Most SMEs start without organisational structures that can mitigate the business exposure to risk. They rarely keep books of accounts, audits are not done and the business decisions are centred on the founder. This becomes the main reason why the sector is viewed as risky by the banking sector. Lack of credit from the banking sector makes the sector result to the unregulated credit systems access that exposes them to even greater risks. Risk management is the continuing process to identify, analyse, evaluate, and treat loss exposures and monitor risk control and financial resources to mitigate the adverse effects of loss. At I&J Consultants Limited, we provide Accounting, Auditing and Risk Management services:

  1. Book keeping Services

I&J Consultants Limited provide well organized financial records to ensure that your business operations will run more efficiently on a daily basis. Our qualified staff can assist you with the day-to-day tasks associated with bookkeeping such as:

  1. Accounts receivable.
  2. Accounts Payable.
  3. Journal Entries.
  4. Reconciliation and/or verification of bank accounts.
  5. Reconciliation of all debtor accounts and reporting on the outstanding balances.
  6. Reconciliation of all creditors accounts and reporting on the outstanding balances due.
  7. Offering on internal control issues that will guarantee business is conducted in the most efficient and effective manner.

 

  1. Management Accounting Services

 I&J Consultants Limited provide management accounting services for our diverse clients. Specifically we provide the following services;

  • periodic financial statements.
  • Preparing various management accounts including comparative data analysis, variance analysis and relevant commentaries.
  • Advising on the financial implications and consequences of business decisions.
  • Offering professional judgment on financial matters and advising on ways of improving business performance.
  • Interpreting and communicating financial data to the management.
  • Carry out Monthly Stock Reconciliations.
  • Develop Finance Policy and procedure manual.

 

  1. Tax Advisory Services

 I&J Consultants Limited also offer Tax advisory services to the client. This will be limited to the filing of monthly returns with the Tax Authority (Kenya Revenue Authority) and on need basis helping with tax planning issues.

 

  1. Internal Audit Services

The internal audit will be conducted in accordance with the standards set by the Institute of Internal Auditors (IIA). The scope of the Internal Audit includes but not limited to the under-mentioned functions:

  • Preparation of Internal Activity Audit Charter and Audit Committee Charter.
  • Preparation of Internal Audit Plan based on assessment of key risk areas (Risk-based internal audit planning).
  • Develop Audit Manual.
  • Conducting Periodic Internal Audit Reviews / Monthly / Quarterly.
  • Reports on quarterly basis to the Audit Committee of the board.
  • Conduct Forensic Investigations.

 

  1. Risk Management

A. ERM Framework

We carry out a gap analysis; identify strategic objectives and risks faced by your company and help in developing the following;

  • Design enterprise wide risk registers and risk quantification.
  • Enterprise wide Risk Management Framework and Policy
  • Risk Control Self-Assessment (RCSA) Policy & Procedure
  • Key Risk Indicators Policy & Procedure
  • Incident Management Policy & Procedure

 

B. Risk Management Training

The purpose of risk management training is to raise basic awareness of risk management concepts and mechanisms, to enable participants to identify and manage risks in their own units and to strengthen project management through adequate forward planning of potential risks. The training goes beyond the provision of generic tools and extends to re-visiting elements of organizational culture, decision making and situational awareness. Practice case studies and exercises are proposed at the end of the training session.