Suggested Steps

 Visit ICPAK CPD Events page

 Filter for “Webinars” or “Free Events”
 Prioritize beginner-friendly and job-readiness topics like
o Ethics and integrity
o Emerging accounting tech
o Financial reporting standards updates

✅ Tip: You can spread the 40 hours over the rest of the year — no need to rush.

Suggested Steps:

 Visit ICPAK CPD Events page

 Filter for “Webinars” or “Free Events”
 Prioritize beginner-friendly and job-readiness topics like:
o Ethics and integrity
o Emerging accounting tech
o Financial reporting standards updates

✅ Tip: You can spread the 40 hours over the rest of the year — no need to rush.

3. Leverage ICPAK for Job Opportunities

Even without work experience, you can start building your path toward employment.

Take advantage of:

 ICPAK’s Job Portal (for members only)

 Career coaching and webinars on resume writing or interviews
 Networking at CPD events — especially in-person seminars (even just saying you’re actively
seeking a role can help)

Next Steps for You:

1. Check ICPAK’s Event Calendar for upcoming seminars that interest you.
2. Register for a seminar (online or in-person) that fits your schedule.
3. Attend the seminar/webinar fully.
4. Get your certificate of attendance and log it in your ICPAK portal.

Timeframe Overview:

 You have 1.5 years remaining (18 months).

 You need to accumulate 120 CPD hours over the next 18 months.
Breaking Down the CPD Requirements

1. CPD Hours Breakdown:

o 120 CPD hours in total, but they need to be divided into:
 75 Structured CPD hours (seminars, webinars, courses, etc.)
 45 Unstructured CPD hours (self-study, reading professional materials, etc.)
2. Monthly Target:
o Over 18 months: You need to earn an average of 8-9 CPD hours per month to catch up.

✅ Steps to Catch Up:

1. Attend Multiple Seminars & Webinars

 You can accelerate your CPD by attending multiple seminars within a month. Some seminars
last 1-2 days, offering 4-8 CPD hours per event.
 Make a plan to attend both online and in-person seminars, so you can accumulate hours more
quickly.
 Try to attend 2-3 events per month (with a mix of short webinars and longer workshops), and
you’ll quickly reach your monthly target of 8-9 hours.

2. Use Unstructured CPD Hours Wisely

 Self-study can be a great way to accumulate unstructured hours. Reading professional journals,
updating yourself on the latest regulations or standards, or reviewing textbooks can count as
unstructured CPD.
 Aim for about 3-4 hours of self-study per week, and this will quickly add up.
 Keep a log of all the materials you’ve read and summarize the key takeaways for your CPD
records.

3. Join Intensive Training Courses

 Look for short-term, intensive CPD courses that provide a significant number of CPD hours in a
short period. These might be specialized in areas like auditing, taxation, or financial reporting.
 Examples might be:
o 3-day workshops (providing 12-15 CPD hours)
o Boot camps or certification programs that could give you a large chunk of hours.

4. Log CPD Regularly

 To avoid missing hours or scrambling later, keep updating your CPD log every time you complete
an event or self-study.
 Ensure you’re uploading all proof of attendance and study summaries to the ICPAK portal to
stay on track.
🎯 Suggested Monthly Plan:
Month Structured CPD Hours Unstructured CPD Hours Total CPD Hours

