ICPAK to roll out QR-coded financial statements to curb fraud and unlicensed practice
ICPAK says only licensed practitioners will be issued a UDIN, enabling them to generate a unique QR code and serial number via a digital portal, both of which must appear on all financial statements they produce.
Starting August 1, 2025, certified public accountants in Kenya will be mandated to include a unique serial number and QR code on all financial statements, in a bid to combat fraud and restrict the practice to licensed professionals.
The Institute of Certified Public Accountants of Kenya (ICPAK) has developed a digital platform to facilitate the issuance of the unique document identification number (UDIN), which will serve as a verification tool for financial reports.
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ICPAK says only licensed practitioners will be issued a UDIN, enabling them to generate a unique QR code and serial number via a digital portal, both of which must appear on all financial statements they produce.
The move is part of a broader effort by the institute to eliminate unqualified individuals operating within the accountancy space and to bolster trust in financial reporting.
Minimise quacks risks
“By taking these proactive measures, the institute will minimise the risks associated with quacks in accountancy and uphold the credibility and reliability of the profession while protecting the space occupied by its validly licensed practitioners,” ICPAK Chairman Philip Kakai said.
Kakai noted that, despite existing safeguards such as credential verification, routine monitoring, and stakeholder education, financial statement users have continued to face difficulties in verifying the legitimacy of reports.
“These fraudulent or unqualified individuals who pose as legitimate professionals may provide false financial advice, manipulate records, or engage in other deceptive practices, thereby tarnishing the credibility of the profession,” he said.
To support implementation, ICPAK is set to engage with key stakeholders, regulators, and procuring institutions.
The consultations aim to enhance the adoption of the UDIN technology ahead of its formal rollout on August 1, 2025.
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