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Ksh413B in Public Assets Missing or Mismanaged, Audit Reveals
Kenya’s public finance management has come under sharp scrutiny after Auditor General Nancy Gathungu exposed major asset documentation failures totaling Ksh413.2 billion across 26 government ministries, departments, and agencies. In her 2023/2024 financial year report, Gathungu revealed that widespread inaccuracies in fixed asset registers continue to hinder transparency and accountability in public institutions. The audit highlights glaring omissions, including missing school records, unvalued vehicles, and land parcels lacking descriptions, locations, or proof of ownership. Accounting Transition in Jeopardy These deficiencies pose a significant threat as Kenya prepares to transition from cash-based to accrual-based accounting standards. The National Treasury has already directed all government entities, including counties, to implement International Public The post Ksh413B in Public Assets Missing or Mismanaged, Audit Reveals appeared first on Nairobi Wire.
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