Audit & Assurance

We are licensed auditors by ICPAK, a member of IFAC, offering a comprehensive range of audit and assurance services both statutory and voluntary.

We acknowledge the important role a professional external audit plays especially lending credibility and comfort to investors, donors, regulators, and other stakeholders who make decisions based on the financial information you provide especially the assertions you make in your financial statements that your operations comply with laws, regulations, internal policies, and industry practices.

As audit specialists, we go beyond the traditional delivery of audit opinions to identifying problem areas, where we are experts in offering well thought-out advice and assistance. We are independent, objective and thorough in our conduct and approach and believe that trait will result to your Management, Board, Regulators, Investors and other Stakeholders having comfort that your financial statements can be relied on, and your operations comply with applicable policies, laws and regulations.

Our Approach to Audit and Assurance

We apply a risk-based approach adapted to client specific situation and context, and our audit tools are continually updated to meet the latest industry best practice. This enables us to identify and shift our attention to audit risks at an early stage making our audit efficient and highly effective. We therefore boast of providing cost-efficient, highly effective, and value-added independent audit and assurance service to our clients.

We have a reasonably wide spectrum of audit and assurance services to choose from.

  • Statutory and Voluntary Audit
  • Grants and Projects Audit
  • Systems and Operational Audit
  • Spot Checks and Value for Money
  • Assets and Expenditure Verification
  • ICT Projects
  • Follow up Audit and Investigation

Please do not hesitate to get in touch with us for more on any of the service that you might require. We will come and explain at your convenience.

Services Offered

Statutory and Voluntary Audits

Statutory Ordinary Audits

According to the Companies Act of 2015 laws of Kenya, section 709 requires directors of a company to ensure that the company’s annual financial statements for a year are audited in accordance with Part XXVII of the Act unless the company: – (a) is exempt from audit under section 711 or 714; or (b) is exempt from the requirements of this Part under section 716. (2) A company is not entitled to any such exemption unless its balance sheet contains a statement by the directors to that effect. (3) A company is not entitled to exemption under either of the provisions referred to in subsection (1)(a) unless the its balance sheet contains a statement by the directors to the effect that— (a) the members have not required the company to obtain an audit of its financial statements for the relevant financial year in accordance with section 710; and (b) the directors acknowledge their responsibilities for complying with the requirements of this Act with respect to accounting records and the preparation of financial statements. (4) The directors shall ensure that the statement required by subsection (2) or (3) appears on the balance sheet above the signature required by section 652.

We approach our statutory audit not just as a legal obligation but as an opportunity to apply our professional expertise in adding value and building relationships of trust with our clients. We go beyond financial information to gaining understanding on how your business operates, the risk it faces and how to work with you to build an effective and growing business.

It is always part of our audit plan and programme to meet and talk to management about our observations and findings made during the audit to help the business improve its compliance and performance. We also acknowledge that its our primary responsibility to finally present our audit report to shareholders at the general meeting.

Voluntary Audits

Although voluntary audits are not prescribed by law, they can contribute to the success of your organization. The scope of information your stakeholders require has significantly changed both in quantitative and qualitative terms. To ensure that you meet the strict reporting requirements, we recommend our voluntary audit. The commissioning of a voluntary audit despite the absence of an audit obligation does not have to be contradictory. An auditor’s assessment of the correctness of an organization’s accounts is an invaluable source of support for shareholders and supervisory bodies, helping them fulfil their monitoring function. Voluntary audits can also be employed to confirm the reliability of your financial statements to your financial partners.  

Based on your needs analysis, we perform comprehensive voluntary audits, individually agreed upon audit activities or provide you with expert opinions. These provide a sound basis for your and your stakeholders’ future decision-making and ensure compliance with statutory requirements and contractual arrangements.  

