- Mohsin Adamjee, feted by ACCA Kenya in 2015 as the country's then youngest chartered accountant, holds an ICPAK licence allowing him to sign off accounts and is managing partner at Adamjee Auditors.
- The firm spotted a market gap among doctors who serve in multiple hospitals and often cannot trace when services were rendered or how much remains outstanding, leading to lost income and KRA tax disputes.
- Adamjee Auditors works with doctors and medical practitioners across more than 22 clinics to improve financial planning and tax compliance, on top of roughly 80 other clients in chemicals manufacturing, glass and transport.
- The firm partnered with US-based global network Santa Fe Associates International to better serve clients operating across multiple jurisdictions through shared expertise and cross-border referrals.
- Quality bookkeeping is positioned as a way for small firms to enhance stability, improve access to credit and comply with taxation.
Young auditor fixes health of doctors’ financial books
Tuesday, October 19 2021
At 24, Mohsin Adamjee is already running an audit and advisory firm that is helping hospitals and consultant doctors fix the health of their financial books.
He was feted in 2015 as the then youngest chartered accountant in the country by the Association of Chartered Certified Accountants (ACCA) Kenya.
Mr Adamjee worked at RSM International—an audit and advisory firm—for two years until August 2018 before deciding to team up with three friends to register their own firm called Audit Plus Chartered Accountants.
“I come from a business community and my father is also a businessman and so I had the interest and push to set up my own business as opposed to staying in employment,” says Mr Adamjee.
Late last year, he got the Institute of Certified Public Accountants of Kenya (ICPAK) license, giving him the right to be signing off accounts.
ICPAK’s Accountant magazine issue for November-December 2019, feted Mr Adamjee with the rising star award for the achievement in the profession.
A Masters of Science in professional accountancy holder from the University of London, he is now the managing partner at Adamjee Auditors— a firm he founded late last year.
He started out with a focus on small and medium-sized entities but has gone big on the health sector, expanding his employee size to eight.
Mr Adamjee says the focus on the health sector was born out of a conversation with a doctor.
The doctor, a leading plastic surgeon, said he was receiving money in his account but could not trace when he had offered the service or how much was outstanding.
Big Gap
“I told him that this meant he was also probably losing money. I realised there was a big gap in the market. Many doctors serve in multiple hospitals, seeing different patients,” explains Mr Adamjee.
“Some end up losing the money or running into squabbles with Kenya Revenue Authority (KRA) over tax. Now we are injecting health into their financial books.”
KRA in 2019 for instance ordered hospitals, insurance companies and brokers to file information on doctors’ fees payments dating back four years to review for possible tax evasion by health professionals.
Tax Compliance
Adamjee Auditors is now working with doctors and other medical practitioners spread out in over 22 clinics, helping them to improve financial planning and compliance with tax laws.
“Specialist doctors are now able to plan their affairs better given that they mostly serve in hospitals where payments are made by insurance companies and hospitals have to be paid before paying the medics,” says Mr Adamjee.
The audit and advisory service to clinics and specialist doctors adds to about 80 other clients that the firm serves currently, spread out in the chemicals manufacturing, glass and transport industries.
Mr Adamjee says that there is still room to work with more small firms as they focus on having quality bookkeeping to enhance stability and access to credit as well as comply with taxation.
Partnerships
Last month, Adamjee Auditors struck a partnership with Santa Fe Associates International, a US-based global network firm with a presence in 80 countries and about 250 offices.
“Now we can provide our services better especially for companies operating with multiple jurisdictions through shared expertise,” said Mr Adamjee of the deal.
The arrangement will help Adamjee Auditors to easily connect their long-standing clients seeking legal services in far-off jurisdictions with oversees auditors within the formed alliance.
In reverse, the oversees firms with clients seeking services in Kenya will be referred to audit and advisory firms within the alliance such as Adamjee Auditors.
The deal comes at a time there are growing cross-border business deals that have seen businesses seek legal and audit services.
palushula@ke.nationmedia.com
