About Accounting, Audit & Investigations
The audit assurance and advisory services offered by MUGO-MUNGAI & CO., LLP, go beyond merely meeting statutory requirements.
We help our clients perform better. We listen to their needs,think about the business implications, and tailor the approach accordingly. We help organizations achieve their objectives, measuring performance and managing risk. Our audit approach emphasizes adding value to our clients business by enhancing quality and productivity.
Our audit assurance and advisory services include:
- Statutory audits
- Management audits
- Special audits specifically tailored to clients' needs
- Audit of public sector or donor-funded projects
- Special reviews and investigations
- Advice on regulatory compliance
- Formation and monitoring of risk management strategies
- Computer system assurance
- Development, design, implementation and review of:
- Accounting policies
- Controls and systems
- Accounting manuals
- Advise on accounting standards and practices
Our audit approach is risk-based, flexible; business oriented, adds value and provides proactive advice with clear focus on organizational goals and objectives. We pride ourselves on our independence and the resultant objectivity. Since our audit approach is risk-based,we rapidly address the key issues that affect our clients and their financial statements and accordingly plan our audits to focus timely and sufficient attention on identified risk areas. We emphasise strengthening of systems and controls surrounding business process, as opposed to the traditional approach, which concentrates on the audit of financial records.
A large portion of consultancy work involves designing, evaluating and managing programmes and projects in developing nations and emerging markets funded by agencies such as European Commission, World Bank, EBRD, IFC, IADB, USAID, ADB and DFID-UK.
We believe that the success of any audit we carry out is dependent upon:
- Understanding the client's business, underlying risks, and the legislation and regulations governing the business
- Understanding the client's organizational, procedural and information system controls as well as their operating structure
- Ensuring that superior expertise and resources are available to satisfactorily carry out the audit
- Adhering to the firm's quality control standards
All audits are carried out as per the firm’s Audit Procedures Manual, which is based on International Standards on Auditing. Our audit approach is principally risk-based, and focuses on obtaining and understanding of the scope of the assignment, and developing an audit strategy to achieve the set audit objectives.
The firm has developed industry specific manuals for industries such as banking and insurance that are subject to specific requirements. The staff involved in industry specific audits are required to undergo regular training to ensure that they are conversant with the operations of, and the risks attached to, these industries and the legislation and regulations governing these industries.
MUGO-MUNGAI & CO., LLP, are also able to conduct internal audits, ranging from complete outsourcing arrangements to setting up an internal audit function. We are able to provide clients with assurance that the right systems and controls are in place, assets are safeguarded,funds properly used and compliance with legislation.
Internal Audit procedures are tailored to each client’s requirements as well as industry specific needs.