The Accountants Regulations

These Regulations may be cited as the Accountants Regulations.

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Jurisdiction: Kenya
Instrument: Notice
Citation: Legal Notice 153 of 2022
Version: Undated source snapshot
Language: en

Source attribution: Source: Kenya Law

Statute overview

About this statute

These Regulations may be cited as the Accountants Regulations. Section 2. Interpretation Section In these Regulations, unless the context otherwise requires— Section concerns matters affecting the operations of the Institute and practice by members of the Institute People who want a practising certificate must apply to the Registration Committee using the Second Schedule form and include the fees in the Third Schedule; the Council may recommend changes to those schedules to the Cabinet Secretary for approval and gazettement. People applying for a practising certificate must apply using the form in the Second Schedule and must have received the instruction described in the Fourth Schedule; the Council may recommend changes to the Fourth Schedule to the Cabinet Secretary for approval and gazettement.

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Provisions of The Accountants Regulations

Showing 15 of 15

Part I

PRELIMINARY

1
PRELIMINARY - 1. Citation

AI-assisted research summary: These Regulations may be cited as the Accountants Regulations.

Section 1. Citation Section These Regulations may be cited as the Accountants Regulations.
2
PRELIMINARY - 2. Interpretation

AI-assisted research summary: Section 2. Interpretation Section In these Regulations, unless the context otherwise requires—

Section 2. Interpretation Section In these Regulations, unless the context otherwise requires— "Act" means the Accountants Act (Cap. 531) "campaign forum" means a physical or virtual public meeting place for open discussion between candidates for Council positions with members prior to a Council election; "committees" includes subcommittees, workgroups, work streams, steering committees or branch executive committees; "Council" has the meaning assigned to it under section 2 of the Act; "continuous professional development program" means the continuous maintenance, development and enhancement of the professional and personal skills, which accountants will require for the execution of professional and technical duties throughout their working lives; "Disciplinary Committee" has the meaning assigned to it under section 2 of the Act; "firm" has the meaning assigned to it under section 2 of the Act; "gifts" means a present, donation, contribution, presentation, charity, award, favour, settlement, informal freebie, perks or handouts in cash or otherwise; "Institute" has the meaning assigned to it under section 2 of the Act; "member" means a person who is registered with the Institute in accordance with sections 4 and 24 of the Act; "member in good standing," means a member of the Institute who has attained the requirements of the Institute’s continuous professional development program, has paid up the fees and subscriptions and has no pending disciplinary case before the disciplinary committee; "publicise" has the meaning assigned to it under section 2 of the Public Finance Management Act (Cap. 412A); "publish" has the meaning assigned to it under section 2 of the Public Finance Management Act (Cap. 412A); "public interest entities" means institutions including banks, insurance companies, savings and credit organizations which are audited by professional accountancy firms and are subject to a high level of scrutiny than private institutions; "Registration Committee" means the Registration and Quality Assurance Committee established under section 13 of the Act; "retired member" means practising members aged over sixty years or sixty-five years for members registered with the Council on Persons with Disabilities; "Secretary to the Council" means the Secretary appointed under section 12 of the Act; and "trainee accountant" has the meaning assigned to it under section 2 of the Act.
3
PRELIMINARY - 3. Objects and purpose

AI-assisted research summary: Section concerns matters affecting the operations of the Institute and practice by members of the Institute

Section 3. Objects and purpose Section matters affecting the operations of the Institute and practice by members of the Institute; and

Part II

MEMBERSHIP

10
MEMBERSHIP - 10. Application for Practising Certificate

AI-assisted research summary: People who want a practising certificate must apply to the Registration Committee using the Second Schedule form and include the fees in the Third Schedule; the Council may recommend changes to those schedules to the Cabinet Secretary for approval and gazettement.

