The accounting profession continues to experience drastic change. Now, a new law has made it mandatory for new KASNEB (Kenya Accountants & Secretaries National Examination’s Board) accounting students to enroll with ICPAK, the profession’s regulator when registering for KASNEB exams.
This follows the recent amendments to Section 17 of the 2008 Accountant’s Act through the recently enacted Finance Bill 2018.
“The examination board will, prior to registering any person to undertake accounting examinations, require that the individual be registered with the institute,” the new law states.
ICPAK has already clarified that on registration, the new members will be conferred the title of trainee accountants.
The amended Act states that a trainee accountant is a person duly registered by KASNEB and who has already commenced professional accountancy training or education or is currently practicing accountancy using professional papers required as part of the requirements to work as an accountant.
The institute has also said that the trainee accountants will be taken through practical training by ICPAK before completing their last examinations.
This can only be good news for KASNEB students as trainees have long complained that the curriculum is theory-heavy and lacking on practical skills.
The trainees will also be closely monitored by ICPAK on their adherence to the published code of ethics.
Under the new arrangements, the acquisition of essential professional and work experience is prioritized through a new framework better known as TAPEF (Trainee Accountants Practical/Experience Framework) and which will be jointly supervised by KASNEB & ICPAK.
According to the regulator, the new requirements are in tandem with the best International practices and conform to the requirements of the expansive International Accounting Education Standard Board (IAESB) published in 2017.
KASNEB is expected to roll out the modalities of the actual implementation of this new rule in due course.