Sharp Daily
No Result
View All Result
Wednesday, October 8, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Auditor-general reviews Kenya Power’s financial statements and risk management

Huldah Matara by Huldah Matara
December 3, 2024
in News
Reading Time: 1 min read

The Auditor-General  has released a comprehensive report on the Kenya Power and Lighting Company PLC (KPLC) for the financial year ending June 30, 2024. The report, which examines financial compliance, governance, and risk management practices, highlights both achievements and areas requiring urgent reform at the state-owned utility giant.

The report is structured into three key areas: financial statement compliance, the lawfulness of public resource use, and the effectiveness of internal controls. According to the Auditor-General’s findings, the company’s financial statements were fairly presented in line with applicable accounting standards.

“I have audited the accompanying financial statements of the Kenya Power and Lighting Company PLC… and confirm they are fairly presented in accordance with the applicable financial reporting framework,” the report states.

However, the Auditor-General raised significant concerns about the use of public resources. “The report examines compliance with applicable laws, regulations, policies, and gazette notices… and whether such funds are applied for their intended purpose,” the statement reads. It calls for greater transparency in how Kenya Power applies public funds, citing the need for compliance with government directives and operational efficiency to meet public expectations.

RELATEDPOSTS

Kenya Power targets 150,000 new customers in Phase VI of last mile project

April 9, 2025

Kenya power warns of potential electricity price hike over wayleave dispute

March 5, 2025

The final section of the report scrutinizes Kenya Power’s internal control systems and governance structures. “This part responds to the effectiveness of the governance structure, risk management environment, and internal controls developed and implemented,” the Auditor-General noted. Despite ongoing efforts to strengthen these areas, the report identified shortcomings that may hinder KPLC’s ability to ensure accountability and operational efficiency.

The report also reminds KPLC of its legal obligations under Kenya’s Public Finance Management Act, 2012, and the Public Audit Act, 2015. It underscores the need for “an effective financial management system that ensures public resources are used lawfully and efficiently.”

 

 

Previous Post

Lobby group calls for Nakuru governor’s arrest over lake pollution

Next Post

DCI sounds alarm on land fraud and rising property scams

Huldah Matara

Huldah Matara

Versatile multimedia journalist with a keen interest in compelling stories that resonate with my audience. Reach out on huldahmatara12@gmail.com

Related Posts

News

Kenya Q2’ 2025 GDP growth accelerates to 5.0%

October 3, 2025
News

Argentina’s crisis and Kenya’s lessons on political economy and market confidence

September 25, 2025
News

Kenya’s financial system remains stable but faces rising risks

September 25, 2025
News

Where do Kenyan stock returns come from? A napkin framework

September 19, 2025
News

September snapshot: CMMF yields 13.12% as month unfolds

September 5, 2025
Private equity investment business concept
News

Private equity and insurance

September 4, 2025

LATEST STORIES

The economic and environmental gains of Kenya’s LPG shift

October 8, 2025

Equities, Bonds, or Fixed Deposits?

October 7, 2025

Kenya’s Inflation is creeping up, What it means for investors

October 7, 2025

The Role of Micro-Pensions Plans in Kenya

October 3, 2025

Understanding the link between international aid and cooperative finance stability in Sub-Saharan Africa

October 3, 2025

Kenya Pipeline Company IPO

October 3, 2025

Kenya Q2’ 2025 GDP growth accelerates to 5.0%

October 3, 2025

Kenya’s Regulated SACCOs Cross Trillion Shilling Mark

October 2, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024