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TRANSCRIPT
THE CODE
Accountants Professional Ethics Forum
at Nairobi Safari Park
CPA EDWIN MAKORITuesday, February 14, 2017
Credibility . Professionalism . AccountAbility 1
Overview
ICPAK and ICPAK Requirements
IFAC Regulations/Requirements
Professional Ethics
Companies Act
CMA requirementsCommunication
ICPAK And ICPAK Requirements
Credibility . Professionalism . AccountAbility 3
About ICPAK
The accounting profession in Kenya is self regulated by
ICPAK
ICPAK was formally established in 1978 with the
enactment of the Accountants Act
Kenya Accountants and Secretaries National
Examinations Board (KASNEB)
Registration of Accountants Board (RAB)
Institute of Certified Public Accountants of Kenya
(ICPAK)
About ICPAK
The Accountants Act was revised in 2008 with theAct being effective on 1st January 2009
Kenya Accountants and Secretaries NationalExaminations Board (KASNEB)
Institute of Certified Public Accountants ofKenya (ICPAK)
Functions of KASNEB
Prepare syllabuses for professionals’ and technicians’ examinations in accountancy.
Rules and regulations. Conduct examinations. Promote recognition of its examinations in
foreign countries. Investigation and disciplinary-students Research Publication of books and other materials. Accreditation of training institutions.
Functions of ICPAK
Promote standards of professional competence and practice.
Research and publications Promote the international recognition of the
Institute. Advise KASNEB Advise the Minister-Financial accountability in all
sectors of the economy.
Other Guiding Documents
Institute’s By laws
Constitution of Kenya 2010
Regional and International Affiliations
Regional and International affiliationsEast Africa Community-MRA Pan African Federation of Accountants
(PAFA) International Federation of Accountants
(IFAC): SMOS 1 to 7: Membership in IAESB, NC,SMP.
ICPAK Applicable Requirements
Professional Accountants in Public Practice
Professional Accountants in Business
Associate Members
IFAC Regulations/Requirements
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Overview
About IFAC
IFAC Membership and Compliance
• Member Body Obligations
• Compliance Program
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IFAC Today
•Global organization for accountancyprofession
•Expanding network of 163 member bodies in119 countries, representing 2.5 millionaccountants
•Supported by regional accounting networks
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IFAC Mission
•To serve the public interest,strengthen the worldwideaccountancy profession andcontribute to the development ofstrong international economies
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IFAC Membership and Compliance
Statements of Membership Obligations (SMOs) Approved by IFAC Board March 2004 Basis for evaluating status of members in
good standing Basis for evaluating new applicants
Incorporate International Standards
Assist in implementing the International Standards
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IFAC- SMOs
1. Quality assurance2. Investigation and discipline3. International Education Standards4. Pronouncements and papers issued by the
IAASB5. IFAC Code of Ethics6. IPSASs7. International Financial Reporting Standards
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Overview of the mandate for training
IFAC SMOs:
SMO 2: International Education Standards (IESs) for
Professional Accountants and Other
Pronouncements Issued by the IAESB
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Overview of the mandate for training
IESs:
IES 7: Continuing Professional development
Output measurements
IES 8: Professional Competence for Engagement
Partners Responsible for Audits of Financial
Statements
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Professional Ethics
Credibility . Professionalism . AccountAbility19
Ethics
What is ethics?
Ethics is concerned with how an attitude, action or decision is determined as ‘right or wrong or good or evil’
(Donaldson, 1988).
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We all want to do the right thing, don’t we?
Ethics is a global issue
All accountants are facing similar decisions
IFAC code applies globally and is at the heart of
ethics
Local factors come into play in application of
ethics
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Why Ethics is important?
o Protect Public Interest
o Objectivity and Integrity
o Ethics underlies judgement in a principles
based accounting regime
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Potential Ethical dilemmas for Accountants
Monthly financial targets not likely to be met.
Possible manipulation of figures in financial accounts.
