Audit & Assurance
Kreston KM offers a partner-led audit and assurance services. We carry out the services in accordance with International Standards on Auditing (ISA). Our risk-based methodology is designed to ensure that our clients get advice on how to improve internal controls and business systems. We are therefore committed to providing you with Assurance as well as Advisory Services. During an audit, we aim to gain a real understanding of your business and the quality and effectiveness of your accounting and control systems. This means we can focus on the risks of material misstatements in the financial statements.
In addition, our firm is the Kenyan member firm of Kreston Global, a leading global accounting network and also member of Institute of Certified Public Accountants of Kenya (ICPAK).
For more information, please contact: info@krestonkm.com
Other services
Our audit and assurance services
Statutory financial statement audits
Statutory audit of financial statements is primarily designed to provide a reasonable level of assurance to users of the financial statements. There may be other requirements to satisfy the needs of regulatory bodies or other interested parties. Our audit services will help you meet the statutory and regulatory requirements as well as the particular needs of your organization.
We meet all your needs for full financial reporting in compliance with various statutes. We not only ensure that your financials meet the high standards imposed by the International Financial Reporting Standards but also that they are fully compliant with the requirements of the laws of the land. We work to ensure that your organization is meeting all its obligations under the statutes and provide practical, proactive and up-to-date advice to help you continue to do so.
We also assist clients in steering through the intricacies of the ever-changing International Financial Reporting Standards. Through our international network we offer remarkable resources to handle complex technical issues and their application to our individual clients. Our partner-led services ensure that our clients have unmatched access to experienced and knowledgeable team of professionals and quick professional advice.
We provide a wide array of services in the financial reporting area. These include:
- IFRS financial statement audits;
- Agreed upong procedures;
- Audits of financial statements prepared in accordance with Special Purpose.
Special purpose audits and reviews
Organisations for which an audit is not a legal requirement may still decide to have an audit for a number of reasons, which may include:
- Need to meet stakeholders’ expectations
- Need to identify and address financial and system issues
- Need to ensure effective governance
- Basis for reliable information on which to base critical decisions.
- Audits required for a specific or special purpose
We have the expertise to conduct audits that are required for the purposes of shareholders, stakeholders, parties to joint arrangements, construction projects, service charge audits, pre-merger, divestiture or asset sharing audits.
Financial reporting and advisory
Every business faces a financial reporting or accounting issue at some point when preparing their financial reports. In these situations, expert advice supported by an in-depth understanding of International Financial Reporting Standards (IFRS) is crucial.
We have expertise in interpreting IFRS requirements and can advise you on the application of accounting standards and help to resolve more complex accounting problems.
With our financial reporting advisory services, we give you access to:
- Accounting opinions on the application of IFRSs
- Accounting disclosures
- Training on specific accounting matters
- Technical presentations of accounting standards.
Internal audits
Systems of internal control need to constantly adapt to changing priorities, threats and opportunities. Organizations need to make sure that the controls are operated as intended and have the desired impact. We can help you to ensure that your controls are appropriate for managing your risks, are operating effectively and are cost efficient. We provide assessments of the extent to which the controls can be relied upon and where weaknesses are identified, we look for the root causes of the issue and make practical recommendations for improvement. Our internal audit procedures are designed to complement other available sources of assurance and adopt a strategic approach designed to handle the risks your organisation faces.
We design our approach to target the areas of greatest risk and to integrate with other sources of assurance in order to maximize audit efficiency. We are able to provide clients with assurance that the right systems and controls are in place, assets are safeguarded, funds properly used and compliance with relevant legislation.
Our internal audit services include complete outsourcing of the internal audit function to us or setting up an internal audit function in your organization. Internal audit procedures are tailored to each client’s requirements as well as industry specific needs.
Operational Systems review
A System Audit is an audit conducted on a management system. A System audit is conducted to verify that processes are documented and implemented against a specified set of requirements. It is a documented activity which is performed by evaluating objective evidence on all the applicable elements of the management system being audited.
For operational stability and efficiency systems should be put in place preferably IT-based systems. Many of these systems take a much more integrated approach to information management and will address a range of operational functions. We undertake systems review in areas that include:
- Customer relationship and stakeholder management systems
- Financial book-keeping, accounting and reporting systems (incorporating other aspects of operations such as customer invoicing, supplier payment, stock control, etc.)
- Monitoring and evaluation systems
- IT operational systems
Forensic audits
A Forensic Audit is basically an examination of an organization’s financial records to derive evidence which can be used in a court of law or legal proceeding. A forensic audit is a detailed engagement that requires the expertise of not only accounting and auditing procedures but also expert knowledge regarding the legal framework and business operations.
Forensic audit investigations are made for several reasons, including the following:
- Corruption
- Asset Misappropriation (misappropriation of cash, creating fake invoices, payments made to non-existing suppliers or employees, misuse of assets, theft of Inventory, etc.)
- Financial statement fraud (the goal of presenting fraudulent numbers may be to improve liquidity, ensure top management continue receiving bonuses, or to deal with pressure for market performance, among other motivation).
We have the skills, understanding and expertise to undertake forensic investigations.