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The value added tax act is a law that imposes value added tax on goods delivered in, or imported into Kenya; and on certain services supplied in Kenya and for connected purposes

The unclaimed financial assets act of Kenya provides for the reporting and dealing with unclaimed financial assets and to establish the Unclaimed Financial Assets Authority and the Unclaimed Financial Assets Trust Fund and for connected purposes

Kenya Finance act 2021 is an act of Parliament to amend the law relating to various taxes and duties; and for matters incidental thereto

The stamp duty act of Kenya is a law that makes provision for the levying and management of stamp duties; and for purposes connected therewith and incidental thereto

The objects of the societies act are to make provision for the registration and control of societies in Kenya.

VAT returns will be pre-filled with tax information available to KRA with effect from the January 2024 tax period this is aimed at simplifying the VAT return filing process and improve taxpayers’ experience. Read the detailed step by step guide on this process.

The NGO act seeks to make provision for the registration and coordination of Non-Governmental Organizations in Kenya and for connected purposes

The micro finance act of Kenya seeks to create provision for the licensing, regulation and supervision of microfinance business and for connected purposes.

An Act of Parliament to establish the Kenya Revenue Authority as a central body for the assessment and collection of revenue, for the administration and enforcement of the laws relating to revenue and to provide for connected purposes

The objectives of ISA 810 are to  determine  whether  it  is  appropriate  to  accept  the  engagement  to  report  on  summary  financial statements and If so to form an opinion on the summary financial statements based on an evaluation of the conclusions drawn from the evidence obtained and to express clearly that opinion through a written report that also describes the basis for that opinion.

The objective of ISA 805, when applying ISAs in an audit of a single financial statement or of a specific  element,  account  or  item  of  a  financial  statement,  is  to  address  appropriately  the  special  considerations that are relevant to acceptance of the engagement, planning and performance of that engagement and forming an opinion and reporting on the single financial statement or on the specific element, account or item of a financial statement.

The  objective  of  ISA 800,  when  applying  ISAs  in  an  audit  of  financial  statements  prepared  in  accordance with a special purpose framework, is to address appropriately the special considerations that are relevant to the acceptance of the engagement, the planning and performance of that engagement and forming an opinion and reporting on the financial statements

The objectives of ISA 710 are to  obtain  sufficient  appropriate  audit  evidence  about  whether  the  comparative  information  included  in  the  financial  statements  has  been  presented,  in  all  material  respects,  in  accordance  with  the  requirements  for  comparative  information  in  the  applicable  financial  reporting framework; and to report in accordance with the auditor’s reporting responsibilities.

The objective of ISA 706, having formed an opinion on the financial statements, is to draw users’ attention by way of clear  additional communication in the auditor’s report, to a matter, although appropriately presented or disclosed in the financial statements, that is of such importance that it is fundamental to users’ understanding of the financial statements; or as  appropriate,  any  other  matter  that  is  relevant  to  users’  understanding  of  the  audit,  the  auditor’s responsibilities or the auditor’s report.

The  objective  of  ISA 705  is  to  express  clearly  an  appropriately  modified  opinion on  the  financial  statements that is necessary when the auditor concludes, based on the audit evidence obtained, that the financial statements as  a  whole are not free from material misstatement or the auditor is unable to obtain sufficient appropriate audit evidence to conclude that the financial statements as a whole are free from material misstatement.

The objectives of ISA 701 are to determine key audit matters and, having formed an opinion on the financial statements, communicate those matters by describing them in the auditor’s report.

The objectives of ISA 700 are to form an opinion on the financial statements based on an evaluation of the conclusions drawn from the audit evidence obtained; and to express clearly that opinion through a written report.

The objectives of ISA 620 are to determine whether to use the work of an auditor’s expert and if using the work of an auditor’s expert, to determine whether that work is adequate for the auditor’s purposes.

The  objectives  of  ISA 610,  where  the  entity  has  an  internal  audit  function  and  the external auditor expects to use the work of the function are to determine whether the work of the internal audit function or direct assistance from internal auditors can be used, and if so, in which areas and to what extent; and having made that determination, if using the work of the internal audit function, to determine whether that work is adequate for purposes of the audit and if  using  internal  auditors  to  provide  direct  assistance,  to  appropriately  direct,  supervise  and review their work.