In the Kenya bonuses/share options for employees may
depend on certain level of profits being reached
Pressure from client/bank if an audit report needs to be
signed today and there is insufficient information to know
whether accounts show a true and fair view
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Impact of dilemmas
• Some issues may be trivial – but there may
still be a right and wrong course of action.
• Others may lead to severe consequences –
as various accounting scandals worldwide
can testify.
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IFAC-Code of Ethics
Part A – Framework applies to all professionalaccountants
Part B – Professional accountants in publicpractice
Part C – Professional accountants in business
Fundamental Principles
Integrity
To be straight forward and honest in all professional and
business relationships
Objectivity
To not allow bias, conflict of interest or undue influence
of others to override professional or business judgments
Fundamental Principles
Professional Competence and Due Care To maintain professional knowledge and skill at
the level required to ensure competentprofessional services based on currentdevelopments in practice, legislation andtechniques
To act diligently in accordance with applicabletechnical and professional standards
Fundamental Principles
Confidentiality• To refrain from disclosing confidential information
acquired as a result of professional and businessrelationships without proper and specific authority todisclose unless there is a legal or professional right orduty to disclose
• To refrain from using confidential information acquiredas a result of professional and business relationships forpersonal advantage or the advantage of third parties
Fundamental Principles
Professional behaviorObligation to comply with relevant laws and regulations and avoid any action that discredits the profession
Application of the Code of Ethics
Professional Accountants in Public Practice
Professional Accountants in Business
Companies Act
Credibility . Professionalism . AccountAbility31
Interpretations, Definitions and Responsibilities
Credibility . Professionalism . AccountAbility32
Introduction
AN ACT of Parliament to
consolidate and reform the law relating to the
incorporation, registration, operation, management
and regulation of companies;
to provide for the appointment and functions of
auditors;
to make other provision relating to companies;
and
to provide for related matters
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Introduction
The Companies Act, 2015 was assented by the President on 11th September 2015 with
only Section 2 of the Act coming into operation on the date of gazettement on 15th
September 2015.
It has 1,026 sections grouped into 42 parts each of which has several divisions and
supplemented by 6 schedules.
The first phase of implementation of the laws was published in Gazette Notice 233 of
2015 where the following parts became operational; Parts 1 to 14, Part 23, Part 31,
Part 32, Part 38, Part 40, Part 42 and the First, Second and Sixth Schedules of
the Act.
The Companies Act, 2015 became fully operational in June 2016 via Legal Notice
dated 15 June 2016
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Who is a Director?
The Companies Act 2015 defines a director as including any
person occupying the position of a director, whatever the
title.
There is therefore no distinction between executive
(management) and non-executive (supervisory) directors and
all directors of a company have the same duties and liabilities
to the company.
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Director’s Duties
The Act provides that directors owe the following duties:-
a. to act within power and to use powers for the right
purpose
b. to promote the success of the company;
c. to exercise independent judgement;
d. to exercise reasonable care, skill and diligence;
e. to avoid conflicts of interest;
f. not to accept benefits from third parties; and
g. to declare interests in proposed transactions and
arrangements.
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Director’s Duties
The board of directors is ultimately responsible for the company’s
business affairs and governance as stated in its governing
documents, including the articles of incorporation, the by laws,
and shareholder agreements.
The success of the board of directors depends on the
composition, structure, resources, diligence, and authority of the
entire board, as well as their working relationships with other
participants of corporate governance, including management,
external auditors, internal auditors, legal counsel, professional
advisors, regulators and investors.
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Section 3: Interpretation – definition of
“auditor”
Page 325 and 329
"auditor" means-
(a) a person or firm appointed as an auditor of a company under Part
XXVII; or
(b) a person or firm appointed as an auditor of a body of a kind
prescribed by the regulations for the purposes of this definition;
"body corporate" includes a firm that is a legal person under the law by
which it is governed;
“firm" means an entity, whether or not a legal person, that is not a
natural person; and includes a body corporate, sole proprietorship,
partnership or other unincorporated association;
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Section 3: Interpretation
Page 332
“Prescribed financial accounting
standards” means statements of standard
accounting practice issued by a
professional body or bodies in
accounting and finance recognized by
law in Kenya;
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Section 123 – Members of a director’s family.
