Trusted Auditing Services for SMEs

Auditing services are important for all businesses, whether large, medium, or small. They are key to staying compliant with bodies like the Kenya Revenue Authority (KRA) and the Micro and Small Enterprises Authority (MSEA). They also promote credibility and accountability to stakeholders, such as the board of governors, trustees, and investors, among others. Audits are especially common when a merger or acquisition is about to happen between two or more enterprises. At Gichuri & Partners, we provide reliable and transparent SME auditing services in Kenya, including statutory, compliance, external, and internal audits.

What is Auditing and Why Is It Important for SMEs in Kenya

Auditing is the examination of the financial records, statements, and internal processes of a business. The purpose of such an examination is to ensure accuracy, compliance, and transparency in the organization. While most business owners see an audit as a jab by regulatory authorities, it can be a tool for business growth. Below are the benefits of auditing for an SME:

• Compliance: Tax and regulatory audits help an SME stay compliant with KRA and other bodies. If your financial records and books match the tax payable to KRA, your business stays on the good side of KRA, and you can run your business with peace of mind.
• Builds Trust: Banks and other financial lenders ask for audits before investing in your business. Thus, doing professional audits builds trust with lenders, donors, and investors.
• Fraud Detection and Mitigation: As a business owner, you may initiate an internal audit to look at your company’s books, processes, and performance. This helps you detect fraud, embezzlement of funds, unexplained expenses, and other risks. You can catch these risks in time before they lead to business failure.
• Performance Insight: Business stakeholders request internal audits to gauge the performance of the business. For example, the company board may want to gain a clear understanding of the company’s financial health and its operational performance.
• Access Funds: Clean, transparent, and accurate financial records demonstrate accountability. You won’t have any issues securing funding from banks, donors, and other investors.

What Triggers an Audit and Who Can Demand One from an SME

Have you received an audit request and don’t know why? It could be from the KRA, MSEA, or the board of directors. While some audits are voluntary, most come from an authority figure and are mandatory. Various factors could trigger an audit. They include:

• Legal requirements: An annual audit can be a legal requirement, depending on the size of your business or the industry.
• Demand by Stakeholders: Most involuntary audits are demands from business stakeholders. For instance, a bank may demand an audit before confirming your business loan. Others include donors, investors, and the board of directors.
• Tax reviews: Another common trigger for involuntary audits is a tax review demand by KRA. If KRA has reasons to believe you are not paying taxes the right way, they may request a statutory audit of your SME.
• Mergers and Acquisitions: Before a company merges with or acquires an SME, they want to gain a clear picture of what they are getting into financially and operation-wise. Thus, they may demand an audit to see the financial health and overall performance before the merger or acquisition.

Our SMEs Auditing Services in Kenya: What We Do

At Gichuri & Partners, we provide voluntary and involuntary audits tailored to your needs as a small or medium-sized enterprise. These include:

• Tax Audits: Tax audits help clear any doubts KRA has on your business as a taxpayer. We will help clear these doubts while offering tax advisory services on what works best for your business.
• Internal Audits: Internal audits ensure your business operations are running smoothly and your books are well-balanced. We will conduct a transparent internal audit for your business to ensure you are on the right track.
• Forensic Audits: Fraud and funds embezzlement can break your business. We help detect and mitigate risks before they happen through comprehensive forensic audits.
• Statutory Audits: Did you get a statutory audit demand from a government body? Let us help you navigate statutory audits like a pro.
• Project Audits: Project audits can be voluntary or involuntary, and they seek to investigate if the project is running smoothly, goals are met, and funds are utilized correctly. We conduct professional project audits for businesses of all sizes.
• External Audits: We offer independent and transparent external audits for compliance, legal, and financial purposes.

Why Choose Us for SMEs Auditing Services in Kenya

Our auditing services stand out among many, and that’s why SMEs across Kenya trust us with their auditing needs. Here’s why you should work with us:

• Licensed and Regulated: Gichuri & Partners is a fully registered and regulated accounting and auditing firm. We are certified by the Institute of Certified Public Accountants of Kenya (ICPAK) and the Business Registration Service (BRS).
• Certified Audit Professionals: Our team comprises well-trained and certified auditors with notable experience in auditing SMEs. We have worked with businesses across different sectors, including tech, hospitality, health, and agriculture.
• 15 Years of Experience: Nothing beats the expertise that comes with experience. We’ve been audit professionals for over 15 years, helping businesses and gaining vast knowledge in the process.
• Transparency: We deliver detailed and easy-to-understand reports to keep you in the loop. Our audits are transparent, and we provide recommendations based on what we find.

Ready to Get Started? Get in Touch for Expert Auditing Services in Kenya

Are you preparing for your first audit? We are here to help, whether it’s an internal control, KRA requirement, or a due diligence audit.  At Gichuri & Partners, we understand that no two businesses are the same. That’s why we offer tailored SME auditing services that solve your specific needs.

FAQs

• Do all SMEs in Kenya need auditing services? No, not all SMEs need auditing services. However, some are required by law to undergo annual audits for regulatory and compliance purposes. That said, any SME can voluntarily seek an internal audit for accountability and as a strategic tool for business growth.
• Which is the best auditing firm in Kenya for SMEs ? Gichuri & Partners is a licensed and certified auditing and accounting firm based in Nairobi, Kenya. It’s among the leading SMEs auditing services in Kenya.
• How long does an audit take? An audit can take anywhere between 2 and 4 weeks. The length of the process depends on various factors, such as the size of your business, the readiness of your business records, and the type of audit.