EKV Group

Happy Diwali #diwali

Fringe benefit tax(FBT) is payable by every employer in respect of a loan provided to an employee, director or their relatives at an interest rate lower than the market rate. Fringe benefit tax is provided under section 12B of the Income Tax Act, which became effective from 12th June, 1998 in respect of loan provided to an employee, director or their relatives at an interest rate lower than the market interest rate. Fringe benefit tax is charged on the taxable value of a fringe benefit provided by employer in a month and is due and payable on or before 9th of the following month. The prescribed rate of interest is based on the market lending rates as the Commissioner may prescribe every quarter of the year.  Reach out to us on www.ekvassociates.net for expert guidance from our tax experts. #EKVGroup #FBT #Taxation #FinancialRegulation

In the fast-paced world of auditing, the audit landscape is continually evolving driven by changes in regulations, client expectations, and the integration of new technologies. At EKV Group our main aim is to maintain a competitive edge and enhancing training programs with the latest innovations. Key Technological Trends Impacting Audit 🔹 Data Analytics and Automation Data analytics is revolutionizing the way audits are conducted. Training programs such as Computer Assisted Audit Techniques (CAAT) that incorporate data analysis tools can help auditors develop skills in identifying trends, anomalies, and insights from extensive datasets. Automation tools streamline routine tasks, allowing auditors to focus on more complex analysis. Training in these technologies ensures that auditors are proficient in leveraging data for more effective audits. 🔹 Artificial Intelligence (AI) AI is becoming an integral part of audit processes, from risk assessment to fraud detection. Training auditors to understand and utilize AI technologies can enhance their ability to conduct thorough analyses and improve decision-making. By integrating AI training, firms can prepare their teams to harness these tools effectively, leading to more efficient audits. 🔹 Cloud-Based Learning Management Systems (LMS) Modern LMS platforms have become a hub for training resources, offering flexibility in learning. For audit firms, cloud-based LMS can host courses on regulatory changes, ethics, and best practices. These platforms facilitate ongoing education and easy access to materials, allowing auditors to stay informed about industry standards. 🔹 Continuous Learning and Micro learning In the auditing field, staying updated on regulations and practices is crucial. Micro learning, which involves delivering content in short, focused segments, can help auditors absorb new information more effectively. This approach is particularly useful for busy professionals who need to integrate learning into their schedules without overwhelming themselves. Investing in these advancements today will not only enhance the capabilities of your audit team but also position your firm as a leader in a rapidly changing industry. In an era where technology and auditing intersect, embracing innovation in training is the key to achieving sustained success. Visit our website www.ekvassociates.net to learn more #AFutureTogether #AuditInnovation #ArtificialIntelligence #AuditConsultancy

Incorporating Technology to navigate SACCOs while ensuring robust cybersecurity measures Technology can be used to enhance efficiency and transparency but can also expose them to cyber security crimes. The following strategies can be used to achieve both: 𝟭. 𝗦𝗲𝗰𝘂𝗿𝗲 𝗺𝗼𝗯𝗶𝗹𝗲 𝗮𝗻𝗱 𝘄𝗲𝗯 𝗮𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀 by using strong encryption protocols for data transmission. 𝟮. 𝗗𝗮𝘁𝗮 𝗽𝗿𝗼𝘁𝗲𝗰𝘁𝗶𝗼𝗻 𝗽𝗼𝗹𝗶𝗰𝗲𝘀 – develop clear data privacy policies to inform members how their data is used and protected. 𝟯. 𝗖𝗼𝗻𝗱𝘂𝗰𝘁 𝗿𝗲𝗴𝘂𝗹𝗮𝗿 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗮𝘂𝗱𝗶𝘁𝘀 – conducting regular audits and vulnerability assessments to identify potential security weakness. 𝟰.𝗧𝗿𝗮𝗶𝗻𝗶𝗻𝗴 𝗮𝗻𝗱 𝗮𝘄𝗮𝗿𝗲𝗻𝗲𝘀𝘀 𝗽𝗿𝗼𝗴𝗿𝗮𝗺𝘀 – SACCOs should provide cyber security training for employees to recognize threats and also educate members about safe online practices. 𝟱. 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 with local and international data regulations to protect member data and avoid legal issues. By integrating these technologies and cybersecurity measures, SACCOs can effectively navigate the digital landscape while safeguarding their members’ information and maintaining trust. #sacco #cybersecurity

Happy Mashujaa Day #mashujaaday

Ethics in accounting practices are essential for upholding trust, transparency, and integrity in financial reporting. Key principles include: 🔹 Integrity: Accountants must provide accurate and honest representations of financial information. 🔹 Objectivity: It is crucial for accountants to remain free from conflicts of interest. 🔹 Confidentiality: Sensitive information should be kept private, avoiding discussions that could compromise client or organizational confidentiality. 🔹 Compliance with Laws: Accounting firms must adhere to all relevant laws, regulations, and professional standards. 🔹 Transparency: Clear reporting of financial results, including risks and uncertainties, is vital for enabling stakeholders to make informed decisions. Promoting ethical behavior in accounting fosters trust within the financial market and enhances the integrity of the organization as a whole. For more information, visit our website at www.ekvassociates.net or call us at 07 91 366 934. #Transparency #Accountability #Intergrity #EKVgroup #AFutureTogether

Change begins with small steps. By reducing waste, conserving resources, and living sustainably, we can make a big difference. Start today to save the Earth for future generations. #mazingiraday

Happy Customer Service Week! We appreciate your trust and loyalty. We're here for you, and your satisfaction is our priority. #csweek2024

Uncover the truth behind the numbers! 🕵️♂️💼 Our forensic audit expertise helps you detect fraud and ensure financial integrity. From planning to analysis, we've got you covered. Ready to dive deep? Visit us at www.ekvassociates.com! #ForensicAudit #FinancialIntegrity #FraudPrevention #AuditExperts

🚀 Unlock the potential of your team and drive success! Empower your organization with cutting-edge solutions that not only reduce administrative burdens but also pave the way for growth and innovation. Embrace the future of work today. Transform your workforce with tech! Streamline operations, boost efficiency, and stay compliant with: - Automated payroll systems – helps to simplify payroll processing and reduce errors. - Digital documentation and contracts - streamlines document management and improve compliance. - Data security and compliance- ensures sensitive data is encrypted to protect sensitive information and also compliance with regulations. - Employee training and development- enhance employee skills and knowledge By integrating these technologies organizations can formalize labour process, improve accuracy and enhance overall efficiency. 💡 Ready to modernize? #TechDriven #WorkforceEfficiency #DigitalTransformation #thefutureofwork #ekv