Abstract
The purpose of this paper is to assess the role, opportunities and challenges of Professional Accountants in Business (PAIB) within the context of global frameworks and the future of Accounting in Business. Models by International Federation of Accountants (IFAC’s), Association of Chartered Certified Accountant’s (ACCA) Value Creation Model and Pricewaterhousecoopers Standard Finance Model 2011 were applied on data collected by questionnaire from Accountants registered by Institute of Certified Public Accountants of Kenya (ICPAK). From a sample of 362 Accountants the findings revealed that only 33.7% are involved in business strategy to the extent of 60-100 % against global average extent of 79%. The current baseline study offers the first academic insight in Kenya on the roles and provides evidence that Kenyan PAIB’s are not as involved in business strategy as their counterparts in other parts of the world. Professional accounting institutes and their global partners, regulators, boards, and the government can therefore redefine the roles of accountants from insights of this study.
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