Financial markets regulators have summoned the chief financial officers
of listed firms in relation to recent allegations of companies faking
financial accounts. PHOTO | FILE
By BRIAN NGUGI, bnjoroge@ke.nationamedia.com, @brian_ngugi
Financial markets regulators have summoned the chief
financial officers of listed firms in relation to recent allegations of
companies faking financial accounts.
The Capital Markets Authority (CMA) and the Institute of
Certified Public Accountants will Tuesday
discuss issues relating to the accountancy profession, the auditors’ and ICPAK’s role in protecting public interest in relation to recent allegations of companies faking accounts.
discuss issues relating to the accountancy profession, the auditors’ and ICPAK’s role in protecting public interest in relation to recent allegations of companies faking accounts.
“Fraudulent accounting is a national disaster in
Kenya just as corruption has been declared and we need the input of
every stakeholder including the police, the National Intelligence
Service and the Ethics and Anti-Corruption Commission to curb the vice,”
said ICPAK chief executive Patrick Ngumi.
Accountants and auditing firms of listed companies
have lately been on the spot for alleged falsifying of company
financials in collusion with management at the expense of shareholders.
Customers of Imperial Bank have accused its auditor
PKF Consulting for failing to alert them over the fraud even as MPs
raised concerns over how Deloitte failed to raise alarm over Mumias
Sugar's books.
Also read: MD, PwC under probe over Haco profit scam
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