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Real Estate Industry Audits – Driving Compliance & Profitability
Client Portfolio:
- Walley Company Ltd
- Mulikagarden Company Ltd
- Staroot Company Ltd
- Bric Company Limited
- Ghillie Company Limited
- Yixi Company Limited
- Sky Horse Company Limited
- Sapphire Real Estate Limited
- Endeavours Construction company limited
- GLBC Limited
- Gelish Developers Limited
- Sanying Conscruction company limited
- Best home International
- China Yuanda Group Co ltd
Background
The Kenyan real estate and construction sector continues to grow, attracting investments locally and internationally. BenKim Associates was engaged by multiple real estate companies to conduct external audits, tax advisory, and financial management consultancy to enhance compliance, improve reporting accuracy, and optimize cashflow management.
Challenge
Complex financial transactions involving property sales and acquisitions
Inconsistent record-keeping across multiple projects
Need for International Financial Reporting Standards (IFRS) compliance
Managing unclaimed financial deposits and escrow accounts for buyers
Our Approach
Conducted statutory audits and compliance reviews in line with ICPAK standards
Implemented cost management frameworks for multi-site developments
Reviewed tax exposure and optimized VAT and withholding tax compliance
Recommended internal control improvements to safeguard investors’ funds
Results
- Improved transparency and investor confidence in financial reports
- Reduced operational tax risks and aligned companies with KRA regulations
- Streamlined budgeting for multi-million real estate projects
- Enabled access to financing through improved financial credibility
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