Month 1 6 hours (seminars) 3 hours (self-study) 9 hours

Month 2 6 hours (seminars) 3 hours (self-study) 9 hours

Month 3 6 hours (seminars) 3 hours (self-study) 9 hours

Month 4 6 hours (seminars) 3 hours (self-study) 9 hours

Month 5 6 hours (seminars) 3 hours (self-study) 9 hours

Month 6 6 hours (seminars) 3 hours (self-study) 9 hours

Month 7 6 hours (seminars) 3 hours (self-study) 9 hours

Month 8 6 hours (seminars) 3 hours (self-study) 9 hours

Month 9 6 hours (seminars) 3 hours (self-study) 9 hours

Month 10 6 hours (seminars) 3 hours (self-study) 9 hours

Month 11 6 hours (seminars) 3 hours (self-study) 9 hours

Month 12 6 hours (seminars) 3 hours (self-study) 9 hours

Month 13 6 hours (seminars) 3 hours (self-study) 9 hours

Month 14 6 hours (seminars) 3 hours (self-study) 9 hours

Month 15 6 hours (seminars) 3 hours (self-study) 9 hours

Month 16 6 hours (seminars) 3 hours (self-study) 9 hours

Month 17 6 hours (seminars) 3 hours (self-study) 9 hours

Month 18 6 hours (seminars) 3 hours (self-study) 9 hours

Total: 120 CPD hours (75 structured + 45 unstructured)

Tips for Managing Your CPD:

 Plan Ahead: Look for upcoming seminars or events on ICPAK’s website and other industry
sources. Scheduling ahead will help you hit your targets consistently.
  Balance Structured and Unstructured: While structured events give you a clear certificate,
unstructured learning is more flexible, so mix both types of CPD to meet your target.
 Track Progress: Monitor your hours regularly to ensure you’re on target for the full 120 CPD
hours.

Stay Consistent:

By committing to a consistent routine, you can definitely complete all required CPD hours within the
next 18 months — and even set yourself up for a smooth upgrade to full membership when the time
comes.

1. Key Accounting Areas You Should Understand

A. Accounting Fundamentals
Double-entry bookkeeping: Every financial transaction is recorded in two accounts – a debit in one and
a credit in another – to keep the accounting equation balanced.

Trial balance preparation: A summary of all ledger accounts to check whether total debits equal total
credits.

Reconciliation: The process of matching internal records with external statements (like bank
statements) to ensure accuracy.

Accrual vs. Cash Basis: Accrual accounting records revenues and expenses when they occur, while cash
basis records them when money changes hands.

Chart of Accounts: An organized list of all accounts used in the accounting system to categorize all
transactions.

B. Financial Reporting
Financial Statements: These include the Balance Sheet (assets/liabilities), Income Statement
(revenues/expenses), and Cash Flow Statement (cash movement).

IFRS Basics: International Financial Reporting Standards guide how to report financial data globally, e.g.,
recognizing revenue or valuing assets.

Monthly/Quarterly Reports: Regular summaries of a business’s financial status and performance.

C. Tax Compliance & iTax

Filing Returns: Submitting required tax documents to KRA, such as VAT, PAYE, NHIF, NSSF.

iTax Submissions: Using the KRA online portal to manage taxes and ensure compliance.

Tax Deadlines: Knowing when taxes are due to avoid penalties.

D. Accounting Software
Excel: Used for data analysis, creating reports, and using formulas and pivot tables.

QuickBooks: An accounting software for invoicing, payroll, and generating financial reports.

Sage: A software used to manage accounting, payroll, and compliance.

Tally: Popular in Kenya for recording business transactions and financial reports.

E. Internal Controls & Audit Preparation

Segregation of Duties: Distributing tasks among different people to prevent errors or fraud.

Audit Trails: Documentation that shows how transactions were processed.

Petty Cash Management: Tracking small business expenses and ensuring proper documentation.

F. Professional Competencies
Team Coordination: Working well with others to achieve tasks.

Problem-Solving: Finding solutions to financial discrepancies or challenges.

Communication: Clearly explaining financial information to non-finance individuals.

G. Additional Important Concepts

Bank Reconciliation: The process of matching your business records with your bank statement to ensure
they agree.

GAAP: Generally Accepted Accounting Principles – a framework of accounting standards, rules, and
procedures used in financial reporting.

IFRS: International Financial Reporting Standards – global principles for transparent and consistent
financial statements.

This mock interview is designed to help you prepare for real-life accounting job interviews. It covers
common and technical questions based on your qualifications, experience, and key areas in accounting.

