LONDON, UK, 14 May 2015, -/African Media Agency (AMA)/-The historic agreement between ICAEW which is a world leader of the accountancy and finance profession, and (ICPAK) a high-profile East African professional accountancy body will provide a route to membership of each other's institute members and further develop relations between the two bodies.
Following the Memorandum of Understanding signed in 2011, both organisations will now be working more closely together to provide a fast track route for appropriately qualified members of each institute to join as full members of the other body. It was signed on 13 May 2015 by Vernon Soare, ICAEW Executive Director, and CPA Dr Patrick Ngumi, the Chief Executive of ICPAK.
Commenting on the new agreement, CPA Dr.Ngumi of ICPAK remarked, "ICPAK is delighted to be working with ICAEW to ensure that we offer the highest international recognition and opportunities for our members in Kenya and around the world. It is a demonstration that ICPAK's qualification framework has come of age and meets the international benchmarks."
Commenting on the achievement, Vernon Soare noted, "A robust accountancy profession is the backbone of any sustainable economy – when there is confidence in the numbers, this underpins trust in markets and business, and paves the way for attracting greater investment whether at home or from overseas. This is why ICAEW is committed to supporting chartered accountants across the globe and working with national accountancy bodies to strengthen the profession. We are very pleased to be working with ICPAK to share the expertise and experience of our two institutes."
In front : Vernon Soare, ICAEW Executive Director, and CPA Dr Patrick Ngumi, the Chief Executive of ICPAK during the ceremony. At the back: Addulwahid Aboo, one of the speakers at ACOA 2015, Michael Armstrong, ICAEW Director Middle-East, Africa, South Asia, Fernandes Barasa – Vice Chairman at ICPAK and Benson Okundi – Chairman at ICPAK
Since the first MOU was signed in 2011, several candidates have benefitted from this advanced recognition arrangement. CPA Cephas Osoro, Head of Commercial Services at Horwath Erastus & Co based in Nairobi, is the first CPA to have completed the MoU requirements and be invited to membership of ICAEW in 2015. CPA Osoro said, "As a Kenyan CPA, I am pleased to have the opportunity to also join ICAEW through this route. It means I can be both an active part of the fast-growing East African profession, as well as gain recognition in UK and further afield. As the business world becomes increasingly global, I feel this is a real advantage. "
The noble partnership is timely as it comes at a time when labour markets are opening up especially with influx of multinational corporations in East Africa. Currently there are a number of increased economic activities in East Africa with special interests in Oil, gas, Telecommunication and mining sectors that have attracted international corporations like Tullow, Vodafone among others. This partnership directly helps these corporations steer the economic activities uninterrupted and even attract more investors in the region as professionals are aligned under local and international bodies thus eradicating economic bottle necks hence acting as an incentive for investors.
Distributed by African Media Agency on behalf of The Institute of Chartered Accountants in England and Wales (ICAEW).