UHY KENYA CERTIFIED PUBLIC ACCOUNTANTS OF KENYA

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1 UHY KENYA CERTIFIED PUBLIC ACCOUNTANTS OF KENYA P. O. Box Nairobi Kenya, Tel: / / , Fax: , A FIRM PROFILE Contact person Mwai Mbuthia

2 ABOUT THE FIRM (formerly Mungai & Associates) has been in operation since 1976 and is currently one of the fastest growing Certified Public Accountants and Management Consultancy firms in Kenya. We offer a wide range of Financial Consulting services all intended to assist clients to undertake and run successful business/ development initiatives in Kenya and the other countries of East and Central Africa. The Financial Consulting Services we offer include: Auditing & Accountancy; Corporate Restructuring; Management Consultancy and Business Advisory; Corporate, Personal and Specialist Taxation; Secretarial Services; Development Aid Services; Personnel Selection. Our clients currently include leading firms in the insurance sector, finance industry, micro-finance areas, agricultural sector, pensions & provident funds and the co-operative sector. We also service numerous professional associations and related organizations. A list of some of our clients is contained in the ensuing pages. Our Office is situated on the 1 st Floor, Centro House, Ring Road Westlands, Nairobi. PRACTICE DEVELOPMENT Mungai & Associates joined Urbach Hacker Young (UHY) International in 1 April 2006,. This was achieved through; Application to UHY International Due diligence review of Mungai & Associates entire operating environment Presentation to the board of UHY International Vote by other member firms Acceptance by UHY International UHY is one of the world s leading businesses advisory, consulting and accounting networks, with teams operating across nearly 250 offices in 81 countries worldwide. Our member firms are modern businesses in their respective countries, knowledgeable of local regulations, market practice and cultural norms. 1

3 In the global marketplace, UHY member firms offer full service support in every major financial centre worldwide, creating opportunities for extending business interests across all services and sectors. (formerly Mungai & Associates) (the Firm ) is a member of Urbach Hacker Young International Limited, a UK company, and forms part of the international UHY network of legally independent accounting and consulting firms. UHY is the brand name for the UHY international network. The services described herein are provided by the Firm and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members. Further details of UHY International are detailed on GENERAL SCOPE OF OUR CONSULTANCY SERVICES As a Firm, we have the experience, expertise and hence specialize in the following areas: Auditing, accountancy and tax planning Financial Management, Receiverships and Liquidations Accounting Systems Internal Audit Strategic Planning and Cost Management Project Management and Monitoring Business Planning and feasibility Studies Management Training and Human Resources For all the audits undertaken by the firm, we provide the following reports: Audit Report Business Review Report Internal Control Issues MANPOWER AND SUPPORT SERVICES The audit division has four partners supported by a team of experienced accountants most of whom have expansive experience in auditing, accountancy and taxation, gained both in industry and public practice. 2

4 The Financial Consulting team comprises of multi-discipline professionals who provide a comprehensive range of management consultancy services to the private and public sectors in Kenya. Our strength lies not just in the range of our professional services, but also in its depth and relevance to both the public and private sectors in Kenya. We are therefore uniquely placed to meet all our clients auditing and other financial consultancy requirements. RESOURCE PERSONS We at are privileged to have on file a diverse mix of high profile experienced and qualified associates who are regularly contracted to work for the Firm. In addition to the professional staff, we retain a full complement of Fully and partly qualified accountants, professional assistants and administrative and clerical personnel who continue to provide logistical support to our professional staff as required. We usually provide resumes of these resource persons at the time of submitting specific assignment proposals. STATUTORY AND RELATED AUDITS has a dedicated staff, which carries out both statutory and internal audits. The staff has vast experience in providing audit services. OUR OBJECTIVE Our objective is to provide clients with services that are practical, innovative and of the highest technical standards. We aim to ensure that the services rendered are uniquely tailored to the special needs of each organization; independent; objective and of utmost integrity; conducted effectively, efficiently and aimed at strengthening the client s internal skills and resources. 3

