Matiang'i calls out corrupt accountants as crime proceeds top Sh374bn 

Interior Cabinet Secretary Fred Matiang'i with Institute of Certified Public Accountants of Kenya CEO Edwin Makori and ICPAK Chairman George Mokua din Mombasa on May 24, 2022.

Photo credit: Wachira Mwangi I Nation Media Group

Interior Cabinet Secretary Fred Matiang’i has challenged the Institute of Certified Public Accountants of Kenya (ICPAK) to blacklist accountants involved in malpractices resulting in the loss of public resources.

"The number of corruption-related cases being filed by the Ethics and Anti-Corruption Commission (EACC) at the anti-corruption court keeps on increasing. They involve accountants both in the public and private sector," Dr Matiang'i said.

He spoke on Tuesday during the accountants’ 39th Annual Conference in Mombasa.

The CS cited 18 corruption cases involving ICPAK members whose investigations have been completed.

He urged the heads of the lobby, led by ICPAK chairperson George Mokua, to bring disciplinary action against errant members.

"The accountants need to observe ethical guidelines while discharging their duties," said the CS, adding that losses amounting to Sh5.5 billion result from accounting and financial statement fraud.

The 2022 Financial Reporting Centre (FRC) data shows that the agency has investigated suspicious proceeds of crime amounting to Sh374 billion for 2018-2021.

It forwarded the report for further investigations and possible prosecution of the people involved. 

The FRC has forwarded cases to the EACC (90), Kenya Revenue Authority (89), Assets Recovery Authority (102), NIS (171), and DCI (154).

The cases are linked to corruption, tax evasion, money laundering and financial fraud.

The ICPAK has been blamed for contributing to delays in resolving such cases despite having a disciplinary register.

"There is a need for the organisation to resolve disciplinary cases. Twelve such cases have been categorised as dormant," said Dr Matiang'i. 

ICPAK data shows that 16 cases have not been resolved. Of these, eight have been pending for the last five years.

Mr Mokua pledged that corrupt accountants would be dealt with.


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