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{
    "id": 196750,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/196750/?format=api",
    "text_counter": 168,
    "type": "speech",
    "speaker_name": "Mr. Ng'ongo",
    "speaker_title": "",
    "speaker": {
        "id": 110,
        "legal_name": "John Mbadi Ng'ong'o",
        "slug": "john-mbadi"
    },
    "content": "Thank you, Madam Temporary Deputy Speaker. I would like to support the Bill even though I had reservations about the time we have, as hon. Members, to look at it in detail and give informed opinion about it. I would like to thank the Minister for Finance because the Act we have has taken too long to be reviewed. Therefore, I think it is necessary that something be done, given the importance of the Accounting Profession. There has been recent public demand on the part of accountants to be more accountable and responsive to the needs of stakeholders. I am more particularly impressed by the fact that, now, we are going to regulate the accounting profession so that no other person can just come and practise in it. I am particularly impressed with that particular provision because, in the past, you would find so many people moonlighting and just taking their work to the accountants to stamp. They would use their name and make a kill out of it. So, that is a very positive development. Madam Temporary Deputy Speaker, I must point out what the Seconder of the Bill alluded to. That is on page 44, Clause J which states:- \"30(1) A member of the Institute shall be guilty of professional misconduct if such member - (j) expresses his opinion on financial statements or any business or any enterprise in which he, his immediate family, his firm or any partner in his firm, has an interest, unless he discloses that interest when expressing the opinion;\" I am concerned with the term \"interest\" because we do not want to put accountants in a situation where they become investigators. If he is a shareholder, it should be clear that his family member or his partner should not be a shareholder in the company that I he or she is auditing. He or she is not supposed to be a partner. There should be a clear mention of the word rather than just putting the word \"interest\". I was looking at it and wondered: If my partner is probably a supplier in same company, does that constitute an interest? Am I disqualified from auditing such a company? If that is true, then you might realise that some companies might not have auditors to audit them. I know that might come before the Finance Committee. The Committee should scrutinize it in detail and make amendments that may stand the test of time. Otherwise, Madam Temporary Deputy Speaker, I must say that this Bill is long overdue. It is necessary to amend the Act to regulate accountants even more. I was also a bit concerned about the provision in the Bill that is proposing to include the Government in the Council and Disciplinary Committee. I am a bit hesitant in bringing the Government in some of those bodies. I do not want to say that the Government is corrupt, but many bodies that are controlled by the Government--- We know the consequences! We have seen the consequences. So, I am a bit reluctant to include the Government in bodies that govern the accounting profession. Otherwise, thank you very much, Madam Temporary Deputy Speaker. April 15, 2008 PARLIAMENTARY DEBATES 453 I beg to support this Bill."
}