Unclaimed Financial Assets Authority boss Kellen Kariuki.[Photo/businessdaily]Financial institutions, publicly-traded companies and utility providers will face increased scrutiny for compliance with the law in surrendering idle resources under their custody.
The authority mandated to receive cash and securities whose owners cannot be traced says it is widening the scope to ascertain whether firms are making full disclosures.
The Unclaimed Financial Assets Authority (Ufaa), which has been auditing financial institutions since 2016, says it will sign more partnership agreements to widen its capacity to scrutinise the books of financial institutions.
Ufaa chief executive Kellen Kariuki said the agency has hired external auditors and will also work with the office of the Auditor-General to audit firms in the public sector.
“We are building capacity on audits. We have been auditing financial institutions all along, but the scope is very wide.
"We are working with the Auditor-General to support us in auditing firms, especially in the public sector,” Ms Kariuki said in an interview with the Nation.
“We are also working with private auditors. Recently, we procured private auditors to support us in this process.”