Mombasa, Kenya – The Institute of Certified Public Accountants of Kenya (ICPAK) is currently hosting its 40th Annual Seminar in Mombasa, focusing on preparing the accountancy profession for the future. The seminar highlights the importance of adaptability and agility for accountants in the face of global changes and challenges.
According to Kenya News Agency, ICPAK’s Chief Executive Officer, Grace Kamau, during the seminar, emphasized the necessity for accountants to become more knowledgeable about relevant technologies and tools such as artificial intelligence (AI), big data analytics, blockchain, cloud computing, and cybersecurity. According to Kamau, accountants must enhance their ability to provide financial and non-financial insights to manage prolonged uncertainty in both local and global contexts. She stressed the importance of upholding professional ethics and promoting accountability, integrity, and trust for good governance in the public interest.
The seminar includes presentations and discussions on various topics, with a focus on the theme of ‘future readiness of the accountancy profession.’ The event features perspectives from guests of honor and experts, offering valuable insights into the evolving role of accountants.
Chris Kiptoo, Principal Secretary of the National Treasury, speaking on behalf of Cabinet Secretary Njuguna Ndung’u, commended ICPAK for its critical role in combating corruption in Kenya. He called for the development of an action plan for fighting corruption and economic crime, outlining the accountancy profession’s role in this effort. Kiptoo also mentioned the National Treasury’s progress in transitioning from cash accounting to accrual accounting, which is pending cabinet approval and set to be implemented in the next financial year.
Kiptoo highlighted the importance of accountants in transforming the country, particularly in fighting corruption and ensuring the transparent use of public resources. The seminar represents a significant step for ICPAK in aligning the profession with the technological advancements and ethical responsibilities required in today’s dynamic business environment.