For the purposes of this Part, a person is a member
of a director’s family if the person is-
1. the director’s spouse
2. a child or a step-child of the director;
3. a child or step-child of the director’s spouse
who lives with the director and has not
reached eighteen years of age; or
4. a parent of the director
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Section 124: When director
connected with a body corporate.
A director is connected with a body corporate if, but only if,
the director and the persons connected with the director
together—.
(a) are interested in shares comprised in the equity share
capital of the body corporate of a nominal value equal to
at least twenty percent of that share capital; or
(b) are entitled to exercise or control the exercise of more
than twenty percent of the voting power at any general
meeting of that body
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Section 131: Minimum Age of Director
and Appointment of Directors.
A person who has not reached eighteen years of age
may not be appointed to be a director of a company
Changes minimum age from 21yrs to 18yrs and
removes limit of 70 yrs under old CA s186
Appointment made in contravention is void.
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Section 243:
COMPANIES SECRETARIES.
A private company is required to have a secretary only if it
has a paid up capital of five million shillings or more.
Every public company is required to have at least one
secretary.
If a company fails to comply, the company, and each officer
of the company who is in default, commit an offence and on
conviction are each liable to a fine not exceeding five
hundred thousand shillings.
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Transactional and Financial Implications
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Section 151 : Duty to declare interest in proposed
or existing Transaction or arrangement.
If a director of, a company is in any way, directly or indirectly, interested in a
proposed transaction or arrangement with the company, or in a transaction or
arrangement that the company has already entered into, the director shall declare the
nature, and extent of that interest-
(a) to the other directors; and
(b) if the 'company is a public company, to the members of the company.
If, in the case of a public company, a proposed transaction or arrangement' with the
company, or a transaction or arrangement that the company has already entered into,
is for an amount, or for goods or services valued at an amount, that exceeds ten
percent of the value of the assets of the company, the declaration shall also be made
to the members of the company either-
(a) at a general meeting of the company; or
(b) by notice given to. the members
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Section 151 (3): Duty to declare interest in
proposed or existing Transaction or arrangement.
A declaration is not effective for the purpose of
unless the valuation of the goods or services and the
valuation of the assets of the company are certified by
the company's auditors as being the true market value
of those goods or services and those assets.
Amount or value of the goods or services valued should
exceed 10% of the valued assets of a company
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Section 620 – interpretations under part XXV and
660 – Regulations may prescribe requirements for
contents of directors’ remuneration report.
620. (1) In this Part- annual financial statement", in relation
to a company, means the company's individual financial
statement for a financial year, and includes any group
financial statement prepared by the company for that year.
(2) In the case of an unquoted company, its annual financial
statement and reports for a financial year consist of —a) its annual financial statement;
b) the directors' report; and
c) the auditor's report on the financial statement and directors'
report unless the company is exempt from audit.
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Section 620 – interpretations under part XXV and
660 – Regulations may prescribe requirements for
contents of directors’ remuneration report.
(3) In the case of a quoted company, its annual financial
statement and reports for a financial year consist of-
1. its annual financial statement;
2. the directors' remuneration report;
3. the directors' report; and
4. the auditor's report on-
5. the financial statement;
6. the auditable part of the directors' remuneration
report;
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Section 620 – interpretations under part XXV and
660 – Regulations may prescribe requirements for
contents of directors’ remuneration report.
660. (1) The regulations may prescribe:-
1. the information that is required to be
included in a directors' remuneration report;
2. how information is to be set out in the
report; and
3. what is to be the auditable part of the report.
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Section 624 and 625
Companies qualifying as small: general rules.
624(3)- The qualifying conditions are satisfied by a
company in a year in which it satisfies two or more of
the following requirements-
1. It has a turnover of not more than fifty
million shillings;
2. The value of its net assets as shown in its
balance sheet as at the end of the year is not
more than twenty million shillings; and
3. It does not have more than fifty employees;
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Section 624 and 625
Companies qualifying as small: general rules.
