Quality Review
Kawai is East Africa’s first independent quality review practice. Our aim is to provide practices throughout East Africa with a practical solution to the requirement to carry our regular internal quality reviews.
It is a requirement of ISQC 1 (the International Standard on Quality Control 1) that all audit practices, including “one-man” practices carry out regular internal reviews of their audit files. For most small and medium sized practices, this is impractical due to the demands of time and resources. Kawai is here to assist. We can carry out reviews of your audit files that will enable you to gauge the level of your compliance with ISA (and where required IPSAS) standards. Our checklist is designed to be extremely thorough and detailed.
We provide a portal through which completed audit files can be uploaded securely. (We give you your own password.) We take the files in either PDF format or in the form of CCH Audit Automation files. We then review the files within a week and provide a comprehensive report with our suggestions as to how to improve the next file. We give a pass or fail grade indicating our opinion of whether the file would pass a regulatory review in accordance with International Standards on Auditing. (ISA).
We are available to visit you and conduct a two hour workshop to discuss the findings. This is charged for separately.
We also carry out “hot” reviews for auditors who need to have a consultation or safeguard review before they sign off on a document.
We also conduct ISQC1 reviews to help you see the state of your compliance and readiness for regulatory visits. This will help you ensure that your systems and procedures are up to date and compliant with all the requirements of the standard.
Such reviews can also be an excellent starting point for developing a custom training program to enable you to address the specific weak areas you might have.
Quality Review Charges
- Our charges for file review are Kshs 50,000 (USD 570) per file plus VAT for files delivered electronically via our portal.
- Should we be required to review a manual/ hard copy file, we will charge Kshs 60,000. (USD 700)per file. The files must be delivered to our offices at Barclays Plaza, Nairobi and collected after the review.
- We are also able to visit your premises and review files on site. The charge for this is Kshs 75,000 (USD 880) per file.
- Our charges for file review workshops are Kshs 40,000 (USD 470) per two-hour session.
- We charge Kshs 50,000 (USD 570) for hot reviews.
- We charge Kshs 50,000 (USD 470) for ISQC1 reviews inclusive of one briefing meeting to discuss the results and out suggestions for improvement where necessary.
- Travelling and accommodation are charged for separately.
- All quality review fees must be paid in advance. For practices in Kenya, all charges are subject to VAT at 16%.