The Institute of Certified Public Accountants of Kenya (ICPAK) has warned it will deregister members who will be implicated in Sh9 billion National Youth Service (NYS) scam saying they should carry their own cross.
The body has proposed Sh1 million to Sh10 million fine for any of their member who engages in financial malpractices.
However, ICPAK chairman Julius Mwatu called for a review of the 2008 Accountants Act that calls for a smaller penalty.
“It is sad that accountants implicated in the theft of Sh9 billion are only required to pay a fine of Sh100,000. It is very easy to pay this fees but if we enhance the penalties we will stop corruption,” he said.
The comments by ICPAK top brass comes amidst questions of credibility of some of its more than 3,000 members and also reported cases of corruption in different sectors in the country including government ministries.
ICPAK national chairman Julius Mwatu on Tuesday said they would conduct internal investigations and deregister or charge hefty fines to those found culpable with looting public funds in the NYS. He said some of its members within the NYS should co-operate with the team of investigators so as to safeguard ICPAK’s integrity.
“We will not hesitate to take stern action against members inplicated in the NYS scam. As ICPAK we do not support any of our members participating in economic crimes,” he said.
The institute boss, who also defended its alleged incompetence, urged government institutions to acquire registered and qualified personnel to reduce loopholes of financial misappropriation.
Mwatu also called for prudence on public expenditure urging Parliament and county assemblies to take their oversight roles seriously to help tame pilferage of public funds.