Companies qualifying in this regime are
exempted from auditing requirements under
Section 724.
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Section 769 and 770
Quoted Companies: Audit Committee..
The directors of a quoted company shall ensure that the company has
an audit committee appointed by the shareholders of a size and
capability appropriate for the business conducted by the company.
If a quoted company is a subsidiary of another quoted company, the
other quoted company may assume responsibility for performing the
obligation imposed on the subsidiary
If the directors of a quoted company fail to comply, each of the
directors in default commits an offence and on conviction is liable to a
fine not exceeding one million shillings.
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Section 487
Net asset restriction on distributions by public
companies.-General Rules
.A public company may make a distribution only
if the amount of its net assets is not less
than the aggregate of its called-up share
capital and distributable reserves; and
if, and to the extent that, the distribution
does not reduce the amount of those assets
to less than that aggregate.
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Overview of the Companies Act 2015 on Financial Reporting
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Directors’ Report• Business review• Enhanced business review for
audited entities.• Statement on accuracy and
completeness of information to auditors
Financial Statements• Name of signing directors must be disclosed• Must be filed at registrar of companies within
9 months of the end of the reporting period (Private Companies)
• Must be filed at the registrar of companies within 6 months of the end of the reporting period (Public Companies)
Introduction of small company and small
group regimes
Exemption from preparation of group financials• Requirement that the consolidating entity
must be incorporated in Kenya removed.• Small group companies exempted• Partially owned subsidiaries can take
advantage
Clearly defines mandatory annual reports and financial statements for quoted and
non-quoted companies
Accounting Reference Periods• Change of accounting reference
period limited to once every five years
Accounting Records• Expanded definition• Defined retention period (7
years)
Companies Act 2015 - Highlights
Overview of the Companies Act 2015 on Financial Reporting
628. (1) Every company shall -keep proper accounting records. (2) For purposes of subsection (1), -accounting records, are proper
only if they —
▪ (a) show and explain the transactions of the company;
▪ (b) disclose with reasonable accuracy, up to the end of the previous three month trading period, the financial position of the company at that time; and
▪ (c) enable the directors to ensure that every financial statement required to be prepared complies with the requirements of this Act.
629. (1) If a company fails to comply with a provision of section 628, the company, and each officer of the company who is in
default, commit an offence.
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635. (1) The directors of every company shall prepare a financial statement for the company for each of financial year of the company.
636. (1) The directors of a company may approve financial statement for the purposes of this Division only if they are satisfied that the statement gives a true and fair view of the assets, liabilities and profit or loss —
a. in the case of an individual financial statement of the company;
b. in the case of a group a financial statement—of the undertakings comprising the consolidation as a whole, so far as concerns members of the company.
(2) In performing the auditing functions under this Act relating to a company's annual financial statement, the company's auditor shall have regard to the directors' duty under subsection (1).
(3) If the directors of a company in contravention of subsection (1), each of the directors who is in default commits an offence and on conviction is liable to a fine not exceeding five hundred thousand shillings.
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Accounting Records and Financial Statements.
•PART XXV Sections 620-704— Company accounting records and financial statements
•Responsibilities for financial statements
•Reporting period and record keeping
•Annual reports including business review
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Unquoted company - annual financial
statement and reports for a financial year
consist of
its annual financial statement;
the directors' report; and
the auditor's report on the
financial statement
directors' report unless the
company is exempt from audit
Quoted company - annual financial statement
and reports for a financial year consist of-
– its annual financial statement;
– the directors' remuneration report;
– the directors' report; and
– the auditor's report on-
– the financial statement;
– the auditable part of the directors‘
remuneration report
Section 626 (2) Companies excluded from the
small companies regime.
Page 723.
(2) A group is ineligible if any of its members is
a. a public company;
b. a body corporate (other than a public
company) whose shares are admitted to
trading on a securities exchange or other
regulated market in Kenya; or
c. a person who carries on insurance market
or banking activity.
