Shaping the Future
On October 16, 2024, the Institute of Certified Public Accountants of Kenya – ICPAK launched an ambitious five-year Strategic Plan for 2025-2029.
The strategy was anchored on four key pillars: Accountancy Development and Regulation, Member Value, Public Interest, and Sustainability.
During the Launch, ICPAK Chairman, CPA Philip Kakai, declared that “This strategic plan will not only guide us in strengthening the profession but will also ensure that ICPAK members are well-prepared for the evolving landscape.”
The Plan aims to strengthen ICPAK’s core mandate as the regulator of Kenya’s accountancy profession and sharpen its strategic focus. The delivery of this plan will require human resources that are well-facilitated with the tools and a conducive work environment that will foster performance. During the consultative phase in developing and settling on thestrategic direction that the Institute has settled on, there were roles and positions that were identified that will be key in the team.
The strategic plan includes situational analysis, strategic direction (2025-2029), implementation and coordination framework, monitoring, evaluation, as well as reporting and learning.
The event which took place at the Safari Park Hotel in Nairobi, attracted key government officials, CEOs from various organizations, members of the ICPAK Council, FCPAs, ICPAK Secretariat, numerous stakeholders, and institute members, with a huge virtual audience also in attendance.
ICPAK Chairman, CPA Philip Kakai outlines ICPAK’S Strategic Plan
In his opening remarks, ICPAK Chairman, CPA Philip Kakai stated that the new Strategic Plan focuses on Advancing Accountancy Development, Enhancing Member Value, Promoting Public Interest, And Fostering Sustainability.
It also ensures that ICPAK remains at the forefront of professional excellence and advocates for ethical practices and sustainable growth.
CPA Kakai presented a vision that emphasizes adapting to global challenges and evolving industry demands; The report also demonstrates a commitment to strengthening regulatory frameworks, improving professional development, and aligning educational standards with international benchmarks.
ICPAK, notes CPA Kakai, aims to deliver enhanced services to members, providing the necessary tools and support throughout their careers. A greater focus on advocacy, community engagement, and environmental sustainability accentuates ICPAK’s dedication to its members and the public.
With these initiatives, the 2025-2029 report sets ambitious goals to maintain the profession’s relevance in a changing world within organizations. CPA Kakai expounded what the public and members can expect from the Strategic Plan and the Institute’s intended actions.
He pointed out that each of the following pillars strengthens the others, creating an integrated framework for professional growth and excellence over the next five years;
- Accountancy Development and Regulation
- Strengthening Standards: ICPAK continues to participate in developing and implementing accounting and auditing standards that comply with international frameworks issued by various international accounting bodies, such as IFAC, IFRS Foundation, IASB, and ISSB.
- Regulatory Frameworks: We are broadening our robust regulatory frameworks to monitor compliance among members and ensure adherence to ethical practices.
- Professional Development: We will continue to offer comprehensive training and continuous professional development programs tailored to evolving industry needs.
- Collaboration with KASNEB: We are partnering with KASNEB to align curricula with current accounting standards and practices, ensuring future professionals are well-prepared for the global market.
- Member Value
- Enhanced Services: Our members remain our greatest asset and the main object of our exemplary services. We work with the member services and customer experience directorate to develop and provide member services, including access to resources, tools, and support networks that cater to various career stages. We are committed to ensuring that all our services are automated and that each member gets a seamless experience when seeking any service at the Institute.
- Feedback and Engagement: We will keep our channels for regular member feedback open and void of any fear of prejudice, tailoring services and initiatives based on their needs and expectations.
- Networking Opportunities: Throughout the five years, we will facilitate networking events and forums that allow members to connect, share experiences, learn from each other and eventually grow each other to the highest level in the profession.
- Recognition Programs: ICPAK continues to award and recognize its membership, honoring outstanding contributions and achievements of members within the profession through the Chairman’s Ball. We will also create more awareness about commendations and Award of Fellowship procedures to ensure we recognize our brand ambassadors for their excellent job promoting the CPA Brand.
- Public Interest
- Advocacy Initiatives: We have remained interested in advocacy efforts to promote accountants’ role in ensuring transparency, accountability, and good governance in both the public and private sectors. We will continue to partner with the National and County governments to achieve this intent better and more extensively. Strengthening our voice in policy-making and engaging with stakeholders will ensure that we effectively represent the interests of our members.
