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{
    "id": 196747,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/196747/?format=api",
    "text_counter": 165,
    "type": "speech",
    "speaker_name": "Mr. Ngugi",
    "speaker_title": "",
    "speaker": {
        "id": 112,
        "legal_name": "David Mwaniki Ngugi",
        "slug": "david-ngugi"
    },
    "content": "Thank you, Madam Temporary Deputy Speaker. I rise to support this Bill and congratulate the Minister for Finance for bringing it. First of all, I would like to say that most of the laws that were made in this country are due for review. They are archaic. The law that governs the Accountancy Profession was made more than 30 years ago. We must move with the times. That is why this Bill that has been brought by the Minister for Finance will modernise the rules regulating the Accountancy body. We have seen, in this country, many institutions collapse. Ordinary members of the bodies always wonder how these bodies collapse while the institutions are often audited. Several companies in the insurance profession have collapsed one after another and yet, every year, all these companies are audited and file their returns with the Commissioner of Insurance. The Commissioner of Insurance is supposed to see to it that they are healthy and solvent. However, we still see one after another going down. This is why I support a body that will regulate the Accountancy practice, by enforcing penalties; so that if an auditor certifies a company to be healthy, only for it to collapse the next day he should be held responsible. Another example is the Nyaga Stock Brokers which recently collapsed. I believe if we had such a law which is modern, then, even the Nairobi Stock Exchange (NSE) and the Capital Markets Authority (CMA) would have had a better chance to look at such brokers so that they do not collapse and wananchi end up suffering. Madam Temporary Deputy Speaker, it would be healthy that even the regulations governing other professionals in this country are modernised by being brought to this House so that we can move with the times. With those remarks, I support the Bill."
}