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{
    "id": 196753,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/196753/?format=api",
    "text_counter": 171,
    "type": "speech",
    "speaker_name": "Mr. Kinyanjui",
    "speaker_title": "The Assistant Minister for Roads",
    "speaker": {
        "id": 48,
        "legal_name": "Lee Maiyani Kinyanjui",
        "slug": "lee-kinyanjui"
    },
    "content": " Thank you, Madam Temporary Deputy Speaker. I rise to support the Accountants Bill and also to congratulate the Minister for Finance for bringing this Bill at this particular time when we have seen an increase in the number of Kenyans who are now willing to invest in alternative sectors, away from the traditional one, namely cattle keeping. It is true that more and more Kenyans are investing in the Stock Exchange by buying shares in companies. Most of the companies that have had their Initial Public Offers (IPOs) have been over-subscribed by over 100 per cent in most cases. It is true that most Kenyans lack the technical skills to evaluate the worth or profitability of a company. They, therefore, rely on the work and professionalism of the accountants, and it is important that the accountants give figures that reflect the reality and performance of a company. With this in mind, it has become extremely important because we have seen many companies that have previously posted very good results, but suddenly get into serious financial problems and we have no way of exactly explaining what has gone wrong. The obvious explanation is that some of the accountants we have had, had no body that registered or certified their qualifications. When they are put under pressure, they are able to \"massage\" figures to reflect a certain position that may be consistent with the need of that particular time. With the passing of this Bill, it will become difficult for any accountant, who wishes to do such a thing, to do it because he will be blacklisted and disciplined, as stipulated in the proposed Section 30. April 15, 2008 PARLIAMENTARY DEBATES 455 Madam Temporary Deputy Speaker, I would also like to add that the role of accountants in our economy today is very critical, because taxes that we pay as individuals or companies are determined by the figures that are basically given by our accountants and auditors. If they do not give the right figures, for whatever reason, it is obvious that the taxation that we are going to pay will not reflect the position on the ground. So, a properly constituted and regulated profession is going to increase the tax base of the taxes that we will be able to collect, and will give a better representation of the productivity in the country. I would also like to add that in our country today many professions are not regulated. As a result, we have had very serious professional negligence, which has often led to serious repercussions to the general public. That has often led to serious problems in our society. With the passing of this Bill, there will be a body that will oversee the performance of the accountants, and ensure that they adhere to the code of ethics at all times, as stipulated in the Bill. It is also indicated that the fees charged by the accountants will essentially be determined by the profitability of the company, unless the company is in liquidation or under receivership. My fear is that if this is passed as it is, accountants will be tempted to post figures that will be higher than the reality, because that will definitely affect what they will be able to take home in the form of professional fees. With those few remarks, I support the Bill."
}