The objectives of ISA 600 are to  determine  whether  to  act  as  the  auditor  of  the  group  financial  statements and If acting as the auditor of the group financial statements to  communicate  clearly  with  component  auditors  about  the  scope and timing of their work on financial information related to components and their findings to  obtain  sufficient  appropriate  audit  evidence  regarding  the  financial information of the components and the consolidation process  to  express  an  opinion  on  whether  the  group  financial  statements are prepared, in all material respects, in accordance with the applicable financial reporting framework.

The objectives of ISA 580 are to   obtain written representations   from management or those  charged  with  governance  for  the  completeness  of  the  information  provided to the auditor and to support other audit evidence relevant to the financial statements or specific  assertions  in  the  financial  statements  by  means  of  written  representations if determined necessary by the auditor or required by other ISAs.

The objectives of ISA 570 are to   obtain   sufficient   appropriate   audit   evidence   regarding   the   appropriateness of management’s use of the going concern assumption in the preparation of the financial statements , to  conclude based  on  the  audit  evidence  obtained,  whether  a  material  uncertainty exists related to events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern and to determine the implications for the auditor’s report

The objectives of ISA 560 are to  obtain  sufficient  appropriate  audit  evidence  about  whether  events  occurring between the date of the financial statements and the date of the  auditor’s  report  that  require  adjustment  of or disclosure  in the  financial  statements  are  appropriately  reflected  in  those  financial  statements  in  accordance  with  the  applicable  financial  reporting  framework and to  respond  appropriately  to  facts  that  become  known  to  the  auditor  after the date of the auditor’s report.

The objectives of ISA 550 are to obtain an understanding of related party relationships and transactions sufficient to be able to recognize fraud and conclude based on audit report obtained.   where  the  applicable  financial  reporting  framework  establishes related party requirements, to obtain sufficient appropriate audit evidence about whether related party relationships and transactions have been appropriately identified, accounted for and disclosed in the financial statements in accordance with the framework

The  objective  of  ISA 540  is  to  obtain  sufficient  appropriate  audit  evidence  about  whether  accounting  estimates  and  related  disclosures  in  the  financial  statements  are reasonable  in  the  context of the applicable financial reporting framework.

The  objective  of  ISA 530 when  using  audit  sampling is  to  provide  a  reasonable  basis  for  the  auditor  to  draw  conclusions  about  the  population  from which the sample is selected.

The objectives of ISA 520 are  to obtain relevant and reliable audit evidence when using substantive analytical procedures and to design and perform analytical procedures near the end of the audit that  assist  the  auditor  when  forming  an  overall  conclusion  as  to  whether  the  financial  statements  are  consistent  with  the  auditor’s  understanding of the entity.

The objective  of  ISA 510  with  respect to opening balances is to obtain  appropriate audit evidence  whether opening  balances  contain  misstatements  that  materially  affect  the  current period’s financial statements and appropriate  accounting  policies  reflected  in  the  opening  balances  have  been  consistently  applied  in  the  current  period’s  financial  statements  or  changes  thereto  are  appropriately  accounted  for  and  adequately presented and disclosed in accordance with the applicable financial reporting framework.

The objective of ISA 505, when using external confirmation procedures, is to design  and  perform  such  procedures  to  obtain  relevant  and  reliable  audit  evidence.

The objective of ISA 501 is  to  obtain  sufficient  appropriate  audit  evidence  regarding existence and condition of inventory, completeness of litigation and claims involving the entity and presentation and disclosure of segment information in accordance with the applicable financial reporting framework

The objective of ISA 500 is to design and perform audit procedures in such a way as to enable the auditor to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the auditor’s opinion.

The objective of ISA 450 is to evaluate the effect of identified misstatements on the audit and the effect of uncorrected misstatements, if any, on the financial statements.

The objectives of ISA 402 are to  obtain  an  understanding  of  the  nature  and  significance  of  the  services  provided  by  the  service  organization  and  their  effect  on  the  user  entity’s  internal  control  relevant  to  the  audit,  sufficient  to  identify and assess the risks of material misstatement and  to design and perform audit procedures responsive to those risks.

