News & Notices


By:ICIFA Secretariat            2019-04-12


REF: ICIFA/IA/01/2019


ICIFA is the professional Investment and Financial Analysts’ organization mandated by law to regulate the Investment and Financial Analysis profession in Kenya, being the only body authorized by law to register and grant practising certificates to Certified Investment and Financial Analysts (CIFAs) in Kenya both in private and public practice under the Investment and Financial Analysts Act (No.13 of 2015).


Objective of the Audit 

  1. Examine books of accounts to check whether they are properly maintained as required by law and adequate internal controls are in place.
  2. Give report on the findings whether policies and procedures are in line with International reporting standards (IFRS) and make recommendations where control are not in place.


Scope of the Audit 

1. The audit will be carried out in accordance with the International Financial Reporting Standards and International Auditing Standards and will include tests and verification procedures as the auditors deem necessary. 

2. Verify all funds have been used in accordance with the established rules and regulations of ICIFA and only for the purposes for which the funds were provided. 

3. Assets/goods, works and services financed have been procured in accordance with the General accepted accounting principles. 

4. Appropriate supporting documents, records and books of accounts relating to all activities have been kept. 

5. Comprehensive assessment of the adequacy and effectiveness of the accounting and overall internal control system to monitor expenditures and other financial transactions.  

6. Express an opinion as to reasonableness of the financial statements in all material respects.

7. Include in their reports opinion on compliance with procedures designed to provide reasonable assurance of detecting misstatements due to errors or fraud that are material in the financial statements.

8. Conduct entry and exit meeting with the Finance, Strategy and Administration Committee of ICIFA. 

9. In addition to the audit report, the auditors will prepare a Management Letter on the following: 

a. Give comments and observations on the accounting records, procedures, systems and controls that were examined during the course of the audit. 

b. Identify specific deficiencies and areas of weakness in systems and controls and make recommendations for improvement. 

c. Report on the implementation status of recommendations pertaining to previous period audit reports. 

d. Communicate matters that have come to their attention during the audit which might have a significant impact on the sustainability of the organization. 

e. Bring to the Finance, Strategy and Administration Committee attention any other matters that the auditors consider pertinent. 


Internal Audit Duration

The audit work shall be completed within two months from the date of commencement of the audit.


1. The Auditors on completion of the audit work will submit five (5) original copies of the Audit Report appended to the Financial Statements along with the reports to the attention of the Finance, Strategy and Administration Committee. 

2. Management letter in accordance with the scope of work described here before.

Qualification of the Audit Firm

The audit firm(s) based in Kenya having affiliation/membership with ICPAK.

Audit Fees

The audit fees will be fixed in consultation with Finance, Strategy and Administration Committee. 


Interested applicants are requested to send their applications through email: on or before 18th, April, 2019.

All applications should be addressed to;

The Chief Executive Officer

Institute of Certified Investment and Financial Analysts

Kasneb Tower II, 5th Floor

Hospital Road, Upperhill

P.O BOX 48250 – 00100