1. Tell us about yourself.

I am a Certified Public Accountant with a Bachelor’s degree in Finance and over 4 years of experience in
both the government and private sectors. I’ve worked with the Ministry of Lands, Westlands Strategic
Consortium, and currently offer freelance services. I specialize in financial reporting, bookkeeping, and
tax compliance.

2. What accounting software are you most familiar with, and how do you use
it?
I am certified in QuickBooks, Sage, and Tally. I mostly use QuickBooks for recording transactions,
preparing invoices, reconciling bank statements, and generating financial reports.
3. What is double-entry bookkeeping?
It is an accounting method where every transaction affects two accounts – one as a debit and the other
as a credit – ensuring the accounting equation stays balanced.

4. Can you explain the purpose of a bank reconciliation?

Bank reconciliation ensures that the balances in the company’s accounting records match those on the
bank statement. It helps identify discrepancies such as missing transactions, errors, or fraud.

5. How do you handle tax compliance using iTax?

I file monthly and annual returns including VAT, PAYE, NHIF, and NSSF via iTax. I also ensure payments
are submitted on time and generate compliance certificates for clients.

6. What financial statements can you prepare, and what do they show?
I can prepare the Balance Sheet, which shows financial position; the Income Statement, which shows
profitability; and the Cash Flow Statement, which tracks cash movements.

7. What is the difference between GAAP and IFRS?

GAAP is a set of U.S.-based accounting principles, while IFRS is an international standard used in many
countries, including Kenya. Both aim for consistency, but IFRS is more principle-based.

8. How do you ensure accuracy and prevent errors in your accounting work?
By double-checking entries, reconciling accounts regularly, using automated software features, and
maintaining organized documentation.

9. Describe a time you solved a problem in your accounting role.

At Westlands Strategic Consortium, I discovered a mismatch in supplier payments. I investigated the
issue, coordinated with vendors, and corrected the entries to reflect the true position.

10. How do you manage your time and prioritize tasks as an accountant?
I plan tasks based on deadlines, such as tax return dates and reporting periods. I use checklists and
calendars to track progress and ensure nothing is missed.

11. What are some common accounting errors, and how do you avoid them?
Common errors include transposition, omission, and duplication. I avoid them by reviewing entries,
using software validations, and reconciling accounts regularly.

12. How do you stay updated on changes in tax laws and accounting
standards?
I follow updates from KRA, attend webinars, and read newsletters from professional bodies like ICPAK.

Understanding iTax and Tax Compliance in Kenya

This guide explains iTax and key aspects of tax compliance in Kenya. It is designed for accounting
professionals and small business owners who need a clear understanding of their tax obligations.
1. What is iTax?
iTax is an online platform developed by the Kenya Revenue Authority (KRA) for electronic tax filing and
compliance. It allows taxpayers to register, file returns, make payments, and request compliance
certificates all in one portal.

2. How to Register on iTax

Visit https://itax.kra.go.ke and use your PIN to register. Provide your personal/business information,
email, and set a password. Once registered, you can access tax services via your dashboard.

3. Common Tax Obligations in Kenya

- **PAYE (Pay As You Earn)**: Deducted from employees’ salaries and remitted to KRA.
- **VAT (Value Added Tax)**: Charged on goods/services and filed monthly.
- **Income Tax**: Filed annually for individuals and companies.
- **Withholding Tax**: Deducted at source on specific payments like consultancy, rent, etc.
- **NHIF & NSSF**: Statutory deductions for health and social security.

4. Filing Returns on iTax

Log into your iTax account, choose the type of return (e.g., VAT, PAYE), complete the online form or
upload an Excel return, and submit. Download and save the acknowledgment receipt.

5. Making Payments
Generate a Payment Registration Number (PRN) on iTax, then pay via bank, M-PESA (Paybill 572572), or
KRA partners. Always save the payment confirmation.

