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Certified public accountants in Kenya will be required to include a serial number issued to them on financial statements beginning August 1, 20225.
This is according to the Institute of Certified Public Accountants of Kenya (ICPAK) which has developed a new platform to ensure users of financial statements are able to verify their authenticity through a unique code.
ICPAK says the Unique Document Identification Number (UDIN) will be issued to licensed practitioners who will be able to generate a unique QR code and serial number on the portal which they will place on their work as the institute moves in to weed out unqualified individuals in the profession.
“By taking these proactive measures, the institute will minimize the risks associated with quacks in accountancy and uphold the credibility and reliability of the profession while protecting the space occupied by its validly licensed practitioners,” said Philip Kakai, ICPAK chairman.
Kakai says despite efforts such as verifying credentials, conducting regular monitor review practices and educating stakeholders, users of financial statements are still unable to verify their credibility.
“These fraudulent or unqualified individuals who pose as legitimate professionals may provide false financial advice, manipulate records, or engage in other deceptive practices, thereby tarnishing the credibility of the profession,” he stated.
ICPAK is now set to engage key stakeholders, regulators and procuring institutions in order to enhance uptake of the new technology which is set to go live on August 1, 2025.
