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Client: Sameer Africa PLC
Sameer Africa PLC is one of Kenya’s leading tyre manufacturing companies and a publicly listed firm. Due to its wide operations and long-standing customer and supplier engagements, the company retained BenKim Associates to ensure its full compliance with the Unclaimed Financial Assets Act by the Unclaimed Financial Assets Authority (UFAA).
Industry: Manufacturing / Automotive
Stautus: Nairobi Securities Exchange (NSE)-listed company
Service Provided: External Audit for Holders of Unclaimed Financial Assets (UFAA)
Challenge
Sameer Africa PLC needed to verify whether:
All unclaimed financial assets (such as uncashed dividends or unclaimed payroll balances) were correctly reported to UFAA
Reports submitted to UFAA were accurate, timely, and aligned with legal requirements
Internal systems supported ongoing compliance and minimal audit risk
Our Approach
BenKim Associates conducted a comprehensive external audit, which involved:
Reviewing financial statements and ledgers relating to potential unclaimed assets
Evaluating the company’s internal controls around asset tracking
Validating past reports submitted to UFAA for completeness and accuracy
Holding stakeholder interviews to understand operational gaps
Results
Verified Sameer’s compliance with UFAA reporting standards
Confirmed that submitted returns accurately reflected the company’s financial position
Identified opportunities for automation and better tracking of dormant balances
Presented a robust audit report accepted by both the client and regulators
"BenKim Associates provided an outstanding level of service in auditing our financial records for compliance with the Unclaimed Financial Assets Authority. Their structured approach, thoroughness, and clear communication helped us verify our regulatory reporting with confidence. Their experience with listed companies and UFAA audits is evident in the quality of their work. We are pleased to continue our partnership with them."