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Annual Report & Financial Statements 2013 ANNUAL REPORT & FINANCIAL STATEMENTS 2013 ICPAK New Office (artistic front impression) THE 2ND ANNUAL FINANCIAL SERVICES CONFERENCE AND EXHIBITION 9TH – 11TH JULY 2014, KENYATTA INTERNATIONAL CONFERENCE CENTER, NAIROBI THEME: BEYOND REGIONAL ECONOMIC COMPETITIVENESS The Financial Services Sector is the largest in the world in terms of earnings, comprised of a wide range of businesses including merchant banks, credit card companies, stock brokerages, Saccos, Insurance Companies among others. Despite their potential, to date the impact of the sector in expanding economic opportunity has remained limited in the developing world where a vicious cycle of insufficient information, inappropriate products, inadequate infrastructure and inflexible regulatory environments have kept costs and therefore prices high, limiting companies’ markets to clients within the top tiers of the economic pyramid. It is in this recognition that ICPAK has organized the Annual Financial Services Conference and Exhibition to dwell on: • Financial Sector and the Realization of the • Retirement Benefits Management: Current Monetary Union Challenges • Growth in the Financial Services Sector: Focus • Anti Money laundering: Tips and Traps in the on the Unbanked Population & Informal Sector Sector • ICT Risk in the Integrated Economy Target Audience: Accountants, Professionals working • Domestic vs. External Borrowing in Saccos, Banking Sector, Insurance sector, Financial • Consolidation of Financial Services Regulators: Services Regulators, Academia and all stakeholders in the Necessity vs. Challenges Financial Services Sector Early Bird Registration Normal Registration (Bookings & payment received (Bookings & payment received ICPAK New Office by Friday 13th June 2014) after Friday 13th June 2014) (artistic back impression) Member Kshs. 29, 950 Kshs. 34, 950 Non-Member Kshs. 39, 950 Kshs. 44, 950 Bookings and Deadline the event of conference cancellation will be limited to Please book online on www.icpak.com/registration. a refund of the conference fee less administrative fee. Payment by MasterCard, Senator and Visa Card is acceptable. Bookings will close on Friday, 4th July 2014. National Industrial Training Authority (NITA) Reimbursement CPD Hours The Institute is registered as a trainer with National Delegates attending the Financial Services Conference Industrial Training Authority (formerly Department & Exhibition will qualify for award of 20 CPD Hours. of Industrial Training -DIT). The Institute’s registration number is NITA/TRN/47. Participants who are Cancellations & Substitutions registered levy contributors should apply to NITA for All cancellations must be notified in writing addressed reimbursement of their fees. Please note that this is to Dan Mugo. At no time are telephonic cancellations applicable for Kenyan citizens only and subject to NITA sufficient. Cancellations received on or before 4th July, regulations. Remember that to qualify you should apply 2014 shall be eligible for full refund less 15% administrative to NITA for approval prior to the date of the conference. fee. No refund shall be made for any cancellation Further details can be obtained from their website received after 4th July, 2014. The Institute’s liability in (www.nita.go.ke). For more information or enquiries please call +254(20)8562011; +254(20)8562016 or + (254) 733856262/727531006 and talk to Philemon, email to [email protected] or visit www.icpak.com For Exhibitions and Sponsorships, please talk to Linda on the above lines or email. FiRe Award 2013. Contents Page About Us 4 ICPAK Mission Statement 5 Message from the Chairman 6 - 8 Message from the Ag. Chief Executive 10 - 11 Management Discussions and Analysis - 2013 12 - 13 Institute Governance 16 - 21 Corporate Governance Statement 22 - 32 Strategic Reviews 36 - 37 Financial Statements 50 - 86 2 Credibility • Professionalism • Accountability | ANNUAL REPORT AND FINANCIAL STATEMENTS 2013 Credibility • Professionalism • Accountability | ANNUAL REPORT AND FINANCIAL STATEMENTS 2013 3 About Us ICPAK Mission Statement he Institute of Certified Public Through its flagship events such as the Annual Accountants of Kenya (ICPAK) is the Seminar and the Economic Symposium, ICPAK professional body for Certified Public provides forums for accountants in the region Accountants in Kenya established in 1978 to exchange ideas for their mutual and fraternal by the Accountants Act, CAP 531. Since benefits. Our Vision Tthen, ICPAK has been dedicated to development and regulation of the accountancy profession ICPAK remains committed to upholding in Kenya so as to enhance its contribution and and promoting the fundamental values of To be a globally that of its members to national economic growth the accountancy