9.4 Other Regulators with interest in the audit space in Kenya such as Central Bank of Kenya, Insurance Regulatory Authority, Capital Market Authority and Retirement Benefit Authority and their requirements

In Kenya, several regulators have an interest in the audit space and oversee specific industries or sectors. Here are some regulators and their requirements related to auditing:

1. Central Bank of Kenya (CBK): The Central Bank of Kenya is the primary regulator for banks and financial institutions in Kenya. For banks, the CBK issues guidelines and regulations related to auditing, including requirements for external audits. The CBK requires banks to engage independent external auditors to conduct annual audits of their financial statements. The auditors must comply with the International Standards on Auditing (ISA) and provide an opinion on the fairness of the financial statements.
2. Insurance Regulatory Authority (IRA): The Insurance Regulatory Authority regulates the insurance industry in Kenya. Insurance companies are required to comply with the Insurance Act and the Insurance Regulatory Authority’s guidelines. The IRA mandates insurance companies to conduct annual audits of their financial statements by independent external auditors. The auditors must follow the International Financial Reporting Standards (IFRS) and provide an opinion on the fairness of the financial statements.
3. Capital Market Authority (CMA): The Capital Market Authority is responsible for regulating and overseeing the capital markets in Kenya. Companies listed on the Nairobi Securities Exchange (NSE) fall under the CMA’s purview. The CMA requires listed companies to comply with the Companies Act, the Capital Markets Act, and the CMA’s regulations. Listed companies are required to conduct annual audits of their financial statements by independent external auditors. The auditors must adhere to the ISA and provide an opinion on the fairness of the financial statements.
4. Retirement Benefits Authority (RBA): The Retirement Benefits Authority is the regulator for retirement benefits schemes in Kenya. The RBA issues regulations and guidelines for the auditing of retirement benefits schemes. These schemes, including pension funds and other retirement schemes, are required to engage independent external auditors to conduct annual audits of their financial statements. The auditors must follow the ISA and provide an opinion on the fairness of the financial statements.