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"id": 573001,
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"speaker_name": "Hon. Nassir",
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"speaker": {
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"legal_name": "Abdulswamad Sheriff Nassir",
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"content": "Thank you very much, Hon. Temporary Deputy Speaker. Currently, the registered companies in Kenya are 191,692. Those qualifying for a threshold of Kshs500 million or more are only 1,060 as at September, 2010. About 125 of these are Government entities. This means that we are going to have a large number of companies not being audited at all. If we are going to look at this in terms of other people’s financial standing, it becomes a bit dangerous. So, I have given the leeway to the Cabinet Secretary in charge of Finance to vary that particular clause. It is important to note that when it comes to the figures that are here as per the International Monetary Fund (IMF) World Economic Outlook Figures, the variation between the United Kingdom (UK) Government economic standing and ourselves is way too large for us to even start contemplating to copy this. The other clause that is very similar is Clause 7(1)(i), which talks about the same issues at hand. With those few remarks, I would like to end there so that other Members can debate this important Bill."
}