5 KEY CONSULTANCY ASSIGNMENTS COMPANY VALUATIONS Trans-Century This project involved establishing the valuation and pricing of Avery Kenya Limited, prior to its proposed purchase by Trans-century Limited. Continental Products The assignment involved evaluation of the company at the request of a prospective shareholder. As a result the value per share was successfully established. Oakland Media Services Limited We carried out the evaluation and valuation of the above company in order to enable them to acquire a strategic investor. Based on our report, the investor is now successfully in place. AAR Credit Services We assisted an investor in evaluation and valuation of the above company and based on our report, the investor purchased equity and provided funding. DUE DILIGENCE ASSIGNMENTS Solagen Kenya Limited We carried out this assignment for the above company, which was performing poorly financially. Based on our findings, we advised the investor not to take up the company. Kenya Flourspar Limited We were requested by the client to compile data and recommend the company s proposed privatization in Eldoret. This we did successfully and based on the findings, we advised against the sale. Telkom Malaysia The study involved carrying out a feasibility study prior to the proposed opening of an office in Malawi. The study was successful and as a result, the office was opened. 4

6 FINANCIAL BUSINESS PROCESSES Action Aid Kenya Limited The assignment involved the review of a selected number of projects. We carried out a review of their business processes including capacity building. Starehe Boys Center and School The organization lacked business processes entirely. We documented systems and outlined business processes that they found acceptable. Muthaiga Golf Club We have been requested to prepare an operating manual for this Premier Golf Club. A draft has already been presented and the document finalization is expected as soon as comments are received from the Board of Directors. FORENSIC ACCOUNTING ASSIGNMENTS Five Star Service Station The client requested us to establish how the station was continually loosing money. In the ensuing investigation, we unearthed Kshs. 14 million. We documented the findings in a detailed report. Based on the report, we also gave expert advise to the courts. Starehe Boys Center We carried out a critical review of their operations with a view of identifying and reducing loss making activities. The ensuing report resulted in substantial restructuring of the school and an increase in profitability. Gazebo Hospitality Limited The organization, which had just purchased new business, requested a review of the incoming funds, their methods of collection as well as banking in order to identity reasons for the lack of progress. The culmination of this study was an overhaul in their business processes. This resulted in a return to normality in their operations. 5

7 INTERNAL AUDIT ASSIGNMENTS Muriu Mungai Company Advocates We have been commissioned by the firm to carry out a review of their systems on quarterly basis. We have already covered the first 3 quarters. There has already been a noticeable improvement in their systems thus far. World Bank Recently, one of our Partners became the first external auditor to be hired by the World Bank Internal Audit Department to audit the country offices. He successfully carried out the audits of the Tanzania and Uganda country offices. Under the Same Sun Tanzania We have been commissioned by the organization to carry out a review of their systems on quarterly basis. We have already covered 4 years. There has been a noticeable improvement in their systems ensuring the organization meets is objective. AAR Credit Services Kenya and Uganda We have been commissioned by the company to carry out a review of their systems on quarterly basis. We have already covered 3 years. There has been a noticeable improvement in their systems ensuring the organization meets is objective. Kengen SRBS We have been commissioned by the company to carry out a review of their systems on quarterly basis. We have already one cycle and highlighted areas of weaknesses and made recommendations. Solidaridad Eastern and Central Africa has been the internal auditors of Solidaridad Eastern and Central Africa Expertise centre since 2012 to date. Solidaridad is an international civil society organization with more than 45 years of global experience in facilitating the development of socially responsible, ecologically sound and profitable supply chains. Solidaridad works across 12 supply chains and operates through 10 regional offices on 5 continents. 6