6. Tax Deadlines
- **PAYE**: 9th of the following month
- **VAT**: 20th of the following month
- **Income Tax (Individual)**: 30th June
- **Income Tax (Company)**: 6 months after financial year end
- Late filings attract penalties and interest.

7. Requesting a Tax Compliance Certificate

Once all taxes are filed and paid, request a compliance certificate on iTax. It’s often needed for job
applications, tenders, or financial transactions.

8. Record-Keeping for Tax Compliance

Maintain proper records for 7 years: invoices, receipts, payroll records, and payment proofs. This
ensures smooth audits and reduces tax risks.

9. Penalties and Offences

- Late filing: Kshs 2,000 (individuals), Kshs 20,000 (companies) minimum
- Late payment: 5% of the tax due plus 1% interest per month
- Filing false returns can lead to prosecution
10. Staying Updated
Subscribe to KRA bulletins, follow ICPAK updates, attend tax training, and regularly check the iTax portal
for announcements and changes.

What Are Accounting Packages?

Accounting packages are specialized software programs designed to help individuals and
businesses record, manage, and report financial transactions quickly and accurately. These
software solutions automate many accounting tasks that were traditionally done manually, such
as bookkeeping, invoicing, payroll processing, tax calculations, and generating financial reports.

Key Features of Accounting Packages:

 Bookkeeping: Automates recording of daily transactions such as sales, purchases,

receipts, and payments.
 Invoicing: Helps create and send invoices to customers efficiently.
 Bank Reconciliation: Matches company records with bank statements to ensure
accuracy.
 Payroll Management: Calculates employee salaries, tax deductions, and statutory
contributions like NHIF and NSSF.
 Financial Reporting: Generates profit & loss statements, balance sheets, cash flow
reports, and tax reports.
 Tax Compliance: Assists with VAT, PAYE, and income tax filing, often integrating
with tax platforms like Kenya’s iTax.

Benefits of Using Accounting Packages:

 Improved Accuracy: Minimizes human errors through automated calculations and

validations.
 Time Efficiency: Saves time by automating repetitive and complex accounting tasks.
 Regulatory Compliance: Helps businesses stay compliant with tax laws and accounting
standards.
 Data Security & Backup: Many packages offer secure storage and automatic backups.
 Real-Time Financial Insights: Provides instant access to financial data to support
decision-making.

Examples of Popular Accounting Packages

1. QuickBooks
o Target: Small to medium-sized businesses
o Features: Invoicing, expense tracking, payroll, inventory management, and tax
filing
o Benefits: User-friendly interface, cloud-based access, widely supported by
accountants
 2. Sage
o Target: Small, medium, and large businesses
o Features: Advanced bookkeeping, payroll, asset management, compliance tools
o Benefits: Robust and reliable with strong support for tax and audit processes
3. Tally
Target: Small and medium enterprises (SMEs)
o
Features: Voucher entry, ledger management, bank reconciliation, VAT/GST
o
compliance
o Benefits: Simple to use, fast processing, popular in Kenya and India
4. ERP Systems (e.g., SAP, Oracle, Microsoft Dynamics, Odoo)
o Target: Large enterprises and organizations with complex operations
o Features: Integrated modules for accounting, HR, inventory, procurement, sales
o Benefits: Centralizes data, enhances reporting capabilities, scalable to business
growth

Using accounting packages improves efficiency, accuracy, and compliance, making them
indispensable tools for modern accountants and businesses alike

What is ERP (Enterprise Resource Planning)?

ERP stands for Enterprise Resource Planning. It is a type of software system used by
organizations to manage and integrate all the important parts of their business operations in one
centralized platform.

Instead of having separate software or manual processes for accounting, human resources, sales,
inventory, procurement, and other departments, an ERP system combines all these functions into
a single system. This integration helps improve communication, data accuracy, and efficiency
across the entire organization.

Key Features of ERP:

 Centralized database for all business data

 Real-time reporting and analytics
 Automation of routine tasks (e.g., payroll, invoicing)