The importance of audit and assurance services to organizations today cannot be overstated. From ensuring compliance with statutory obligations to building stakeholder confidence, regular audit and assurance is an important tool for effective business management.
We believe that the quality of audit & assurance services delivered relies on a having great relationship with our clients.
Reach out to us on call: +254729260127
At Jeremy Mkay Associates, we go beyond simply identifying financial statement issues and internal control flaws. We are committed to keeping you informed about the latest developments in accounting and auditing standards, so you can proactively assess and address their implications for your business.
What is an Audit?
An audit is a systematic examination of an organization’s financial records and practices to assess their accuracy, completeness, and compliance with relevant laws and regulations. This process involves a thorough review of financial statements, internal controls, and other relevant documentation.
We offer the following specialized audit approaches:
1. Statutory/External Audit
A statutory or external audit is a formal examination of a company’s financial statements by an independent auditor.
We work closely with our clients to ensure that their financial records comply with Kenyan and international accounting standards and regulations. Our goal is to provide a reliable and objective report on the fairness and accuracy of the financial statements.
2. Internal Audit
Internal audits are conducted by an organization’s own staff to assess the effectiveness of its internal controls and risk management processes.
We can assist you in establishing an efficient internal audit function or providing ongoing support to your existing team. Jeremy Mkays Associates’ internal audit services include:
- Risk assessment: Identifying and evaluating potential risks to your business
- Control evaluation: Assessing the effectiveness of your internal controls
- Operational reviews: Evaluating the efficiency and effectiveness of your business processes
- Compliance reviews: Ensuring compliance with relevant laws and regulations
3. Inventory Audit
An inventory audit is a physical examination of your organization’s inventory to verify its accuracy and value.
This is particularly important for businesses in Kenya with large inventories or that rely heavily on inventory management. Our inventory audits can help you identify discrepancies, improve your inventory control processes, and reduce losses due to theft or obsolescence.
4. Information System Audit
In today’s digital age, information systems play a critical role in business operations. An information system audit assesses the security, reliability, and efficiency of your IT infrastructure.
Our expert auditors can help you identify vulnerabilities, improve your data security practices, and ensure that your information systems are operating effectively.
Do you need Audit & Assurance Services in Kenya. Reach out to us on call: +254729260127
What is an Assurance Report?
An assurance report is a formal communication issued by an independent auditor, such as Jeremy Mkay Associates, that provides an opinion on the fairness and reliability of an entity’s financial statements. This report is a crucial component of corporate governance, providing stakeholders with a reliable assessment of the entity’s financial health and performance.
Our assurance reports include:
- Independent opinions: Objective assessments of the fairness and reliability of financial statements
- Compliance statements: Verification of adherence to relevant laws, regulations, and industry standards
- Recommendations: Suggestions for improving internal controls and financial reporting practices

Assurance & Audit Frequently Asked Questions
While the terms “audit” and “assurance” are often used interchangeably, there are subtle distinctions between them:
- Audit: An audit is a specific type of assurance engagement that involves a detailed examination of an organization’s financial statements and internal controls.
It provides the highest level of assurance and is typically required for publicly traded companies and other organizations with high regulatory requirements. - Assurance: A broader term, “assurance” encompasses a range of engagements that provide stakeholders with varying levels of confidence in the reliability of information.
These engagements can include audits, reviews, and agreed-upon procedures. Assurance services are designed to enhance transparency, accountability, and decision-making.
The frequency of audits and reviews depends on factors such as the organization’s size, industry, regulatory requirements, and internal risk assessment.
For publicly traded companies, annual audits are typically mandatory. Private companies may choose to undergo audits annually or less frequently, depending on their specific needs.
- Planning: The auditor or reviewer will plan the engagement, considering the organization’s size, complexity, and risk factors.
- Evidence Gathering: The auditor or reviewer will gather evidence by examining financial records, internal controls, and other relevant documentation.
- Evaluation: The evidence will be evaluated to assess the accuracy and completeness of the financial statements and the effectiveness of internal controls.
- Reporting: The auditor or reviewer will issue a report summarizing their findings and expressing an opinion on the fairness of the financial statements.
Audits and reviews can help organizations improve their financial performance by:
- Identifying areas for improvement: Audits can identify weaknesses in internal controls, inefficiencies, and potential risks.
- Enhancing internal controls: By strengthening internal controls, organizations can reduce the risk of fraud, errors, and losses.
- Improving financial reporting: Audits can help ensure that financial statements are accurate, reliable, and compliant with relevant regulations.
- Providing valuable insights: Auditors can offer valuable insights and recommendations to help organizations make informed decisions and optimize their financial performance.
When selecting an audit or review firm, consider the following factors:
- Experience and expertise: Look for a firm with experience in your industry and a proven track record of providing quality services.
- Independence: Ensure that the firm is independent and free from conflicts of interest.
- Professional qualifications: Verify that the firm’s staff members have the necessary professional qualifications.
- Reputation and references: Ask for references from other clients to get a sense of the firm’s reputation and service quality.