8 PROJECT AUDITS National Aids Control Council (NACC) In the year 2003, we were commissioned to audit seventeen projects in the North Rift and Western Provinces. In 2004, we carried out 37 projects in the North rift and western Provinces. In 2005, we have carried out 60 project audits in North Rift and Nyanza Provinces. All these audits have been completed successfully. Government of Kenya We carried out, together with our UHY counterparts, a review of the audits undertaken by the Internal Auditor General and this focused mainly on governance and accountability of how funds allocated to the Ministries of Health and Planning had been utilised. We also assisted in capacity building with over 40 members of staff in the Internal Audit department. PERSONNEL RECRUITMENT SERVICES We have successfully recruited for our clients for the following positions: 1. Sharp Electronics - Chief Accountant 2. Muriu Mungai Advocates - Chief Accountant 3. Foodies Supermarket Limited - General Manager 4. Meridian Health Services Limited - Front Office Manager 5. Artemis Training Consultants Limited - IT Officer 6. Johnson Diversey - Credit controller 7. Johnson Diversey - Funds Accountant 8. Johnson Diversey - Quality engineer 9. Mangu Investments Limited - Accountant 10. Electronic Card Services Limited - Finance Manager RECEIVERSHIP AND LIQUIDATION ASSIGNMENTS We have been, through individual partners, been receivers for the following organizations: - Total Kenya Provident Fund Kiakidi Company Limited Castle Brewing Pension Scheme GAB Robins (EA) Limited 7

9 INTERNAL AUDIT CLIENTS AAR Credit Services Kenya AAR Credit Services Uganda Under the Same Sun (Canadian organization based in Tanzania) Solidaridad East Africa Kengen SRBS SOME OF OUR AUDIT AND ASSURANCE CLIENTS World Food Programme Highchem Group of Companies Equity Building Society (now Equity Bank Limited)- Previous client Trans-century Limited World Bank Country Offices Uganda & Tanzania Mohammed & Muigai Advocates Wainaina Ireri Co. Advocates South B Hospital Limited Hewan Pharmacy Limited Meridian Medical Centre Limited Ol Pejeta Conservancy- Part of Sweetwaters Camp Nairobi Flight Training Limited Mhasibu Sacco Society Limited Mhasibu Housing Company Limited Simba Pharmaceuticals Limited Mangu Investments Co. Limited Action Aid Kenya Limited Consultancy Ol Jogi Limited- Ranch and Tourism sector Macly Insurance Brokers Limited Oakland Media Services Limited Delamere Estates Limited Delamere Holdings Limited Soysambu Conservancy Limited Catholic Organization for Relief and Development Aid, CORDAID, South Darfur, Sudan 8

10 Pan Africa Sacco Limited Under The Same Sun, Tanzania (parent company based in Canada) Africa Alliance of Young Men s Christian Associations Bahr-El-Ghazal Youth Development Agency (BYDA), Southern Sudan Runda Water Limited-previous client The Kenya Young Men Christian Association (KYMCA) Charleston Travel Limited African Woman & Child Feature Services St. Mary s School German School Independent Adjusters Kenya Limited Hillcrest Schools Limited (In Receivership) Triple Nine Associates Limited Maxam Limited Kenya Coffee Farmers Bank Limited- Previous client Becton Dickinson (EA) Limited Geomax Consulting Engineers Limited Runda Residents Association Media Council of Kenya PENSION AND PROVIDENT FUNDS AUDIT CLIENTS Equity Building Society (now Equity Bank Limited) British Airways PLC Kenya Limited Mumias Sugar Company Limited Twiga Chemical Industries Limited Knight Frank Kenya Limited Kenyatta National Hospital Jomo Kenyatta University of Agriculture and Technology Federation of Kenya Employers Kenya Airports Authority Homegrown Kenya Limited Program for Appropriate Technology in Health 9

11 Pan Africa Insurance Company Limited Sameer Africa Limited Kenya Sugar Research Foundation Sedgwick Insurance Company Limited Intra Health Programme Feba Radio Kefri Retirement Benefit Scheme Achelis Kenya Limited Total Oil Products Provident Fund (in liquidation) Nyeri Water Sewarage SRBS EPZA Kenya Dairy Board Public Service Club UAP Insurance Company Limited Corporate Insurance Pension Scheme Karen Country Club Delamere Estates Limited P&O Nedloyd Limited Private Safaris Limited Real Insurance Company Limited KPMG Ovidian Advertising & Design Limited Oxford University Press Kenya Roads Board Research International East Africa Limited Corporate Insurance Company Retirement Benefits Authority Kenya Wine Agencies Limited Mount Kenya Bottlers 10

