China I think already has the death penalty for economic crimes.

The truth is economic crimes kills other people and thus they need to be equated to murder, If you ask me it should be death by hanging in public.

Don't be suprised Sir, The Mafioso always try to operate within the law and exploit every loophole and excuse in the book before resorting to extrajudicial means. Now it's the bandit auditors.

The work auditors do depends on the brief

KBA Public Notice

In light of the recent developments within the financial sector, the banking industry umbrella body and financial
sector advocate, Kenya Bankers Association (KBA) wishes to issue the following statement to reassure the banking
public that the industry is responsive to their concerns.
The role played by banks in Kenya’s economic development cannot be gainsaid. Banks not only serve as intermediaries
that channel monetary resources from investors to areas of the economy that require capital for growth, but also act
as critical players in the financial sector, which contributes to the country’s development.
The banking industry is regulated by the Central Bank of Kenya and other financial sector regulators, which oversee
the capital markets and insurance industries, among other activities in which banks are active. It is the view of KBA, as
well as the Central Bank in several published statements, that the issues currently being addressed by the regulator
at Chase Bank are isolated, and are neither of systemic risk nor an indication of instability in the industry overall.

Kenya’s banking sector remains safe and strong.

• KBA and CBK have both confirmed that the
speculated list of banks facing closure, which
is circulating on social media, is false and is
defamation of the listed banks.
• As KBA, we acknowledge that Kenyans are
concerned about the industry developments,
and regret the anxiety that has been caused.
• As an industry, we are also concerned with the loss
of confidence in banking that has been occasioned
by the recent events; we commit to work closely
with CBK to help restore trust in the industry.

• In addition to supporting Central Bank’s
enhanced banking supervision, KBA further
commits to work together with the regulator and
KBA member banks to enhance the industry’s
comprehensive risk management practices and
governance standards, in conjunction with the
Sustainable Finance Initiative that was launched
by the CBK Governor in December 2015 and will
reinforce how banks positively contribute to the
economy and society.

Ultimately, there are several positive developments in banking that have been celebrated and will continue to
be hallmarks of the industry, including progress towards the Vision 2030 financial inclusion goal; introduction of
enhanced pricing transparency; promotion of SME finance; and enabling access to credit at the micro level.
We therefore ask the banking public to view these positive developments, as well as our commitment to enhance
banking practice, as an indication that the industry is responsive to market expectations and their concerns.

who takes KBA seriously on anything anymore?

The rogue Kenya Bankers Association

ICPAK ..they saw nothing wrong with uchumi being run down by their
Own !!!!!

Or it it just Kenyans way of doing things ???

KBA - Kenyan Bankers Association is a lobby group of banks. Banks contribute the membership fees and essentially it is there to serve their interests.

ICPAK - Their mandate is not to regulate accountants or auditors. The Council Members of ICPAK are accountants. So essentially they promote the professional standards and lobby issues on behalf of their members. They get membership fees from the registered accountants/auditors.

Auditors - They are not the management and work as directed by the directors who appoint them, guided by the auditing standards and reporting standards, and using information mostly provided by the management. Their work is not to investigate fraud/compliance/poor management practices etc. In Kenya they are also not required to report on the financial controls unlike the US where there are SOX regulations.

So the questions on who to blame ideally should go to those in charge of governance and regulation, who are essentially the "police". That is the CBK, CMA and directors for listed companies and directors for private companies.

Auditors also need to be regulated too. Introduction of a independent government funded body similar to PCAOB in the US or FRC in the UK needs to be done. As it is they are not independently regulated in Kenya.

Same goes for NSE. NSE is a business like any other that is regulated by rules it issues to its members who pay their dues through either annual fees or brokerage fees. You cannot blame them for the Chase/Imperial bank bonds. CMA is the one to answer any questions as the regulator.

That's why you need to humble yourself on this earth. You could be a billionaire today vomiting of peeps feet and a pauper tomorrow. I will be posting a FAQs (no pun intended) for the middle class victims who got excited by the beautiful ladies at chase and enrolled in droves.

Alma1 out of curiosity ,did you do poetry