The Kenya Universities and Central Placement Service (KUCCPS) has been put on the spot over irregularities found within the organization’s financial statements.
In a February 21, 2024, statement, the National Assembly announced that the special funds committee mandated to investigate financial irregularities within KUCCPS‘ car loan and mortgage scheme met up with the Service’s top management at Parliament buildings.
“The National Assembly, Special Funds Account Committee, led by Hon. Fatuma Zainab (Migori) convened a crucial meeting with the management of the Kenya Universities and Colleges Central Placement Service (KUCCPS),” read part of the statement.
According to the statement, the focus of the meeting was to address audit queries related to the organization’s car loan and mortgage scheme.
The National Treasury states that State Officers and Civil Officers of the National Government are entitled to car loan facilities through the State Officers and Civil Servants Car Loan Scheme Fund meant for purchase of motor vehicles.
This fund was established vide Legal Notice 195 of 25th September 2015 under the Public Finance Management Act (No. 18 of 2012).
Financial Discrepancies in KUCCPS
In the meeting, KUCCPS management led by CEO Dr. Agnes Wahome engaged in deliberations regarding discrepancies identified in the financial statements of the scheme.
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These discrepancies extended to the delayed submission of financial reports to the Auditor-General, violating statutory requirements outlined in section 47(1) of the Public Audit Act 2015.
One of the primary concerns raised during the meeting pertained to the submission of financial statements beyond the mandated deadline.
According to the Public Audit Act, a three-month window is stipulated for presenting financial statements.
However, the National Assembly highlighted that KUCCPS failed to adhere to the requirement in subsequent years.
Additionally, legislators also sought clarification from Wahome regarding discrepancies between reported bank accounts for the scheme.
“While KUCCPS’s financial statements indicated two accounts under Housing Finance Group, the bank itself reported four active accounts,” the statement adds.
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The legislators argue that Treasury approval had only been granted for the opening of two accounts, raising questions about the legitimacy of the additional accounts.
A comprehensive report detailing the findings and recommendations resulting from the inquiry is set to be tabled later in the House according to the statement.
The Committee further reiterated its unwavering dedication to safeguarding public funds and ensuring accountability.