This presentation aims at gaining a deeper understanding of what financial management training entrepreneurs require in Kenya to ensure sustainable growth. Victor Majani CPA MBA Econ.

1. Crowe Horwath EA DEVELOPING FINANCIAL LITERACY IN KENYA BY VICTOR MAJANI – PARTNER ASSURANCE CROWE HORWATH EA 23rd FEBRUARY 2011 Investing| Caring | Advisory Audit | Tax | Advisory

3. Introduction

4. Financial Literacy

5. Audit Engagement Findings

11. Supporting documents were not neatly filed, so that it is easy to find any document when it is needed.

13. Ensure all cashbooks are updated at least once per month.

15. All bank accounts are held in the name of the Entrepreneurship , not in the name of individuals.

17. Staff check that goods and services bought by the Entrepreneurship have been received before bills are paid.

19. Staff salaries (including advances and loans) are checked by a senior manager or trustee every month.

21. The balance in the cashbook is reconciled to the balance on the bank statement every month for every bank account.

23. All assets owned by the Entrepreneurship are recorded in an Asset Register.

25. Budgets are prepared by calculating the cost of pre-determined activities, which fit in to overall objectives.

26. Budgets include enough income to pay for all planned expenditure.

27. Budgets allow enough flexibility to adjust activities to any changes in “on the ground” circumstances.

28. Budgets are approved by the Board of Directors.SECTION 3: PLANNING

30. Managers need to demand/prepare accurate internal reports to know where money has been spent and whether they have enough funds to pay the salaries and bills in the coming months.

32. Managers ask/prepare accurate budget monitoring reports say within two weeks of the end of each month.

33. The board should review financial reports every six months.

36. The finance staff should have the skills (and qualifications) needed to carry out all financial activities.

37. There should be enough finance staff to carry out all of the financial activities.