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Section 628 – Duty of company to keep proper
accounting records.
Section 629
628. (1) Every company shall -keep proper accounting records.
(2) For purposes of subsection (1), -accounting records, are proper only if they
—
(a) show and explain the transactions of the -company;
(b) disclose with reasonable accuracy, up to the end of the previous three
month trading period, the financial position of the company at that time; and
(c) enable the directors to ensure that every financial statement required to be
prepared complies with the requirements of this Act.
629. (1) If a company fails to comply with a provision of section 628, the
company, and each officer of the company who is in default, commit an
offence.
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Section 628 – Duty of company to keep proper
accounting records.
Section 629
(2) A person who is found guilty of an offence under
subsection (1) is, liable on conviction.—
(a) in the case of a body corporate, to a fine not exceeding
two million shillings; or
(b) in the case of a natural person, to a fine not exceeding one
million shillings or to imprisonment for a term not exceeding
two years, or to both.
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Section 630:
Where and for how long Company is required to
keep its records.
630(2) A company shall preserve its accounting
records for not less than seven years from and
including the date on which they were created.
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Statement of Director’s Responsibilities
The Companies Act requires the directors to prepare financial statements which give a true and
fair view of the state of affairs of the company as at the end of the financial period and of the
operating results for that period. It also requires the directors to ensure that the company
maintains proper accounting records which disclose with reasonable accuracy the financial
position of the company. The directors are also responsible for safeguarding the assets of the
company.
The directors accept responsibility for the preparation and fair presentation of financial
statements that are free from material misstatements whether due to fraud or error. The also
accept responsibility for:-
i. designing, implementing and maintaining internal control relevant to the preparation
and fair presentation of financial statements;
ii. selecting and applying appropriate accounting policies; and
iii. making accounting estimates and judgements that are reasonable in the circumstances.
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How does CA 2015 Affect it?
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Include the remuneration policy
Should the remuneration be aggregated or disaggregated??
Are the requirements of IAS 24 sufficient???
654.(2) The directors shall include in their report astatement that with respect of each of the persons,who was a director at the time the report wasapproved —a) there is, so far as the person is aware, no
relevant audit information of which thecompany's auditor is unaware; and
b) the person has taken all the steps that theperson ought to have, taken as a director so asto be aware of any relevant auditinformation and to establish that thecompany’s auditor is aware of thatinformation.
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Section 655: Business review to be
included in certain directors’ report.
655. (1) Unless the company is subject to the small companies regime, the directors shall include in their report a business
review that complies with subsection (3), so far as relevant to the company.
(2) The purpose of the business review is to inform members of the company and assist them to assess how the directors
have performed their duty under section 144.
(3) The business review complies with this subsection if —
(a) it contains-
a fair review under subsection (1) of the company's business; and
a description of the principal risks and uncertainties facing the company-
(4) In the case of a quoted company, the directors shall specify in the business review (to the extent necessary for an
understanding of the ' development, performance or position of the company)
1. the main trends and factors likely to affect the future development, performance and position of the business
of the company;
information about
environmental matters (including the impact of the business of the company- on , the
environment);
the employees of the company; and
social and community issues, including information on any policies of the company in relation to
those matters and the' effectiveness of those policies-, and
2. information about persons with whom the company has contractual or other arrangements that are essential to
the business of the company.
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The Act now legislates audit committees for quoted companies.
The Code, 2015 also provides requirements for audit committees.
ICPAK and CMA believe that effectives of audit committees is the cornerstone to establishing robust internal control framework and quality financial reporting process.
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Include in the annual reports and audited financial statements a report of the audit committee,
separate from directors' report which shall provide:-
i. comment on the internal controls and the effectives of the audit committee on
oversighting the internal control framework
ii. how the audit committee oversees external auditor independence (impact of non-audit
services, audit firm tenure and audit partner rotation)
iii. any significant audit matters considered and how the committee has addressed the
matters.
Section 657 – content of directors’ report:
statement as to disclosures to auditor
657. (1) This section applies to a company unless-
it is exempt for the relevant financial year from the requirements of Part
XXVII with respect to the auditing of company's financial statement; and
the directors take advantage of that exemption.