- Public Awareness Campaigns: We are deliberate in launching campaigns to educate the MSEs and the general public on financial literacy and the importance of the accounting profession in society through our activities at the branch levels and even on National Forums.
- Community Engagement: We will continue to enhance our outreach programs to demonstrate ICPAK’s commitment to social responsibility and ethical practices. This initiative will be carried out through our CRS activities both Nationally and at the branches, including enhancing our ICPAK Finance and Accounting Scholarship for the needy and bright students to pursue Finance and accounting-related courses.
- Crisis Management Preparedness: As you know, members, the advent of COVID-19 swept many organizations off their feet, with ICPAK not spared either. Having learnt from this experience, we are creating a framework for addressing future global and political shocks which may come in without warning. We are more focused on implementing more preventive measures where we can than waiting to cure the problems when they arise.
- Sustainability
- Environmental Initiatives: We implement environmentally friendly practices within ICPAK operations and encourage members to adopt sustainable practices in their firms. We are dedicated to promoting sustainable practices within our profession and supporting members in adapting to new sustainability standards like IFRS S1 and S2.
- We have already begun an initiative to collect all the lanyards and pouches used in our seminar for reuse and recycling. In the future, you will see a particular recycling bin in our CPD events. We are also working on more automation to reduce printing.
- Financial Management: We diversify our revenue streams and manage resources effectively to ensure the organization’s economic sustainability.
- Long-term Strategic Planning: As we go forward, we will now focus on identifying emerging trends and challenges in the accounting profession and adjusting strategies accordingly to remain relevant.
- Good Governance Practices: We will promote ethical behavior and governance standards within ICPAK and among its members to build public trust and credibility.
The Chairman stressed the increasing significance of ICPAK in supporting Kenya’s National Development Agenda, particularly as the country faces tests like unemployment, poverty, corruption, and mismanagement of public resources; issues prevalent globally. He disclosed that the newly launched five-year Strategic Plan was developed with a keen understanding of ICPAK’s operational environment and the nation’s developmental goals.
Several key factors shaped the strategy, including feedback from surveys and consultations with members and stakeholders, analysis of current trends in the accounting profession, and the recognition of technology’s impact on accounting practices. CPA Kakai explained the critical role accountants play in promoting transparency, accountability, and good governance.
He said ICPAK’s is a thought leader in public policy and economic development, he emphasized the importance of sustainability and adherence to environmental, social, and governance (ESG) principles.
The Chairman revealed that insights from the council, past chairpersons, and key leadership figures helped shape the strategic direction, adding that the plan envisions a future with ICPAK as “a world-class professional accountancy institute” and serves as a communication tool for stakeholders to hold the Institute accountable.
He concluded that as they manage a changing global environment, the role of accountants remains crucial in upholding integrity and driving change.
Adding to this, ICPAK Vice Chair CPA Prof Elizabeth Kalunda said the institute will be keen to enhance community well-being and environmental sustainability through the implementation of strategy- aligned Corporate Social Investment (CSI initiatives during the plan period.
ICPAK is the statutory body of Accountants established in 1978. It draws its mandate from the Accountants Act No.15 of 2008. It is a member of the Pan African Federation of Accountants (PAFA) and the International Federation of Accountants (IFAC), the global accounting umbrella body.
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Accountants Are the Gatekeepers of Financial Integrity– Cabinet Secretary for National Treasury and Economic Planning – CPA John Mbadi
This event marks a significant milestone in ICPAK’s journey towards enhancing the professionalism and integrity of the accounting profession in Kenya.” CPA John Ngongo Mbadi, Cabinet Secretary for National Treasury and Economic Planning.
CPA John Mbadi, Cabinet Secretary for National Treasury and Economic Planning, took center stage at the launch of ICPAK’s 5-year strategic plan.
The Chief Guest credited the institute for driving Kenya’s financial accountability forward and pointed out the striking alignment between ICPAK’s 2025-2029 plan and the National Treasury’s 2023-2027 blueprint; Both focus on fiscal responsibility, economic growth, public financial management, and capacity building.