The objective of ISA 330 is to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement, through designing and implementing appropriate responses to those risks.

The objective of ISA 320 is to apply the concept of materiality appropriately in planning and performing the audit.

The  objective  of ISA 315  is  to  identify  and  assess  the  risks  of  material  misstatement,  whether  due  to  fraud  or  error,  at  the  financial  statement  and  assertion  levels,  through  understanding  the  entity  and  its  environment,  including the entity’s internal control, thereby providing a basis for designing and implementing responses to the assessed risks of material misstatement.

The objective of ISA 300 is to plan the audit so that it will be performed in an effective manner.

The objective of ISA 265 is to communicate appropriately to those charged with  governance  and  management  deficiencies  in  internal  control  that  the  auditor has identified during the audit and that, in the auditor’s professional judgment, are of sufficient importance to merit their respective attentions.

The objectives of ISA 250 are to obtain sufficient appropriate audit evidence regarding compliance with   the   provisions   of   those   laws   and   regulations   generally   recognized to  have  a  direct  effect  on  the  determination  of  material  amounts and disclosures in the financial statements and to   respond   appropriately   to   non-compliance   or   suspected   non-compliance with laws and regulations identified during the audit.

The purpose of ISA 240 is to establish standards  and  provide  guidance  on  the  auditor’s  responsibility  to  consider  fraud in an audit of financial statements, Understanding  the  Entity  and  its  Environment  and  Assessing the Risks of Material Misstatement.

The objective of ISA 230 is to prepare documentation that provides sufficient and appropriate record of the basis for the auditor’s report and evidence that the audit was planned and performed in accordance with ISAs and applicable legal and regulatory requirements.

The objective of ISA 220 is to implement quality control procedures at the engagement level that provide the auditor with reasonable assurance that the audit complies with professional standards and applicable legal and regulatory requirements and auditor’s report issued is appropriate in the circumstances.

The objective of ISA 210 is to accept or continue audit engagement when the basis upon which is to be performed has been agreed by establishing whether the preconditions for an audit are present and confirming that there is a common understanding between the auditor and management.

The overall objective of ISA 200 is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, thereby enabling the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework.

The insurance act relates to conduct of insurance business, and to regulate the business of insurance and for connected purposes in Kenya.

The income tax act of Kenya seeks to make provision for the charge, assessment and collection of income tax; for the ascertainment of the income to be charged; for the administrative and general provisions relating thereto; and for matters incidental to and connected with the foregoing

Any accountant worth their salt needs to measure up on Excel, proficiency in Excel is no longer an option but a necessity. In this article, we examine some indispensable formulas that will complement your accounting skills and enhance your ability to analyze data, streamline processes, and make informed decisions.

Any accountant worth their salt needs to measure up on Excel, proficiency in Excel is no longer an option but a necessity. In this article, we examine some indispensable formulas that will complement your accounting skills and enhance your ability to analyze data, streamline processes, and make informed decisions.

The east African community customs management act is law of the East African Community trading block (Kenya, Uganda, Tanzania, Rwanda, Burundi) that makes provisions for the management and administration of Customs and for related matters in the trading block.

The co-operative societies act relates to the constitution, registration and regulation of co-operative societies in Kenya and for purposes incidental thereto

The objects of the Kenya companies Act are to facilitate commerce, industry and other socio-economic activities by enabling one or more natural persons to incorporate as entities with perpetual succession, with or without limited liability, and to provide for the regulation of those entities in the public interest, and in particular in the interests of their members and creditors.

The Capital markets act establishes a Capital Markets Authority for the purpose of promoting, regulating and facilitating the development of an orderly, fair and efficient capital market in Kenya and for connected purposes

The banking act consolidates the Law regulating the business of banking in Kenya and for connected purposes

The Attorney General of Kenya; the principal legal adviser of the government has recently issued an advisory that directly impacts on the collection of the Affordable Housing Level. The advisory asserts that directors are not employees and are therefore not liable to pay tax on the Affordable Housing Level. The advisory is supported by Employment Act and case law.