International Accounting in Kenya

Introduction

In the past two decades Kenya had experienced under development, hopelessness, poverty had increased unemployment had become rampant, insecurity almost in most homesteads, hunger among the poor, health condition of the people had declined, corruption and bad governance had become entrenched as the people. The oppression of the people was observed which say people being divided into ethnic lines, hatred was rampant and suspicion was seen which created division between the governors and the governed.

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In order to recapture the situation of the country to become better in the future the government has established mechanisms to curb the vices in the country such as setting up recovery programs which are for enhancing development.

The reforms are meant to steer the economy to greater heights of prosperity this includes good governance, rule of law, public security and social solidarity. By the government offering free and compulsory free primary school education this is a positive move of ensuring that the government is on its way to recovering from poor state it was in and. with the initiation of a National Social Health Insurance scheme this will ensure all the citizen’s access have access to good health care.

Culture

Culture is a way of looking at things. Cultural perspectives focus on the understandings that are negotiated and enacted by actors in the regulatory arenas. Culture is essential to all forms of collective action and social organization as well as social changes operate through the medium of culture. It’s a set of shared understanding which makes it possible for a group of people to act in concert with each other. It’s necessary to study culture because without understanding people’s culture it’s impossible for people work together as a team.

Culture can either be local or general. Any group can have shared understandings unique to itself. Culture is affected by conflicting principles and individual differences hence the need to look for ways of curbing this vice. In a debate over whether to move a marked system of emissions trading in U.S air pollution regulation there was conflict over two different normative visions of appropriate regulation.

One office advocated a uniform rule, equal-treatment, mission, orientation approach to regulation while the other advocated a market-based, cost-differentiated, efficiency approach both caps draw on themes in general culture which structures local political interaction by focussing consideration on certain possibilities and obscuring others. Culture is highly political since there are always conflicting principles and differences among people in the society.

A culture is created to solve problems in a society although most problems have more than one way of solving them. The culture can be understood as a necessary medium for social interaction for both constrain group behavior and it creates new possibilities for new forms of social interaction.

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Regulatory bodies have been known to be forums in which appropriate behavior and interests are defined and redefined. They help regulate the conduct of the people in a particular society, so that they don’t move away from the structured policies of a society citizens of any country should conform to the communities codes, they must act in reference to them and participate in their definition since ignoring the communities code of behavior causes one to lose an opportunity to pursue their interest within the community. The views of the regulatory bodies are meant to be good, with right policies and they are fair.

Structural constraints political pressures, general cultural assumptions, legal requirements and bureaucratic procedures are forms of regulatory cultures which organize the activity of regulation.

  • The regulatory framework in Kenya in the case of sources of finance

The capital markets authority was established in 1989 through capital markets authority act cap 485 to regulate and oversee orderly development of Kenya’s capital markets. The authority was to ensure that there was development and maintenance of appropriate legal and regulatory framework to boost investor confidence, enhance efficiency. It also reviews existing policies and makes recommendations to the government on new policy issues that could promote and enhance market development.

For a long time Kenya has been performing poorly due to poor economic policies. Rising problems of corruption and governance and deterioration of public services and thus the country has not been attracting investors into the country. Several structures have been established to curb this problem such as changing public sector into private sectors so that the private can maximize profits since public sectors only offer services.

  • The Investment Promotion act 2004 was established so as to streamline the

Administrative and legal procedures so as to enhance an effective investment climate. This legislation aims to offer beneficial services to the customers like recruiting qualified personnel to run various organizations so as to enhance effective service delivery.

The International Chamber of Commerce published an investment guide in May 2005. the guide was to provide comprehensive analyses of investment trends, opportunities and the regulatory framework of any country. Most disincentives in Kenya include government overregulation and inefficiency of expensive and irregular electricity and water supplies, air underdeveloped telecommunications sector, poor transport infrastructure, and high costs associated with crime and crime and general insecurity.

Kenya government may revoke licenses if an untrue statement is made when applying for licenses. It also has a comprehensive legal framework to ensure intellectual property rights protection this is to ensure that writer’s material is not copied without the writer’s consent. The ministry of trade and industry is responsible for patents, trademarks and trade secrets.

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In banking act 2004 parliament was given mandate to register or deregister commercial banks and financial institutions by the minister of finance. Central bank of Kenya ensures that all banking institutions comply with the companies act for example they are supposed to publish all their audited companies’ accounts to the publish so that they can prove to the public that they are operating according to the company’s statutes.

Regulatory framework for the profession

The government of Kenya has set up mechanisms to curb vices like corruption, fraud, embezzlement of public funds insufficient public sector, weak judiciary and poor legal framework such as strategies for reform. The reform strategy has been established to promote good governance.

The institutional support project aims at supporting judiciary reforms in Kenya such as procurement and auditing system. This aims at strengthening the anti-corruption initiative of the government. Kenya has set up legislation and set up appropriate institutions and has given them the mandate to deal with anti-good governance tendencies.

Summary

In the public sector governance, justice law and sector reform program were laid out a five-year plan for ensuring that the sector ran smoothly. The public sector was involved in institutionalized corruption authoritarian government abuse and lack of respect for human rights and systematic weakening of the institutions of state and government. The strengthening of the rule of law and security and implementing reforms in public administration systems were critical in improving transparency and accountability

Reference

Bell, R. (1985) The Culture of Policy Deliberation.New Brunswick, NJ Rutgers University Press

Berger, R and T Luck Mann (1966). The Social Construction of Reality, Garden City, Double Day. Web.

Goldenberg and V.R Hill The Elements Of Accounting (1966) Web.

Kameka, G (2004) Improving Multi-Sectoral Cooperation And Coordination In Support Of ECD Programs Unpublished Master’s Major Project Report University Of Victoria, British, Columbia, Canada.

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StudyCorgi. (2021, August 26). International Accounting in Kenya. Retrieved from https://studycorgi.com/international-accounting-in-kenya/

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"International Accounting in Kenya." StudyCorgi, 26 Aug. 2021, studycorgi.com/international-accounting-in-kenya/.

1. StudyCorgi. "International Accounting in Kenya." August 26, 2021. https://studycorgi.com/international-accounting-in-kenya/.


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StudyCorgi. "International Accounting in Kenya." August 26, 2021. https://studycorgi.com/international-accounting-in-kenya/.

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StudyCorgi. 2021. "International Accounting in Kenya." August 26, 2021. https://studycorgi.com/international-accounting-in-kenya/.

References

StudyCorgi. (2021) 'International Accounting in Kenya'. 26 August.

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