Some of the benefits your business stands to gain from a voluntary audit include:

  • Ensuring the reliability of the financial statements to various stakeholders (Banks, shareholders, management, governments, supplier)
  • Contribute to obtaining better financing terms from banks and other lenders.
  • Attract new investors
  • Comply with external regulations
  • Highlight the company’s healthy financial position before a sale of the company.
  • Ensure that resources are used efficiently
  • Help to detect accounting errors
  • Allow shareholders to have a view on the financial situation of the company.
  • Help to identify weaknesses in the internal control system
Grants and Project Audits

Donors and funding agencies require a high level of assurance that their funds have been used for the agreed purposes in the manner that was intended. We have extensive experience auditing projects and donor funded organisations in the Eastern Africa region. We understand what donors expect as they need comfort that expenditures have been incurred for the intended purposes and that their funds were utilised effectively.

These are some of the benefits of grant and audit projects.

  • Promote controls to detect fraud and corruption and ensure alignment of objectives, quality outputs and development outcomes.
  • A strong relationship between funder and implementer by ensuring the effective use of development funding.

Audits enhance success of development programmes by helping implementers to continuously improve systems, manage risks, and adjust programme design, monitoring and evaluation tools and understand risks that could prevent achievement of desired goals.

Systems and Operations Audit

Systems and operational audit entail a review of key systems, processes, policies, procedures and controls with the main objective of improving productivity, efficiency and effectiveness of the operations. This type of audit also targets to identify controls and processes that cause waste of resources and with the objective of recommending improvement.

We perform systems and operational audit to help our clients assess their performance, identify opportunities for improvement, and provide recommendations for improvement. Our approach entails analysing your processes, policies, and procedures, performing interviews to key individuals (within and outside of the organization), observing operations, reviewing past and current reports, studying transactions, making comparisons with industry standards, exercising professional judgment based on experience, or other appropriate means. We then develop recommendations for improvement.

Our team will assist you to

  • Redefine your organizational objectives, policies, and procedures
  • Set a clear criterion for measuring achievement of your organizational objectives
  • Independently and objectively evaluate your operations
  • Assess compliance with organizational objectives, policies, and procedures
  • Assessment of the effectiveness of management control systems
  • Assess the reliability and usefulness of management reports
  • Identify problem areas and root causes
  • Identify potential profit improvement, revenue enhancement, and cost reduction opportunities
  • Provide alternative courses of action
Spot Checks and Value for Money

Spot checks are performed to assess the accuracy of financial records for cash transfers to IPs, status of the programme and whether there have been any significant changes to applicable internal controls.

We can help you perform spot check on a cyclical basis for various areas to help ensure adherence to policy and safeguarding of assets. We possess extensive experience in performing HACT Assurance spot checks on cash transfers and on travel expense, custody of precious items, payroll, and fuel card.

We also help public sector entities come up with a Value for Money (VfM) Framework for public sector entities that is embedded in processes to realise the 4Es (Equity, Economy efficiency and Effectiveness) that includes audit of VfM.

Asset Tagging and Verification

We carry out physical verification of fixed assets to align with the balance sheet or other official records. We also assist in uniquely identifying each individual asset by fixing labels or ‘tags’ on them, integrate with you ERP or other form of system maintaining the assets register. We recognise that asset Verification and Tagging are a vital part of security and risk mitigation in today’s fast-moving world when financial misappropriation is on the rise. With high capital and revenue expenditure against a growing number of compliance requirements, it is vital that proper inventory records are kept.

ICT Projects

We can help you carry out an independent review of the implemented ICT project (s) and check whether your project has been completed on time and within budget and that the agreed specifications in the project charter have been met and the new system satisfies design requirements and contains necessary internal controls.

Follow Up Audits and Investigations

Follow up audits are important in ensuring corrective actions have been implemented and are working effectively. We perform procedures that identify areas that have not yet implemented the required solutions and corrective actions, and areas that need further attention to achieve the desired results.

We can help you investigate incidents of suspected fraud or misappropriation of assets and provide expert witness during litigations and other judicial processes.

Compliance means conforming to a rule, such as a specification, policy, standard or law.  With taxes, the...