Accountants have welcomed the new Finance Act 2018 that they say has redefined the accountancy profession paving way for specialization in the field.
Institute of Certified Public Accountants of Kenya Chair Julius Mwatu says that under the new law certified accountants can attain more than one operating license hence spurring growth in the sector.
Kenya has 22,000 certified public accountants topping the ranks in East Africa ahead of Tanzania that has 4,500 and Uganda with 2,500 in the profession.
However, this has not made it easier for firms to penetrate the global market amid competition and changing technology in the profession.
Mwatu says implementation of the amendments to the Accounts Act as contained in the Finance Act 2018 will address the need to diversify as well as specialization in the field.
This emerged as certified public accounting firm, Alekim Associates announced a partnership with global outfit MGI worldwide that specializes in tax, audit and accounting services.
This move will enable the firm tap into the global market and join major local players that have international affiliates like Deloitte, PricewaterhouseCoopers, KPMG Ernst and Young as well as PKF.
ICPAK encouraged Kenyan firms to seek global partners and expand their scope.