(2) The directors shall include in their report a statement that with respect of each of
the persons, who was a director at the time the report was approved —
a) there is, so far as the person is aware, no relevant audit information of which
the company's auditor is unaware; and
b) the person has taken all the steps that the person ought to have, taken as a
director so as to be aware of any relevant audit information and to establish
that the company s auditor is aware of that information.
(3) In subsection (2) “relevant audit information" means information needed by
company's auditor in connection with preparing the auditors’ report.
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Section 773 - Eligibility for appointment as
a statutory auditor.
773. A natural person or firm is eligible for
appointment as an auditor only if the person, or each
partners of the firm-
1) is a holder of a practicing certificate issued
under section 21 of the Accountants Act;
and
2) has a valid annual license issued under
section 22 of the Accountants Act
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Section 779-Power of Cabinet Secretary to
recognize qualifications of foreign auditors for
purposes of this Act.
The section is amended in the Act as follows
778 (1) The Cabinet Secretary may, on the recommendation of the
Institute of Certified Public Accountants of Kenya, by notice
published in the Gazette, declare that persons of the following classes
are to be recognized as being holders of an approved foreign
qualification for the purposes of this Act-
1. persons who are qualified to audit company financial
statements of accounts under the law of a specified foreign
country;
2. Persons who hold a specified professional qualification in
accountancy obtained in a specified foreign country.
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TRANSITIONAL AND
SAVING ARRANGEMENTS
If the financial year of an existing companybegan before, but has ended after, the repeal ofsections 147 to 163 of the repealed Act (or ofsuch of those sections as are applicable), thosesections continue to apply to the companywith respect to its accounts for that year, andto the audit of those accounts, as if that repealhad not taken effect.
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CMA Requirements
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WHO IS CMA?
The Capital Markets Authority is anindependent public agency established byan Act of Parliament, Cap 485 A.
The Authority came into being onDecember 15, 1989 when the Act waspassed and was inaugurated in March1990.
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CMAs Role?
The CMA is a regulating body charged with the primeresponsibility of supervising, licensing and monitoringthe activities of market intermediaries, including thestock exchange and the central depository and settlementsystem and all the other persons licensed under theCapital Markets Act.
It plays a critical role in the economy by facilitatingmobilization and allocation of capital resources tofinance long term productive investments.
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Functions of CMA
1. Licensing and supervising all the capital market intermediaries
2. Ensuring proper conduct of all licensed persons and market
institutions.
3. Regulating the issuance of the capital market products (bonds, shares
etc )
4. Promoting market development through research on new products
and institutions.
5. Promoting investor education and public awareness
6. Protecting investors’ interest
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CMA Regulations and Rules
1. The Capital Markets (Collective Investment Schemes) Regulations, 2001 2. The Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002 3. The Capital Markets (Licensing Requirements) (General) Regulations, 2002 4. The Capital Markets (Takeovers and Mergers) Regulations, 2002 5. The Capital Markets (Foreign Investors) Regulations, 2002 6. The Capital Markets Tribunal Rules, 2002 7. The Capital Markets Asset Backed Securities Regulations 2007 8. The Capital Markets (Registered Venture Capital Companies) Regulations 2007. 9. The Capital Markets(Conduct of Business) (Market Intermediaries) Regulations 201110. The Capital Markets(Corporate Governance) (Market Intermediaries) Regulations, 2011 11. The Capital Markets (Demutualization of the Nairobi Securities Exchange Limited)
Regulations 2012 12. The Capital Markets Futures Exchanges Licensing Requirements Regulations 2013 13. The Capital Markets Real Estate Investment Trusts Collective Investment Schemes
Regulations 2013
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CMA Guidelines
1.Guidelines on Corporate GovernancePractices by Public Listed Companies
2.Guidelines on the Approval and Registrationof Credit Rating Agencies
3.Guidelines on Financial Requirements forMarket Intermediaries
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Interactive Session