The Institute of Certified Public Accountants of Rwanda (ICPAR) has sanctioned seven audit firms and eight practitioners after a 2025 audit quality assurance review found failures to comply with professional auditing and quality-management standards. According to a notice issued by ICPAR, the sanctions followed findings of noncompliance with International Standards on Quality Management(ISQM), International Standards on Auditing(ISA), and other professional requirements governing audit work. ALSO READ: Shades of Excellence: Highlights from ICPAR members’ Luminary Gala The penalties range from financial fines and temporary suspensions to the permanent withdrawal of one firm’s authority to practise. The decisions were approved by ICPAR’s governing council. ITAU Auditors Ltd received the most severe institutional penalty, with its right to practise permanently withdrawn. One of its practice certificate holders, Ambrose Mutuku Nzamalu, also had his right to practise permanently withdrawn and was suspended from ICPAR membership for two years, until July 2028. The firm’s other practitioner, Celestial Ntamuturano, was suspended from practising and from ICPAR membership for six months, with the suspension scheduled to end in December 2026. EXCIMAA and KFV Partners were each suspended from practising for two years. Their respective practice certificate holders, Paul Tchamake and Victor Milambi, were also suspended from practising and from ICPAR membership for two years. Both suspensions are due to end in May 2028. RG Partners was suspended from practising for one year. Its practice certificate holder, Godfrey Nduwayezu, received a corresponding one-year suspension from practice and membership, ending in December 2026. Three firms face shorter penalties Chartine & Associates Ltd and Finhouse Partners Ltd were each suspended from practising for six months. Their practice certificate holders, Chartine Umutesi and Straton Nyirindekwe, were similarly suspended from practising and from ICPAR membership for six months. The sanctions were due to end on June 29 this year. J.G. Bailey & Associates was fined Rwf4 million, while its practice certificate holder, Jimmy Njonge Githere, was suspended from practising and from ICPAR membership for six months, also ending on June 29. The New Times understands that the firms whose suspension periods have elapsed submitted requests for reinstatement accompanied by remedial action plans. Their reinstatement, however, remains subject to ICPAR’s review and confirmation.
