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Audit and tax for financial services firms with POCAMLA duties

Partner-led statutory, internal and compliance audits and tax support for microfinance institutions, fintechs, insurers and investment advisers facing POCAMLA, IFRS and KRA obligations.

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Financial services is one of the sectors in Adamjee Auditors' industry experience. This page sets out how our audit, tax and advisory work applies to microfinance institutions, fintech and digital asset businesses, insurers and investment advisers.

We carry out statutory and external audits that end in a clear opinion on your financial statements, internal audits of controls, risk and governance for management, and compliance audits against sector-specific regulatory obligations, all aligned to ISA and IFRS. Our article on statutory audit requirements notes that banks, insurance companies and microfinance institutions are always audited because of the public interest in them.

The scrutiny does not stop at the annual audit. Our anti-money laundering guide lists microfinance institutions, insurance companies, foreign exchange dealers, money remittance businesses and investment advisers among examples of reporting institutions; our regulatory risk article describes the Central Bank of Kenya as regulating banking, foreign exchange and lending; and digital asset transactions now carry their own tax and record-keeping expectations. Each of these rests on records and controls that can be tested, which is where an independent audit earns its place.

Sector challenges

Where financial services firms come under pressure

Anti-money laundering duties

Reporting institutions under POCAMLA must identify customers, monitor transactions, keep records and report suspicious activity. Failing to comply can expose a business to regulatory investigations, financial penalties, reputational damage and possible criminal liability.

Forward-looking credit loss provisions

IFRS 9 replaced the incurred loss model of IAS 39 with expected credit loss, estimated before default from payment history, current conditions and forward-looking information. A generic loss rate applied without analysis may not give a defensible model.

Digital asset and mobile money records

Every purchase, sale, transfer and conversion of digital assets should be recorded with timestamps, wallet addresses and counterparties where applicable, and reconciled to the ledger monthly, with mobile money, bank and blockchain transactions reconciled ahead of a KRA audit.

Fast-moving regulators

Policy changes from KRA and the CBK arrive frequently, including CBK guidelines on lending, foreign currency management and reporting. Continuous monitoring backed by internal compliance audits helps identify gaps so they can be corrected before regulators intervene.

How we help

Services for financial services firms

Audit & Assurance

Statutory and external audits to ISA and IFRS, internal audits of controls, risk management and governance, and compliance audits against sector-specific regulatory obligations.

Tax Compliance

Tax advisory and planning, KRA returns and filing, tax health checks, and international tax and transfer pricing.

CFO & Business Advisory

Risk management and governance, cashflow management and financial modelling, and investor readiness and board reporting.

Accounting Services

Bookkeeping, management accounts, financial reporting and accounting support, so the records behind your statements are complete and current.

Company Secretarial

Statutory registers, beneficial ownership filings, board meetings, minutes and resolutions, and corporate governance.

Consolidated Reporting

Consolidated financial statements for groups that combine a parent company and its subsidiaries into a single, reliable view.

How an engagement runs

Scoping

We understand your business, risks and reporting obligations before any fieldwork begins.

Planning

A risk-based audit plan focuses effort where financial consequence is real.

Fieldwork

Evidence-led testing of balances, controls and disclosures — partner-reviewed throughout.

Reporting

A clear opinion plus practical findings your board can act on.

From our articles

AML

Anti-Money Laundering Compliance in Kenya: POCAMLA Duties for Businesses

Jul 29, 2026

IFRS

IFRS 9 Expected Credit Loss: Provisioning for Kenyan Receivables

Jul 14, 2026

Fintech

Fintech & Digital Assets: The Emerging Tax Landscape for Kenya’s Digital Economy

Mar 4, 2026

Regulation

Regulatory Risk Advisory: Staying Ahead of Rapid KRA and CBK Policy Changes

Mar 30, 2026

Audit

Statutory Audit Requirements in Kenya: Do You Need an Auditor?

Feb 4, 2026

Tax

The 2025/2026 Kenyan Finance Act: A Complete Breakdown of Tax Changes for Businesses

Nov 11, 2025

All articles →

Common questions

Financial services questions, answered

Yes. Our article on statutory audit requirements in Kenya notes that banks, insurance companies and microfinance institutions are always audited because of the public interest in them, whatever their size. Those audits cover the accuracy of the financial statements, compliance with IFRS, and risk management and internal controls.

Our anti-money laundering guide gives examples of reporting institutions that include banks, microfinance institutions, insurance companies, SACCOs, foreign exchange dealers, money remittance businesses and investment advisers. Reporting institutions must identify customers, monitor transactions, maintain records and report suspicious activity. Each business should confirm whether its own activities place it within the reporting framework.

It involves verifying customer identity, confirming beneficial ownership, understanding the purpose of the relationship, assessing customer risk and monitoring transactions over time. Enhanced due diligence may be needed for higher-risk customers or complex transactions, and customer information should be reviewed periodically rather than checked once.

IFRS 9 replaced the incurred loss model under IAS 39 with an expected credit loss model. Instead of waiting for evidence of impairment, a business estimates expected losses from the outset using historical payment patterns, current conditions and forward-looking information, and updates the provision as circumstances change. The basic calculation is probability of default × loss given default × exposure at default, and the assumptions behind it should be documented and reviewed regularly by management.

Our breakdown of the Kenyan Finance Act 2025/2026 explains that it repeals the previous Digital Assets Tax framework and introduces excise duty on transaction fees related to virtual asset providers. Whatever the tax treatment, our fintech guide recommends keeping records of every purchase, sale, transfer and conversion of digital assets and reconciling holdings with the accounting ledger monthly.

Our fintech guide lists complete digital asset ledgers; reconciliations of mobile money, bank and blockchain transactions; documentation for software development and operating expenses; and invoices, e-payments and tax remittances that are in line with eTIMS.

Get in touch

Discuss your audit, tax or compliance needs

Speak to our team in Nairobi or Mombasa about your financial services business. Tell us what you need and our team will respond promptly.

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