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MNC Consulting Group > Statutory Audit

Statutory Audit

Muchiri Ndambiri & Company conducts statutory audit (also referred to as financial statement audit) as external auditors.

Statutory audit involves examination of the truthfulness and fairness of the financial statements of an entity by an external auditor who is independent of the organization and is a requirement by law or regulatory authority of a particular jurisdiction to be carried out.

The audits can also be carried out to ensure compliance with laws governing the country, state or local law that the company is operating as well as ensure compliance with a reporting framework such as the International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS).For example, Section 709 (1) of Companies Act 2015 of Kenya requires that the directors of a company ensure that the company’s financial statements for a financial year are audited while Section 56 of the Insurance Act of Kenya requires that the financial statements of an insurance company are audited on an annual basis.

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