In a speech read on his behalf by the Principal Secretary State Department for Irrigation, CPA Mbadi commended ICPAK’s relentless efforts to enhance professional standards, foster public accountability, and engage with stakeholders. The parallel goals, he said, reflect a shared vision for driving integrity in financial systems and improving service delivery.
He lauded ICPAK’s efforts to promote transparency in financial reporting, reminding accountants of their responsibility as gatekeepers of financial integrity. CPA Mbadi stressed that their expertise directly contributes to sustainable economic growth by guiding businesses toward better resource management and operational efficiency.
He acknowledged the rapid changes in the financial sector, and urged ICPAK to focus on continuous professional development to keep accountants equipped for evolving challenges. The CS also stressed the importance of a strong regulatory framework, and praised the institute’s collaboration with the government on the Accountants Regulations 2022 and its push to amend the Accountants Act.
In addition to addressing local and global economic challenges, CPA Mbadi encouraged accountants to take the lead in nurturing corporate governance and supporting tax policy implementation. He underlined ICPAK’s critical role in helping businesses navigate tax compliance, contributing to national revenue growth.
CPA Mbadi thanked ICPAK for its steadfast support during his time as a CPA Parliamentarian and in his transition to his current role.
“Knowing that I had the backing of such a dedicated community gave me the confidence to take on the challenges ahead. I acknowledge your support in my previous role as a CPA Parliamentarian where ICPAK made submissions and proposals towards strengthening accountability and financial management in Kenya. Together, we are committed to promoting transparency, accountability, and integrity in our financial systems, and I am proud to be part of a community that values these principles” he said.
The CS urged the accountants to embrace the challenges and opportunities of the Strategic plan and encouraged them to engage with various stakeholders and seek partnerships to intensify their impact.
He applauded ICPAK on this significant milestone and pledged government support for the successful rollout of its initiatives; he hoped to see the positive impact of ICPAK’s strategic efforts in the coming years.
The CS officially presented the 2025-2029 ICPAK Strategic Plan, declaring, ‘I am privileged and honored to officially launch this 5-year vision for ICPAK.
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Our Strategic Plan Has Been Developed Through Extensive Consultation- ICPAK CEO CPA Dr. Grace Kamau
ICPAK CEO CPA Dr. Grace Kamau says that ICPAK’S strategic plan has three target groups: “To empower our members, strengthen the broader economy, and elevate the accounting profession.”
She said having a strategic plan gives one a clear direction and purpose in an ever-evolving economic landscape. “A well-structured strategic plan serves as our roadmap, guiding our decisions and actions while ensuring alignment with our vision and mission. It allows us to anticipate challenges, seize opportunities, and ultimately fulfil our commitment to our members and the public.”
She explained that the plan was developed after extensive consultations with ICPAK members, stakeholders, and industry experts.
Below are excerpts from her speech
This plan reflects our commitment to innovation, excellence, and the highest standards of professionalism. Over the next five years, we aim to enhance our capacity, expand our influence, and ensure our members are well-equipped to meet future demands. We aim to enhance your professional development through targeted training, mentorship programs, and access to cutting-edge resources.
By empowering accountants with the skills and knowledge necessary to support businesses effectively, we can contribute to more excellent financial stability and growth.
Our strategic plan seeks to advocate for the accounting profession at national and international levels, ensuring we remain relevant and influential in shaping policies impacting our field. We want to promote international financial reporting and Ethical standards so that our level of practice can be used as case studies in the global arena. We are not settling for less than this.
Each staff member is prepared to bring their skills, expertise, and passion to this journey. We are committed to fostering a collaborative environment where ideas are shared, challenges are addressed, and successes are celebrated. Through regular communication and engagement, we will work closely with our members to ensure that the strategic plan remains relevant and responsive to the evolving needs of the profession.
Dr. Kamau expressed her appreciation to ICPAK’s council, staff, and partners, who brought the strategic vision to life by sharing invaluable feedback on improvement areas, enabling them to develop a more refined strategic plan.
She thanked the Cabinet Secretary for National Treasury and Economic Planning, CPA John Mbadi, for his support, and commitment to the accountancy profession and the valuable role of government collaboration in realizing ICPAK’s strategic vision for a resilient economy.
