Certified Public Accountants (CPA)

Certified Public Accountants (CPA) are skilled and competent professional accountants, auditors, finance managers, tax consultants and practitioners both in public and private sectors. The CPA certification also enables students to further their education in business training courses, for instance, the Bachelor of Commerce degree

The CPA Examination is held twice yearly in May/June and November/December. The examination is divided into three parts of two sections each. Each section consists of three papers. A candidate may attempt two sections in a part together or separately in ascending order but before proceeding to the next part, a candidate must pass the lower part.

The examination is rigorous and standards are high and therefore a candidate is advised to devote approximately the equivalent of twelve months of full time study for each part of the examination. Ideally, a student should be able to complete the CPA examination in a period not exceeding three years.

A student is advised to programme the studies in such a way that makes it possible to take and pass the whole examination (parts I, II and III) in a duration of between four and a half years and six years following the date of registration with KASNEB  Examining Board.

A student must carefully assess the interest in the profession and ability to study under strenuous condition, with a view to taking and passing the examination in a reasonable time. Competence and flair in mathematical computations, analytical and communication skills are essential requirements in preparing for the examination.

The CPA examination is benchmarked on the international standards promulgated by International Accounting Education Standards Board (IAESB), International Accounting Standards Board (IASB), International Auditing and Assurance Standards Board (IAASB) and International Public Sector Accounting Standards Board (IPSASB). 
The CPA examination therefore meets the requirements of International Education Standards (IESs), International Financial Reporting Standards (IFRSs), International Standards on Auditing (ISAs) and International Public Sector Accounting Standards (IPSASs).
The IESs prescribe requirements relating to entry, professional training and practice as required by International Federation of Accountants (IFAC) for the qualification programme for professional accountants.

The Trainee Accountants Practical Experience Framework (TAPEF)
The TAPEF is a joint kasneb-ICPAK initiative for compliance with the requirements of IES 5 on practical experience requirements for trainee (student) accountants.
Students taking the CPA examination are required to acquiring practical experience so that they can match progress in examination with competence in performance of duties in the work environment. IES 5 requires practical experience to be part of the pre-qualification programme. The minimum period of experience required is three years. The practical experience may be gained during or after the qualification process.
All CPA students are therefore required to register for TAPEF through the ICPAK website. 
Upon completing the CPA examination and obtaining the requisite practical experience, the graduates are eligible to register with the Institute of Certified Public Accountants of Kenya (ICPAK) as full members in order to be recognised as professional accountants and use the CPA designation. 
CPA graduates without the requisite experience are eligible to be registered with ICPAK as associate members pending their acquisition of experience and registration as full members.
Further details on the TAPEF are available on the kasneb and ICPAK websites.

Objectives of Certified Public Accountants (CPA)

The CPA certification is intended for those students who wish to qualify and work as professional accountants, auditors, finance managers, tax specialists and financial consultants; experienced accountants and students who have completed CPA examinations would be wise to consider becoming certified public accountants.

Highly respected in the business world and often in financially rewarding positions, certified public accountants have more opportunities to use their accounting skills as consultants serving the general public or business owners.

The aims of CPA Examination include to:

• Produce a professional accountant with up-to-date and advanced knowledge in the areas of accounting, taxation, auditing and assurance and financial management as applicable in both the public and private sectors.
• Impart professional values and ethics, communication skills, creativity, innovation and ability to generate new ideas.
• Provide a basis for the application of advanced knowledge in accounting and cognate subjects to different situations.

The aims of CPA Part I examination include to:

• Produce an accountant who understands the principles relating to financial and management accounting, commercial law, economics, public finance and taxation.
• Provide a basis for the accountant to apply the acquired knowledge to undertake the following, among other responsibilities:
  • Prepare and analyse basic financial statements
  • Analyse costs and variances
  • Compute tax for non-complex entities
  • Apply general principles of commercial law
  • Manage non-complex public financial management issues
• Provide a basis for the accountant to advance to the next level of the CPA examination.

The aims of CPA Part II examination include to:

• Produce an accountant who understands financial reporting, financial management, auditing and related disciplines.
• Provide a basis for the accountant to apply the acquired knowledge to undertake the following, among other responsibilities:
  • Prepare group accounts
  • Evaluate various investment decision scenarios
  • Comply with legal principles governing companies
  • Execute an audit assignment
  • Apply operation research techniques in decision making
• Provide a basis for the accountant to advance to the next level of the CPA examination

The aims of CPA Part III examination include to:

• Produce a high calibre professional accountant with an in-depth understanding of advanced financial reporting, advanced financial management, advanced taxation, advanced auditing and assurance and related disciplines.
• Provide a basis for the accountant to apply the acquired knowledge to undertake the following, among other responsibilities:
  • Account for complex accounting transactions
  • Undertake forensic audits
  • Compute tax for complex aspects of companies and specialised entities
  • Design an optimal capital structure for an organisation
  • Apply financial and non-financial indicators to measure organisational performance
  • Practice the tenets and principles of good governance
• Ensure the professional is competent to be registered as a Certified Public Accountant of Kenya with high regard to professional values and ethics demanded of a professional accountant.

What you will study

CPA Examination is held twice yearly in June and December. The examination is divided into three parts each comprising of two sections, making a total of six sections in all. A student may attempt two sections of a part together or separately in the ascending order but before proceeding to the next part, a candidate must pass the lower part.

PART I

Section 1

Paper No:

CA11  Financial Accounting

CA12  Business Law

CA13  Entrepreneurship and Communication

Section 2     

Paper No:

CA21  Economics

CA22  Management Accounting

CA23  Public Finance and Taxation

PART II

Section 3

Paper No:

CA31  Company Law

CA32 Financial Management

CA33  Financial Reporting

Section 4

Paper No:

CA41  Auditing and Assurance

CA42  Management Information Systems

CA43 Quantitative Analysis

PART III

Section 5

Paper No:

CA51  Strategy,  Governance and Ethics

CA52  Advanced Management Accounting

CA53  Advanced Financial Management

Section 6

Paper No:

CA61  Advanced Public Finance and Taxation

CA62  Advanced Auditing and Assurance

CA63  Advanced Financial Reporting

Certified Public Accountants are skilled and competent professional accountants, auditors, finance managers, tax consultants and practitioners both in public and private sectors.