The Institute of Certified Public Accountants of Kenya (ICPAK) has raised the red flag over hundreds of accountants practicing illegally.
ICPAK said the accountants had not registered with them, thereby going against the Finance Act, 2018.
Chairman Julius Mwatu said only 23,000 accountants have registered with the institute, adding that majority of those not registered have been involved in malpractices, tainting the image of the profession.
“I am sending out a warning that anyone practising as an accountant without a licence will from now on be dealt with according to the law,” he said.
Mwatu added that those unregistered provide poor services given to Kenyans with most of them over pricing their clients.
“For the first time in 40 years, accountants will have guidelines on professional charges just as is the case with lawyers,” he said.
Mwatu was addressing the press after an ICPAK council meeting on the new Finance Act at a Naivasha hotel.
He said under the Act, students taking accountancy will be registered and referred to as trainee accountants in a move aimed at enhancing professionalism.
ICPAK vice chair Denish Osodo said they were fully behind President Uhuru Kenyatta’s initiative of fighting corruption, adding that accountants who whistleblow on corruption matters would be protected by the law.