Law Summary: The Accountants Regulations, 2022 (Kenya)

Law Title: The Accountants Regulations, 2022
Legal Notice: No. 153 of 2022
Jurisdiction: Republic of Kenya
Law Based On: The Accountants Act, 2008 (No. 15 of 2008)
Gazette Reference: Kenya Subsidiary Legislation, 2022
Purpose:
To provide legal and administrative procedures for regulating the accounting profession, including membership, registration, practice, discipline, elections, and ethical standards under the oversight of the Institute of Certified Public Accountants of Kenya (ICPAK).

Membership and Registration:
Details the criteria and procedures for registering trainee accountants, associate members, and full members. Annual fees and qualifications are outlined in various schedules.
Practising Certificates and Licenses:
Specifies categories of certificates—Composite, Audit & Assurance, Taxation, and Consulting—with conditions including experience, CPD hours, and ethical compliance.
Professional Conduct and Standards:
Sets out standards of professional practice, ethical obligations, and acts that constitute professional misconduct (e.g., fraud, bribery, misstatements).
Disciplinary Framework:
Members in breach of the law or ICPAK standards may face sanctions including deregistration or fines.
Accreditation and Fees:
Fees are structured across membership levels and services. These include registration, annual subscriptions, and practice licensing as listed in the Third and Fifth Schedules.
Elections and Governance:
Outlines procedures for electing ICPAK’s Council and Chairperson, including voting methods, eligibility, scrutineer roles, and a code of conduct for candidates.
Continuous Professional Development (CPD):
Members are required to meet annual CPD requirements. Ethics training is also mandatory for practising accountants.
Firm Obligations:
Firms must undergo regular quality reviews and meet standards for registration and renewal of practice licenses.