The Institute of Licensed Public Accountants of Rwanda (ICPAR) has sanctioned seven audit companies and eight practitioners after a 2025 audit high quality assurance evaluate discovered failures to adjust to skilled auditing and quality-management requirements.
In accordance with a discover issued by ICPAR, the sanctions adopted findings of noncompliance with Worldwide Requirements on High quality Administration(ISQM), Worldwide Requirements on Auditing(ISA), and different skilled necessities governing audit work.
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The penalties vary from monetary fines and non permanent suspensions to the everlasting withdrawal of 1 agency’s authority to practise. The choices have been authorized by ICPAR’s governing council.
ITAU Auditors Ltd obtained probably the most extreme institutional penalty, with its proper to practise completely withdrawn.
One in all its observe certificates holders, Ambrose Mutuku Nzamalu, additionally had his proper to practise completely withdrawn and was suspended from ICPAR membership for 2 years, till July 2028.
The agency’s different practitioner, Celestial Ntamuturano, was suspended from practising and from ICPAR membership for six months, with the suspension scheduled to finish in December 2026.
EXCIMAA and KFV Companions have been every suspended from practising for 2 years. Their respective observe certificates holders, Paul Tchamake and Victor Milambi, have been additionally suspended from practising and from ICPAR membership for 2 years. Each suspensions are because of finish in Could 2028.
RG Companions was suspended from practising for one 12 months. Its observe certificates holder, Godfrey Nduwayezu, obtained a corresponding one-year suspension from observe and membership, ending in December 2026.
Three companies face shorter penalties
Chartine & Associates Ltd and Finhouse Companions Ltd have been every suspended from practising for six months.
Their observe certificates holders, Chartine Umutesi and Straton Nyirindekwe, have been equally suspended from practising and from ICPAR membership for six months. The sanctions have been because of finish on June 29 this 12 months.
J.G. Bailey & Associates was fined Rwf4 million, whereas its observe certificates holder, Jimmy Njonge Githere, was suspended from practising and from ICPAR membership for six months, additionally ending on June 29.
The New Occasions understands that the companies whose suspension intervals have elapsed submitted requests for reinstatement accompanied by remedial motion plans. Their reinstatement, nonetheless, stays topic to ICPAR’s evaluate and affirmation.
