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ICPAK signs partnership agreement to supervise unclaimed financial assets

The Institute of Certified Public Accountants of Kenya (ICPAK) has signed a Memorandum of Understanding (MoU) with the Unclaimed Financial Assets Authority (UFAA) to jointly supervise unclaimed financial assets.

Based on Unclaimed Financial Assets Act 2011, it is mandatory for holders of unclaimed financial assets to identify and record their assets in their separate books of account and eventually hand them over to the UFAA.

The partnership will allow ICPAK and UFAA to provide capacity building sessions to train accountants on unclaimed financial assets law. Further ICPAK and UFAA will also undertake collaborative audits of unclaimed assets holders.

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