Section 10. Application for Practising Certificate Section 10(1) Pursuant to section 20(2) of the Act, a person wishing to obtain a practising certificate shall apply to the Registration Committee in the form set out in the Second Schedule and such application shall be accompanied by the fees set out in the Third Schedule. Section 10(2) The Council may recommend changes to the Second Schedule and the Third Schedule to the Cabinet Secretary for approval and gazettement .
11
MEMBERSHIP - 11. Issue of Practising Certificate

AI-assisted research summary: People applying for a practising certificate must apply using the form in the Second Schedule and must have received the instruction described in the Fourth Schedule; the Council may recommend changes to the Fourth Schedule to the Cabinet Secretary for approval and gazettement.

Section 11. Issue of Practising Certificate Section 11(1) Pursuant to section 21(1)(b) of the Act, a person applying for a practising certificate shall do so in the form set out in the Second Schedule and shall have received instruction of the nature and for a period set out in the Fourth Schedule. Section 11(2) The Council may recommend changes to the Fourth Schedule to the Cabinet Secretary for approval and gazettement .
12
MEMBERSHIP - 12. Issue of Practising License

AI-assisted research summary: Applicants who hold practising certificates and intend to practise must apply as a firm to the Registration Committee for an annual licence; the Committee shall issue a licence if satisfied the applicant meets the Second Schedule threshold; applicants must have completed a quality assurance review within specified timeframes.

Section 12. Issue of Practising License Section 12(1) Pursuant to section 22(1) of the Act, the holder of a practising certificate who intends to practise shall apply as a firm, whether as a sole practitioner or a partnership, to the Registration Committee for an annual license in the form set out in the Second Schedule. Section 12(2) Pursuant to section 22(2)(b) of the Act, where an application is made by a person under sub regulation (1), the Registration Committee shall issue him with an annual licence if it is satisfied that the person has attained the threshold provided under the Second Schedule. Section 12(3) Pursuant to section 22(3) of the Act, no person shall be issued with an annual licence unless he has undertaken a quality assurance review as provided for in the Second Schedule within the past three years and attained the threshold set by the Registration Committee or in the case of public interest entities, no person shall be issued with an annual licence unless he has undertaken a quality assurance review as provided for in the Second Schedule within the past one year. Section 12(4) The Council may recommend changes to the Second Schedule to the Cabinet Secretary for approval and gazettement .
13
MEMBERSHIP - 13. Application for Registration

AI-assisted research summary: A person wishing to be registered as an accountant must apply to the Registration Committee using the form in the Second Schedule and include the fees set out in the Third Schedule.

Section 13. Application for Registration Section 13(1) Pursuant to section 24(2) of the Act, a person wishing to be registered as an accountant shall apply to the Registration Committee in the form set out in Second Schedule and such application shall be accompanied by the fees set out in the Third Schedule. Section 13(2) The Council may recommend changes to the Third Schedule to the Cabinet Secretary for approval and gazettement .
14
MEMBERSHIP - 14. Register

AI-assisted research summary: The Registration Committee may charge a fee (as set out in the Sixth Schedule) when a written application for access to its registers has been made, in accordance with the Access to Information Act (Cap. 7M).

Section 14. Register Section when a written application for access to its registers has been made, the Registration Committee may charge a fee set out in the Sixth Schedule for the provision of the information in accordance with the provisions of the Access to Information Act (Cap. 7M); and
4
MEMBERSHIP - 4. Application for Registration

AI-assisted research summary: Members must pay registration and subscription fees; the Institute must issue an annual subscription notice by October 1; members must pay the next year's subscription by December 31 of the preceding year; firms that provide two years' practical experience are entitled to up to a 20% rebate; members pay additional fees when changing subscription category; persons registered after June 30 pay half that year's subscription.

