{"id":117439,"date":"2024-04-24T18:10:41","date_gmt":"2024-04-24T18:10:41","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/icpak-alarmed-over-malicious-financial-reporting"},"modified":"2024-04-24T18:49:08","modified_gmt":"2024-04-24T18:49:08","slug":"icpak-alarmed-over-malicious-financial-reporting","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/icpak-alarmed-over-malicious-financial-reporting","title":{"rendered":"ICPAK alarmed over malicious financial reporting"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Opinions by the Auditor General on financial statements have remained static over the years, with the number of qualified (unclean) opinions on the rise.<\/p>\n

This according to the Institute of Certified Public Accountants of Kenya, which further says there are a number of counties, ministries, departments and agencies that have received modified opinion (qualified, adverse, disclaimer) over the past ten years.<\/p>\n

A review of the Auditor\u2019s report for Ministries Departments and Agencies for the financial year 2022\/23 indicates 109 entities out of 340 had qualified opinion, two were disclaimer while one was adverse.<\/p>\n

Qualified opinion on county governments\u2019 financial statements on the other hand stood at 41 during the same year, having been on a rising trend since 2018 when it stood at 30.<\/p>\n

A qualified opinion is an auditor’s declaration that there is an area of uncertainty in a company’s financial statements.<\/p>\n

\u201cFor the few cases where unmodified (clean) reports have been issued, the same has not been sustained in the subsequent year,\u201d ICPAK chairman Philip Kakai said during a press briefing on Tuesday.<\/p>\n

\u201cThis therefore calls for an analysis of the root cause not only of the preparers of the financial statements, but also other stakeholders in the financial management chain.\u201d<\/p>\n

The regulator noted it has officially launched a probe into specific cases purporting to have a potential breach on the code of financial reporting, and will in the next one month be tabling the full report of all the investigations with consequent disciplinary actions on rogue members.<\/p>\n

\u201cThis is to ensure the highest professional standards are adhered to by vigilantly weeding out unqualified individuals and holding our members accountable through disciplinary actions,\u201d Kakai said.<\/p>\n

He added that the commitment extends to firm support to the National Treasury, Auditor General, Controller of budget, Senate and Parliament among other Accountability Institutions.<\/p>\n

\u201cTogether, we strive for a future of zero-fault audits, fighting corruption, and strengthening financial reporting across the nation to create a financial governance system that fosters economic growth for the benefit of all Kenyans.\u201d<\/p>\n

The regulator recommended some considerations in the auditing cycle that would go a long way to cut down the cases of malicious reporting which is also negating the country’s investor confidence.<\/p>\n

They include: Establishment of financial reporting units, incorporation of technical expertise for senate public accounts committee and strengthening oversight through internal audit and audit committee reports.<\/p>\n

ICPAK further calls for the establishment of a national whistle blower policy and enactment of whistle blower Act even as it firmly supports whistle-blowers who utilize the established framework to report such misconduct, promoting ethical conduct within the profession.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Opinions by the Auditor General on financial statements have remained static over the years, with the number of qualified (unclean) opinions on the rise. This according to the Institute of Certified Public Accountants of Kenya, which further says there are a number of counties, ministries, departments and agencies that have received modified […]<\/p>\n","protected":false},"author":84,"featured_media":117438,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-117439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nICPAK alarmed over malicious financial reporting - kenya<\/title>\n<meta name=\"description\" content=\"Opinions by the Auditor General on financial statements have remained static over the years, with the number of qualifie ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/icpak-alarmed-over-malicious-financial-reporting\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ICPAK alarmed over malicious financial reporting\" \/>\n<meta property=\"og:description\" content=\"Opinions by the Auditor General on financial statements have remained static over the years, with the number of qualifie ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/icpak-alarmed-over-malicious-financial-reporting\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-24T18:10:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-24T18:49:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/04\/sm_1713968215.234681.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"980\" \/>\n\t<meta property=\"og:image:height\" content=\"738\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/icpak-alarmed-over-malicious-financial-reporting#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/icpak-alarmed-over-malicious-financial-reporting\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"ICPAK alarmed over malicious financial reporting\",\"datePublished\":\"2024-04-24T18:10:41+00:00\",\"dateModified\":\"2024-04-24T18:49:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/icpak-alarmed-over-malicious-financial-reporting\"},\"wordCount\":448,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/icpak-alarmed-over-malicious-financial-reporting#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/04\/sm_1713968215.234681.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/icpak-alarmed-over-malicious-financial-reporting#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/icpak-alarmed-over-malicious-financial-reporting\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/icpak-alarmed-over-malicious-financial-reporting\",\"name\":\"ICPAK alarmed over malicious financial reporting - 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