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{
"id": 196751,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/196751/?format=api",
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"type": "speech",
"speaker_name": "Mr. Muriithi",
"speaker_title": "",
"speaker": {
"id": 91,
"legal_name": "Ndiritu Muriithi",
"slug": "ndiritu-muriithi"
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"content": "I am much obliged, Madam Temporary Deputy Speaker. I rise to support this Bill for the following reasons:- First, the backbone of our economy today is not business. We are talking about industrializing Kenya and if, truly, we want to do so, we must be able to promote and provide active support to our small businesses. Madam Temporary Deputy Speaker, the economy has experienced excellent levels of growth in the last four or five years. What we have seen is the growth in the number of enterprises that require to access professional services. That is why it is absolutely necessary and crucial to update the Accountants Act so that those small businesses have a chance to access professional services that put them at a level where other institutions in the financial services are able to transact with them. Madam Temporary Deputy Speaker, in Kenya today, many small business are unable to access credit because they do not have access to a professional service that can assist them to put a set of books together and table in front of a bank. The reason why that is happening is because quality professional services are very expensive for small businesses. Therefore, this Act seeks to modernise the profession, regulate it and ensure that, in fact, small businesses access quality service. Madam Temporary Deputy Speaker, today, we need to improve on the level of trust that is there in professional services. I have spent many years in banking. I can tell you that one of the key hindrances for financial institutions' ability to determine whether to give a loan to a small business is, in fact, whether you can be able to trust the set of books that have been presented before you. So, this is a key pillar in the Government's efforts to ensure that small businesses do, in fact, have credit. That is because if you are a banker and you know that the accountants and auditors who audited the accounts are of impeccable quality and well regulated, you can believe and trust the quality of service that is put forward and provide credit. I note with satisfaction, Madam Temporary Deputy Speaker, that the profession and the Institute whose statutes are being updated own the Kenya College of Accountancy (KCA) University. As you know, that university is one of the universities which, in fact, has campuses in Kisumu and Githunguri. Therefore, that is an institution that needs our support and, indeed, that is why I support this Bill. Indeed, I want to encourage ICPAK and KCA University to move on to other centres in Kenya where their services are needed. Madam Temporary Deputy Speaker, I think it is also time that we facilitate other professions to update the statutes that govern them. We all appreciate that the nature of the economy, financial transactions and engineering have changed tremendously in the last ten or 20 years! Therefore, it is, in fact, an excellent time for many professions to update the statutes that govern them. That will enable the various professions to serve Kenyans and the people in a modern economy. Madam Temporary Deputy Speaker, I know that a number of colleagues have expressed some anxiety that this matter has come before us very fast. But this matter has been under discussion for a long time. The need to update statutes that govern accountants; the need to ensure businesses hire accountants and auditors to get value for their money has been under discussion for a long time! I dare say that those issues have been before us for more than ten years. It is true that we have taken long to get where we are. Therefore, I urge my colleagues to fully support this Bill, so that we can modernise the accounting profession, so that we are serious about ensuring small businesses have access to professional services and credit. We must pass this Bill. With that, I beg to support."
}