profession – Credibility, recognized and development. In 2008, a new Accountants Professionalism and Accountability - which is Our Mission Act No. 15 was enacted to replace the 1978 embodied in its credo. Professional Accountants Act to take into account the various Accountancy To develop and regulate the developments that had shaped the accounting Governance Structure Institute profession globally and in Kenya. ICPAK is led by an 11 member Governing Council accountancy profession in Kenya comprising of: through; The Accountants Act No 15, 2008 prescribes 1. A Chairman and six Council members elected the following as the functions of the Institute: from the members of the Institute. • Supporting the CPA(K) to be • To promote standards of professional 2. One member to represent the Ministry recognized globally as Competent competence and practice amongst members of responsible for matters relating to finance. Professionals who Add Value whilst the Institute. 3. One member appointed by the Cabinet • To promote research into the subject of Secretary - National Treasury to represent a Serving and Protecting the public accountancy and finance and related matters, profession other than accountancy; Our Core interest and the publication of books, periodicals, journals 4. One Member to represent Kenya Accountants and articles in connection therewith; and Secretaries National Examinations Board Credo • Building Sustainable Institutional • To promote the international recognition of 5. One Member to represent Capital Markets Capacity to provide that support the Institute. Authority. Credibility • To advise the Examination Board on matters relating to examinations standards and policies; In carrying out its responsibilities, Council Professionalism • To advise the Minister on matters relating establishes Committees and assigns specific Accountability to financial accountability in all sectors of the mandates to them. Council committees are economy; supported by members of staff in executing • To carry out any other functions prescribed their annual work plans. Council monitors and for it under any of the other provisions of this evaluates performance of committees. Act or any other written law; and • To do anything incidental or conducive for the Administrative Structure performance of any of the preceding functions. Day to day operations of the Institute are handled by a Secretariat comprising of the CEO, directors, Our Core Today, with membership and a network of 9,968 managers and staff. accountancy professionals, the Institute is the Values recognised national organization dedicated to advancing the interest of accountants and • Respect professionals in the finance and accounting sector in Kenya through the promotion of • Integrity internationally acceptable standards and best • Professionalism practices, thought leadership, research and continuing professional development. • Team work • Innovation 4 Credibility • Professionalism • Accountability | ANNUAL REPORT AND FINANCIAL STATEMENTS 2013 Credibility • Professionalism • Accountability | ANNUAL REPORT AND FINANCIAL STATEMENTS 2013 5 Message from the Chairman Message from the Chairman (continued) Corporate Governance Accountancy profession. We are also proud of As a member of the International Federation those who excelled academically. of Accountants (IFAC), ICPAK is mandated to promote the adoption of international standards Our heartiest congratulations go to His and best practices. As such, the Institute Excellencies CPA Wycliffe Oparanya (Kakamega continued its call for the adoption of proper County), CPA Jack Raguma (Kisumu County), governance and the establishment of effective CPA Ahmed Abdullahi Mohamed (Wajir County) risk management and internal control systems and CPA Abdihafid Yarow (Deputy Governor within organisations, in both the public and Wajir) for being elected governors in 2013 private sectors. Towards this end ICPAK engaged General Elections. with the National Treasury and advocated for the establishment of Public Sector Accounting We also extend congratulations to CPA Adan Standards Board. I am pleased that much Billlow Kerrow (Mandera), CPA Thomas progress has been made in Kenya and that, Mwandeghu (MP Wundanyi), CPA Charles in 2013, Government received the names of Nyamai (MP kitui West), CPA Francis Kigo (MP nominees to be members of this Board. Gatundu North), CPA Stephen Kirwa (MP Mosop) and CPA John Mbadi (MP Suba), on their election Ensuring Public Trust and Confidence in the as members of the Senate and the National Profession Assembly respectively. At the core of the accounting profession, is our commitment to protecting the public interest. Communication Over the years, ICPAK has established strong During the year, the Institute enhanced self regulatory
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