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"id": 196761,
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"speaker_name": "Mr. M'Mithiaru",
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"content": "Thank you, Madam Temporary Deputy Speaker. My name is M'Mithiaru from Igembe North. I wish to support the Accountants Bill. Let me, first of all, say that I have actually not gone through the entire body of the Bill. But I have read the Memorandum Clause and also the importance of the Bill to the industry. Madam Temporary Deputy Speaker, the Accountants Bill is a professional bodys' Bill. What we know is that all professions must be backed by the requisite law for them to be able to enforce what they do, and also practise with their functions properly defined. This kind of a Bill will go on to set the standards that the practising accountants will follow. It is going to bring in more professionalism to the practice of the accountants. Secondly, we know that there have been issues where we say that the accountants have not been doing a good job. They have been compromised and so on. I am sure that, with the setting up of this Bill, it is going to address the issue of professional ethics, so that we do not have accountants abusing the practice that they are already in. Having a glance at the Bill, I have seen that it has also gone on to establish other arms within the Institute of Certified Public Accountants like the Examinations Board. We know for sure that if we set up an examinations board, without having a proper legal backing on what it is supposed to do, we may end up having what we call a toothless dog. But now, with the examination board that is going to be established under this Bill, we are sure that it will address all the necessary issues concerning the examination of the accountants and also the standards, so that we do not have accountants whose qualifications are doubtful. I would also wish that this Bill - and I wish the Minister could take note of this - could take into account the small businesses which may not have the might and money to hire qualified accountants. Is there anything that can be put, in terms of provisions in the Bill, so that those small businesses could be promoted through a provision which gives a concession, so that the accountants also will be seen actually to promote those smaller businesses? That is because tomorrow, those are the businesses that will also give the accountants business. If there is a way to include that kind of a clause, it will be very good. Madam Temporary Deputy Speaker, the other issue that is quite admirable in this Bill is that in the event that an accountant is incapacitated, the firm can appoint what we call \"an interim manager\" to manage the affairs of the business while the practising accountant is indisposed. The problem we have been having is that when you hire an accounting firm, and the main partner is not there or is indisposed, you find that everything grinds to a halt. With this provision now, it will mean that even when the main owner of a firm is not there, there will be a way of ensuring there is continuity within the accounting business. For those firms that will be practising audit, there will be no reason for them to say: The main partner is not there; so we cannot continue with the audit. To me, this is a very nice provision that has been included in this Bill. On the issue of appointment to committees, one of the my colleagues asked: How do we April 15, 2008 PARLIAMENTARY DEBATES 457 have all these committees appointed? We know that appointment of committees can be a bit tricky, because sometimes we may not have the right people. Within the Bill we can incorporate the kind of qualifications that we should consider when it comes to appointment of the council members or any other members of the committees. If that fails, we can have requisite provisions when it comes to regulations to ensure that all the committee members go through a proper vetting process to ensure that we have the right people at the helm when it comes to managing the affairs of a professional body like the proposed one. It is the professional bodies that are going to bail this country out of any malpractices. We talk about corruption, but if we do not provide against malpractices in the law, we may not go far. Madam Temporary Deputy Speaker, it is also gratifying to note that within this Bill there is provision for any auditors or accountants who do not practise accordingly. If they do not do that, the due process of the law will catch up with them. This also includes those auditors or accountants who may be compromised. We hear that some people or firms sometimes prepare three sets of accounts, depending on where the several sets of accounts will go. There will be the accounts for the tax man, which will show a loss. The accounts for the bank will show a huge profit. Then there are the main accounts for the owner, which give the actual position. I am sure that with this law, we will ensure that the set of accounts prepared give a true and fair state of the affairs of a particular company at any one time. Madam Temporary Deputy Speaker, with that contribution, I beg to support the Bill."
}