ICPAK possesses the legal capacity to initiate and defend legal actions and is managed according to directives from its Council regarding its common seal. Financial operations, such as borrowing, lending, or raising funds, require the Cabinet Secretary’s approval, adhering to standard financial procedures, including securities and guarantees.
ICPAK’s authority extends to acquiring, managing, and disposing of both movable and immovable assets, alongside investments in other enterprises, subject to the Cabinet Secretary’s sanction.
Key Functions of ICPAK include:
- Enhancement of Professional Standards: Elevating the professional competence and ethical conduct among its members to ensure quality and integrity in the practice.
- Research and Publication: Fostering research in accountancy, finance, and related fields, and disseminating knowledge through publications like books, journals, and articles.
- Global Recognition: Striving for international acknowledgment and standing of the Institute to establish its members on a global platform.
- Educational Advisory: Providing insights and recommendations to the Kenya Accountants and Secretaries National Examinations Board regarding examination standards and policies.
- Financial Advisory: Offering counsel to the Cabinet Secretary on financial accountability across various economic sectors, ensuring transparency and efficiency.
- Regulatory Functions: Executing additional responsibilities as mandated under the Accountants Act or any related legislation.
- Setting Remuneration Standards: Establishing the payment structure for the accountancy profession, subject to the Cabinet Secretary’s endorsement.
- General Oversight and Implementation: Performing activities that support or are essential for executing the above-stated functions.
Through these roles, ICPAK not only regulates but also facilitates the growth and development of the accountancy profession in Kenya, aligning with both national and international standards.
