The Accountant-May-June 2017

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Public Policy POLICY AND FINANCIAL OVERSIGHT Enhancing the role of watchdog committees in oversight By FCPA Julius Mwatu, National Vice Chairman - ICPAK The topic above was the theme of the recently concluded 2nd Legislative Summit organised by the Legislative Arm of Government. ICPAK was invited as a discussant and was glad to represent the Institute. I found myself sharing the podium with two senators, the Auditor General and an MCA - (Member of County Assembly). Indeed, we all represented key oversight bodies in the country. We must appreciate the Legislature recognizing ICPAK as a key player in 32 MAY - JUNE 2017
Public Policy Auditor General Edward Ouko financial oversight and accountability. The choice of discussants: ICPAK, Senate, Office of the Auditor General (OAG) and the County Assembly was a clear recognition that financial oversight and accountability is indeed a collaborative role. The discussions were highly structured and specific questions were directed to ICPAK. Before we delve into the questions and the responses thereof, let me start by saying that when Kenyans voted for the new constitution more than seven years ago, few understood its imprint on the governance structure of the country. Most will agree that, among many other provisions, the revolutionising aspect of the Constitution has been the devolved system of government. In the last four years, we have witnessed the benefits of adopting this system of governance. These range from improved access to basic services such as water and health, proximity to the local leadership and the general upgrade in infrastructure across the country. Equally, since Kenyans had not internalized the implications of this system, most of them did not know how influential the County Assembly would be to local development when they went to the polls in March 2013. However, as we prepare for this year’s General Elections, the position of Member of the County Assembly has attracted many candidates; reports in the media have quoted close to 45,000 candidates! This could be higher than anywhere else in Africa in terms of interest to Sub- National level legislative positions. Nonetheless, as contestants jostle for these positions, there is need for a candid discussion on the role of the County Assemblies. The Constitution of Kenya under Article 185 (3) provides that the oversight authority of a county is vested in, and exercised by its County Assembly. In addition, the Constitution under the same Article stipulates that the County Assembly may exercise oversight over the County Executive Committee and any other executive organs. Moreover, it is a statutory requirement of the Assembly to receive and approve plans and policies for the management & exploitation of the county’s resources; and the development and management of its infrastructure and institutions. These functions are further elaborated in the County Government Act, 2012 and the Public Finance Management Act 2012. Further, Article 229 (8) elaborates on the oversight role by mandating the County Assemblies to consider the report by the Auditor General in respect of the financial affairs of a County and oversee implementation of audit recommendations contained there-in. Below is a synopsis of the discussions at the summit: What interventions has ICPAK proposed to support and partner with the watchdog committees in the County Assemblies to enhance financial oversight and accountability? It is important to underscore the role of ICPAK as laid out in the Accountants Act Cap 531. To promote and uphold public interest, it is our mandate to advise the Cabinet Secretary, National Treasury on financial accountability matters. We also strive to promote standards of professional competence and practice amongst our members. The specific interventions by ICPAK to support and partner with the watchdog committees in the Assemblies to enhance oversight and accountability include: • Partnership with Public Sector Accounting Standards Board (PSASB) to prescribe the standards of financial reporting. This led to adoption of IPSAS and development of financial reporting templates and guidelines creating uniformity in financial reporting. ICPAK has also seconded a staff to the PSASB secretariat to assist with the implementation of this agenda. MAY - JUNE 2017 33
Page 1 and 2: JOURNAL OF THE INSTITUTE OF CERTIFI
Page 3 and 4: TABLE OF CONTENTS 26 COVER STORY Wi
Page 5 and 6: EDITORIAL Dear Reader, The matter o
Page 7 and 8: Financial reporting and assurance T
Page 9 and 10: Financial reporting and assurance T
Page 11 and 12: Business Practice and Development I
Page 14 and 15: Business practice and development O
Page 16 and 17: Economy THE IMPACT OF HYPERINFLATIO
Page 18 and 19: Management THE POWER OF PERSUASION
Page 20 and 21: MANAGEMENT UNDERSTANDING THE RISK M
Page 22: MANAGEMENT Gor Mahia fans engaging
Page 25 and 26: Finance and Investment will also ne
Page 27 and 28: Information Technology DATA GOVERNA
Page 29 and 30: COVER STORY Daniel Susskind, a lect
Page 31 and 32: CPA Centre TO LET Structure • Ele
Page 33: governance the generation of a plan
Page 37 and 38: Public Policy and ensure government
Page 39 and 40: WORK PLACE If you are in the catego
Page 41 and 42: WORK PLACE Wherever, you find yours
Page 43 and 44: WORK PLACE Does this thought ever c
Page 45 and 46: WORKPLACE working remotely and bein
Page 47 and 48: WORK PLACE Being self-employed mean
Page 49 and 50: INSPIRATION don’t always come tru
Page 52 and 53: SOCIETY POSTPARTUM DEPRESSION IS A
Page 54 and 55: SOCIETY immediate family members an
Page 56 and 57: ENVIRONMENT Society in collaboratio
Page 58 and 59: HEALTH DEALING WITH CONSTIPATION Co
Page 60 and 61: HEALTH lower back, using your arms
Page 62 and 63: TID BITS Below are selected article
Page 64 and 65: BOOK REVIEW Reviewed by Angela Muti
Page 66 and 67: STAR OF THE MONTH STAY FOCUSED A gr
Page 68 and 69: TRAVEL By Clive Mutiso, clivemutiso
Page 70 and 71: KAMPALA ««««« PICTORIAL PROGRE
Page 72 and 73: ACCOUNTABLE RECIPES By Sharon Gaton
Page 74 and 75: PEN OFF questions effectively open

The Accountant-May-June 2017

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