Section 4. Application for Registration Section 4(1) Each member shall pay the applicable registration and subscription fees set out in the Third Schedule. Section 4(2) The Institute shall issue a notice for annual subscription not later than the first day of October each year. Section 4(3) A member shall pay to the Institute the annual subscription fee for the ensuing year on or before the thirty-first day of December of the preceding year. Section 4(4) Any firm offering practical work experience for associate members or trainee accountants for a period of two years shall be entitled to a rebate of up to twenty percent of the firm's annual license fees set out in the Third Schedule. Section 4(5) A member shall pay additional subscription on changing his subscription category in accordance with the rates set out in the Second Schedule. Section 4(6) Where a person is registered after the last day of June in any year, he shall pay one half of the subscription applicable in that year.
5
MEMBERSHIP - 5. Rights of an Associate Member

AI-assisted research summary: Lists rights of an Associate Member (recognition, CPD participation, potential registration as full member subject to requirements, meeting participation with limited voting approval, access to information, practical experience/mentorship, and other council-recommended rights) and requires members to graduate within five years or forfeit those rights.

Section 5. Rights of an Associate Member Section 5(1)(a) be recognized locally and internationally; Section 5(1)(b) participate in continuous professional development program; Section 5(1)(c) be registered as a full member after fulfilling necessary requirements under the Act and these Regulations; Section 5(1)(d) participate in Annual General Meetings and Special General Meetings with limited voting rights subject to approval by the Council; Section 5(1)(e) where necessary, access relevant accountancy information; Section 5(1)(f) where necessary, be provided with practical experience, coaching and mentorship programmes; and Section 5(1)(g) access any other right as may be recommended by the Council for approval by the Cabinet Secretary. Section 5(2) Any member under this category shall graduate to the next category within a period of five years after which such member shall forfeit the rights in sub-regulation (1). Section 5(3) Notwithstanding sub-regulation (2), where an associate member had worked for a shorter period in the provision of professional accountancy services, such a period shall be considered when such a member resumes.
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MEMBERSHIP - 6. Rights of a trainee accountant

AI-assisted research summary: A trainee accountant must remain on the Institute's register while pursuing a professional accountancy course administered by the Examinations Board, for up to nine years.

Section 6. Rights of a trainee accountant Section Pursuant to section 5 (2) of the Act, a trainee accountant shall remain under the register of the Institute while pursuing a professional accountancy course administered by the Examinations Board, for a period not exceeding nine years.
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MEMBERSHIP - 7. Standards of Professional Practice

AI-assisted research summary: The Cabinet Secretary must approve rules, standards of professional practice, by-laws and guidelines for the Institute based on the First Schedule; the Council may recommend changes to the First Schedule to the Cabinet Secretary for approval and gazettement.

Section 7. Standards of Professional Practice Section 7(1) Pursuant to section 9(4) of the Act, the Cabinet Secretary shall approve the rules, standards of professional practice, by-laws and guidelines to govern matters affecting the operation and practice by members of the Institute based on the criteria set out in the First Schedule. Section 7(2) The Council may recommend changes to the First Schedule to the Cabinet Secretary for approval and gazettement.
8
MEMBERSHIP - 8. Professional Misconduct

AI-assisted research summary: Section on professional misconduct: prevention of fraud, corruption and bribery.

Section 8. Professional Misconduct Section prevention of fraud, corruption, bribery;
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MEMBERSHIP - 9. Practising as an Accountant

AI-assisted research summary: Practising as an Accountant; payroll services.

Section 9. Practising as an Accountant Section payroll services;

Part III

ELECTIONS OF THE INSTITUTE

15
ELECTIONS OF THE INSTITUTE - 15. Elections

AI-assisted research summary: The Council may recommend changes to the Fifth Schedule to the Cabinet Secretary for approval and gazettement.

Section 15. Elections Section 15(1) For purposes of paragraph 11(2) of the First Schedule of the Act, the procedure for elections or voting shall be as set out in the Fifth Schedule. Section 15(2) The Council may recommend changes to the Fifth Schedule to the Cabinet Secretary for approval and gazettement .

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