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.
“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.
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