12 THE PARTNERS The firm has 3 Partners who are members of the Institute of Certified Public Accountants of Kenya (ICPAK). Currently, the firm has 27 professional staff with accounting background. The partners are: Mwai Mbuthia Managing Partner Mr. Mbuthia joined then Mungai & Associates on 1 May 2000 from KPMG Peat Marwick where he was an Audit Manager since 1 July Between 1979 and 1988, Mwai worked and studied within the same firm rising from an audit trainee to Audit Senior. He then worked for two other firms before returning back to KPMG in He is currently our client service partner for all the firms clients. His experience covers audit, taxation, Institution secretarial, financial advisory and receivership work over a wide variety of business sectors. Specific skills on due diligence audits as an advisor to Uganda Government on the privatization of Uganda Posts and Telecommunications, advisor to Loita Asset Management in purchasing of shares and equity participation of Mutaratara Institution Limited, Motorway Automart Limited and AAR Credit Services Limited. Mwai became the first external auditor to be hired by the World Bank Internal Audit department to audit the Country Offices. In 2007, he fulfilled a three (3) months contract on Internal Audit assignment with the African Development Bank in their temporary office in Tunisia. The bias was mainly on donor - Scheme projects. Bernard Kanyoro Bernard is a qualified Certified Public Accountant of Kenya) and a practicing member of the Institute of Certified Public Accountants of Kenya (ICPAK). Before joining in 2005, Bernard worked for Coopers & Lybrand (currently PricewaterhouseCoopers) from 1982 to 1996 and three other audit firms. He has over 25 years of professional audit experience with substantial experience in Accountancy, Audit, Taxation, Internal Audit and Special investigations. 11

13 Daniel Kabiru Daniel is Partner of the firm, a qualified Certified Public Accountant of Kenya) and a practicing member of the Institute of Certified Public Accountants of Kenya (ICPAK), member of Associate of Chartered Certified Accounts (ACCA). He graduated from Daystar University in 2002 and acquired a Bachelor of Commerce, (Accounting option). Before joining in November 2011, Daniel worked with Deloitte as an Audit Manager having joined the firm in 2006 as an Audit Assistant. He has vast experience in Pension Funds, Companies Statutory Audits and an expert in public sector audits and specialised in audits of Non-Governmental Organizations, donors, Governments and other recipients of donor funds and also forensic audit. He has over 10 years post qualification experience. Professional Indemnity The firm has a professional indemnity against legal liability arising as a result of insured professional negligence. Insurance limits are Kshs. 5,000,000 for any one event and Kshs. 15,000,000 for any one period, which is one year. Practicing Certificate The partners of the firm are properly registered with the Registration of Accountants Board (RAB) and the Institute of Certified Public Accountants of Kenya (ICPAK): Mr Mwai Mbuthia: Practicing No Mr Bernard Kanyoro: Practising No Mr Daniel Kabiru: Practicing No Additionally, the firm is in good standing with the Institute of Certified Public Accountants of Kenya and none of it s members have had their licences suspended or revoked.. 12

14 Firms Staff Profile Total number staff: 27 No. of professional staff: 20 Associtaes-5 Staff with practicing certificates: 3 Staff Gender Male:17 Female: 10 Member of ICPAK: Our Contacts Details Centro House Ist Floor, Ring Road,Westlands P.O. Box , Nairobi Tel: , , , Office mobile: , Fax: Our Contact Liaison contact: info@uhy-ke.com Daniel Kabiru dkabiru@uhy-ke.com Bernard Kanyoro Bkanyoro@uhy-ke.com Mwai Mbuthia mmbuthia@wananchi.com 13

15 MR. MWAI MBUTHIA MANAGING PARTNER UHY KENYA CERTIFIED PUBLIC ACCOUNTANTS OF KENYA WESTLANDS NAIROBI