GIAS 2024: What’s New in Internal Auditing and Risk
The Global Internal Audit Standards (GIAS 2024) officially took effect on January 9, 2025, replacing the previous IPPF 2017 framework. With this significant update, the world of internal auditing has evolved, aiming to strengthen governance, improve risk management, and enhance the overall effectiveness of audit functions globally. What Are the GIAS 2024 and Why Do […]
Navigating the Digital Wave: Why Data Governance Matters in Kenya
The Kenyan digital landscape is surging, fueled by data. But with great power comes great responsibility, and organizations handling this valuable resource face a critical challenge: data governance. Data governance encompasses the practices and processes organizations use to manage, utilize, and safeguard their data. It serves as the backbone of an organization’s information strategy, ensuring […]
How SMEs in Kenya can Keep Clear Financial Records
One of the foremost challenges SMEs in Kenya often face is the need to clean up their financial records. Over time, as transactions pile up, inaccuracies and discrepancies can creep in, leading to financial statements that lack credibility and potentially triggering tax-related complications. Cleaning up financial records involves meticulously reviewing past transactions, identifying errors, and […]
Data-Driven Internal Audits for Hospitals
Internal audits in hospitals involve a thorough review of hospitals’ policies and procedures to ensure their compliance with the regulatory requirements and standards making it a crucial aspect of the hospital and ensuring patients’ safety and healthcare service quality. Internal audits aim to ensure high-quality care to patients, this is by analyzing the various aspects […]
What is the impact of (international public sector accounting standards) IPSAS accrual accounting on level 4 and five public hospitals in Kenya?
Level 4 and 5 hospitals are devolved units operated by the County Governments in Kenya. Previously the county hospitals, level 4 and 5 were presenting financial records as a single line within the IPSAS Cash template. Reporting under the Cash Accounting did not provide adequate disclosure of financial information that is relevant for decision-making. This […]
What to consider before appointing an auditor in Uganda
It all begins with you the management team as you embark on the process of choosing an auditor for an audit engagement of your organization. Extra care has to be taken because the chosen Auditor shall be part and partial of the business and give business assurance and advisory year in and year out. At […]
Business Process Improvement – what you need to know
In the current dynamic and competitive business landscape, companies need to consistently enhance their processes to sustain their market position and stay ahead of the competition. One way to achieve this is through process improvement, which is an integral aspect of internal auditing in businesses. Process improvement enables businesses to identify operational inefficiencies, streamline their […]
SME INVENTORY MANAGEMENT TECHNIQUES
Inventory Management for SMEs Small and Medium Enterprises (SME) are the backbone of the Kenyan economy contributing up to 40% of its Gross Domestic Product (GDP); Inventory management techniques are equally are the heart of most businesses and they fall under different categories i.e. Raw Materials, Work in Progress (WIP) Finished Goods Packaging Repair and […]
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