Tag: Breach of IFRS 9 by saccos

The KUSCCO financial crisis: Causes, impact and path to recovery

PricewaterhouseCoopers (PWC) carried out a forensic audit of the Kenya Union of Savings & Credit Co-operatives (KUSCCO) books. The audit revealed that there was cooking of books by top-level officials, which resulted in non-performing loans totalling KSh.3.7 billion, overstated profits of nearly KSh.798 million over the last six years, irregular commissions amounting to KSh.2.7 billion, […]...