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Why Financial Institutions in Kenya Need Robust Anti-Money Laundering Policies

Financial institutions are organizations that provide financial services to individuals, businesses, and governments. These institutions include Banks, micro-finances, insurance companies, pension schemes, unit trusts, asset management, cooperative societies, and digital credit providers. Anti-Money Laundering (AML) policies are significant and very critical for financial institutions in Kenya to develop and implement. Adherence to these policies is…

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Understanding Digital Taxes in Kenya: A shift from Digital Services Tax (DST) to Significant Economic Presence Tax (SEPT)

Introduction    On 11th December, the President assented into Law the Tax Law Amendment Bill 2024 into Tax Law Amendment Act and the provisions in the Act became effective on 27th December 2024. Following the passage of the Tax Laws, significant changes were introduced aimed at attaining the government tax collection goal. Among the changes introduced…

2025 Guide to Risk Control: 6 Key Questions to Ask

Risk management doesn’t have to be complex. By focusing on your goals, identifying potential risks, and planning your responses, you can turn risk management into a simple, practical tool for success. This approach applies whether it’s a personal dilemma, a project process, or an organizational decision.  At Ndakala Advisory LLP, the corporate finance team has…

Embracing IPSAS Accrual In The Public Sector

  Imagine running a household without a proper budget. You’d spend money as it comes in, without considering future expenses. It would be chaotic, right? Now, imagine running a government like this. That’s essentially how many public sector entities have operated for years. But times are changing. A new era of financial transparency and accountability…

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Housing Levy in Kenya: How It Will Affect You And Your Business

The recent court ruling on the Housing Levy in Kenya has sparked significant discussions. This mandatory deduction of 1.5% from an employee’s gross salary will impact thousands of Kenyans, adding to their financial burden. Employers will also contribute an additional 1.5% of their employees’ wages, resulting in a total contribution of 3% to the government’s…

Impact of Artificial Intelligence on Audit-Ndakala Advisory

Impact of Artificial Intelligence on Audit in Kenya

Artificial Intelligence (AI) has already made significant strides in financial reporting and audit in Kenya. According to a recent article in the Journal of Accountancy, AI is used to analyze vast amounts of economic data, identify anomalies, and predict trends. These capabilities are invaluable for auditors who must sift through complex datasets to detect fraud…