Sharp Daily
No Result
View All Result
Tuesday, June 24, 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

Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
News

The real price of Israel – Iran Conflict for Kenya.

June 19, 2025
Economy

Resilient but strained: Kenyan firms speak out in May 2025 CEO survey.

June 19, 2025
News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025
Agriculture And Economy
News

Lets get Kenya out of FATF list

May 9, 2025
News

The downside of Impact Investing

May 2, 2025

LATEST STORIES

Parliament slashes tax on digital asset trades: What this means for investors

June 23, 2025

Understanding Joint Ventures: A strategic tool in modern business

June 23, 2025

How bushy can a bush safari get?

June 20, 2025

Understanding SPVs

June 20, 2025

Why small investments are a power move

June 20, 2025

Social consequences of the tax relief for gamblers

June 20, 2025

How E-Tendering can reshape public procurement in Kenya

June 20, 2025

Unlocking long-term wealth with the power of compounding

June 19, 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