For many small and medium-sized enterprises – SMEs in Kenya, the audit used to be a once-a-year formality — a requirement to satisfy regulators or lenders. But things have changed. Today, audits are becoming strategic tools that drive business insight, enhance credibility, and help firms navigate an increasingly digital, regulated,
The Importance of Data Protection Audit Services In an era where data is a prized asset, safeguarding your organization’s sensitive information is paramount. At MGK, we understand the critical importance of safeguarding sensitive information in today’s digital landscape while also maintaining compliance with the Kenya Data Protection Act and regulations
Compliance Assessment and Risk Mitigation In NGOs: An Internal Audit Perspective Non-governmental organizations (NGOs) play a crucial role in addressing social and environmental challenges, often operating in complex regulatory environments. To ensure effective governance and maintain public trust, NGOs must prioritize compliance assessment and risk mitigation. Internal audit functions within
Cashflow Management Cashflow management is the process of monitoring, analyzing, and optimizing the flow of cash in and out of the business. It involves forecasting future cash inflows and outflows, maintaining adequate cash reserves, and ensuring that the business has enough liquidity to meet both its short term and long term
Notification of Migration of Legacy System Balances to iTax by KRA The Kenya Revenue Authority (KRA) has notified the public through a notice published on their website and social media accounts that they have migrated VAT and income tax ledger balances from the legacy system to the iTax system. Below
Fraud Prevention and Detection in Non-Governmental Organizations – NGOs Non-Governmental Organizations (NGOs) play a crucial role in addressing social issues, promoting charitable causes, and advancing global development. However, like any other entity, NGOs are vulnerable to the risk of fraud. Fraud can not only result in financial losses but also
Fraud Risk management in SACCO’s in Kenya Savings and Credit Cooperative Cooperatives Societies (SACCOs) play a very important role in Kenya economic development. According to the Sacco Societies Regulatory Authority ( SASRA) SACCO supervision annual report 2022, there were 359 regulated SACCOS as at 31 December 2022, with an asset
Understanding Virtual Private Network In today’s world, where everything is online, the need for online privacy and security is at an all-time high. One way to achieve online privacy is by using a Virtual Private Network or VPN. A VPN is a technology that provides a secure and private network
Effective Fund Management in the Not-for-Profit Sector Fund management involves the strategic planning, allocation, monitoring, and reporting of funds received from donors or funders. Effective fund management ensures transparency, accountability, and responsibility in the usage of resources, while still adhering to the specific requirements and regulations set by the donors.
Enhancing Donor Trust Through Effective Internal Auditing In NGO’s Donors play a critical role in the operation and sustainability of NGOs in most developing countries. They are essential partners to NGOs whereby they provide: Financial resources through funding Capacity building through training Long-term sustainability, and much more In turn, the
