Kenya’s accountancy body said Monday that it is seeking to sign mutual recognition agreements with South Sudan and Ethiopia in order to boost labour migration.
Julius Mwatu, chairman of the Institute of Certified Public Accountants of Kenya (ICPAK), told journalists in Nairobi that East Africa’s rapidly expanding economies are creating increasing demand for qualified accountants.
“We hope to conclude mutual recognition agreements with the accountancy regulators of Ethiopia and South Sudan in the next one year, so that Kenyan accountants can work in those countries,” Mwatu said during the signing ceremony of the Memorandum of Understanding between the Institute of Chartered Accountants of India (ICAI) and ICPAK. ICAI is an associate member of the Chartered Accountants Worldwide.
The agreement aims to establish areas of cooperation and collaboration for the mutual benefit of both ICPAK and ICAI members and to enhance the reputation and influence of both parties within their respective home countries and globally, according to Mwatu.
ICPAK, with 500,000 U.S. dollars funding from the World Bank, is currently setting up accountancy institutions in Burundi after ICPAK’s success of similar operation in Rwanda.
Mwatu said that East African Community member states Kenya, Uganda, Tanzania, Rwanda and Burundi have already signed mutual recognition agreements among them for the accountancy profession.
He added that due to globalization, there has been movement of Kenyan professionals to the rest of the world.
“We therefore want to play our role to ensure that Kenyan accountants can secure employment in whichever country they find opportunities,” Mwatu said.