London — ICAEW, a world leader of the accountancy and finance profession, and the Institute of Certified Public Accountants in Kenya (ICPAK), the high-profile East African professional accountancy body, have signed an agreement to provide a route to membership of each other's institute members and further develop relations between the two bodies.
Following the Memorandum of Understanding signed in 2011, both organisations will now be working more closely together to provide a fast track route for appropriately qualified members of each institute to join as full members of the other body. It was signed on 13 May 2015 by Vernon Soare, ICAEW Executive Director, and CPA Dr Patrick Ngumi, the Chief Executive of ICPAK.
Commenting on the new agreement, CPA Dr. Ngumi of ICPAK remarked, "ICPAK is delighted to be working with ICAEW to ensure that we offer the highest international recognition and opportunities for our members in Kenya and around the world. It is a demonstration that ICPAK's qualification framework has come of age and meets the international benchmarks."
Vernon Soare said: "A robust accountancy profession is the backbone of any sustainable economy - when there is confidence in the numbers, this underpins trust in markets and business, and paves the way for attracting greater investment whether at home or from overseas. This is why ICAEW is committed to supporting chartered accountants across the globe and working with national accountancy bodies to strengthen the profession. We are very pleased to be working with ICPAK to share the expertise and experience of our two institutes."
Since the first MOU was signed in 2011, several candidates have benefitted from this advanced recognition arrangement.
CPA Cephas Osoro, Head of Commercial Services at Horwath Erastus & Co based in Nairobi, is the first CPA to have completed the MoU requirements and be invited to membership of ICAEW in 2015.
CPA Osoro said: "As a Kenyan CPA, I am pleased to have the opportunity to also join ICAEW through this route. It means I can be both an active part of the fast-growing East African profession, as well as gain recognition in UK and further afield. As the business world becomes increasingly global, I feel this is a real advantage. "
About ICAEW
1. ICAEW is a world leading professional membership organisation that promotes, develops and supports over 144,000 chartered accountants worldwide. We provide qualifications and professional development, share our knowledge, insight and technical expertise, and protect the quality and integrity of the accountancy and finance profession.
As leaders in accountancy, finance and business our members have the knowledge, skills and commitment to maintain the highest professional standards and integrity. Together we contribute to the success of individuals, organisations, communities and economies around the world.
Because of us, people can do business with confidence.
2. ICAEW is a founder member of Chartered Accountants Worldwide and the Global Accounting Alliance.
About ICPAK
The Institute of Certified Public Accountants of Kenya (ICPAK) is the professional organization that regulates the activities of all Certified Public Accountants (The CPA(K)s) in Kenya. It was established in 1978 by the Accountants Act CAP 531. Since then, ICPAK has been dedicated to development and regulation of the accountancy profession in Kenya so as to enhance its contribution and that of its members to national economic growth and development. In 2008, a new Accountants Act No. 15 was enacted to replace the 1978 Accountants Act to take into account the various developments that had shaped the accounting profession in Kenya and globally.
Members of ICPAK are business leaders in Kenya, the EAC and the wider African region. Indeed, multinational corporations with footprints in Africa have relied on the expertise resident in Kenyan accountants to drive their business interests to greater profitability levels.
Source: Institute of Chartered Accountants in England and Wales (ICAEW)
