Month: November 2022

FRAUD AND ERROR Refer to ISA 240 When planning and performing audit procedures, evaluating and reporting the results thereof, the auditor should consider the risk of misstatement in the financial statements resulting from fraud or error. Error It is an Read More …

EMPLOYMENT INCOME Introduction Employment income is one of the specified sources of income chargeable to tax. Employees are charged to tax on all benefits received from employment (both cash and non cash) Employers are required to operate a pay as Read More …

WITHHOLDING TAXES Objectives By the end of the topic the student should be able to:- Compute tax liability using tax rates Define withholding tax, set off Identify which relief is applicable 7.1 Introduction This is a method of collecting taxes Read More …

INCOMES FROM PAST EMPLOYMENT 8.1 Withdrawals from registered pension schemes Where an employee receives his pension benefit in form of annuities; the first Ksh 300, 000 p.a.   (Ksh. 25, 000 p.m) is exempted from taxation. This has been increased from Read More …

INVESTMENT INCOMES OBJECTIVES By the end of the topic the student should be able to: Define dividends, and interest State what constitutes dividend, and interest Calculate dividend, and interest income Explain the tax rules governing dividend, and interest   Investment Read More …

INCOMES FROM USE OF PROPERTY 10.1 Royalty income: This is income earned by a person for rights  granted to others to use his intellectual properties.  These properties include: Copyright, Literally, artistic or scientific works. ii) Cinematograph including film or tape Read More …

PUBLIC SECTOR AUDITS Public sector audits are governed by International Standards on Supreme Audit Institutions (ISSAI) which are developed by International Organization of Supreme Audit Institutions (INTOSAI) All public-sector audits start from objectives, which may differ depending on the type Read More …

MONEY LAUNDERING Money laundering is a process whereby the proceeds of criminal activity are converted into assets appearing to have a legitimate origin. Dirty money is made clean-looking. The money typically comes from extortion, drugs, prostitution, illegal gambling, illegal arms Read More …

AUDIT OF GROUP ACCOUNTS The auditor requires detailed accounting knowledge to enable him report on the group financial statements. It is the principal auditors who reports on whether in his opinion the group accounts give a true and fair view Read More …

AUDITING AND ASSURANCE FORENSIC ACCOUNTING Forensic accounting refers to the whole process of investigating a financial matter, including potentially acting as an expert witness if the fraud comes to trial. Forensic accountants could be asked to look into non-fraud situations, Read More …