M-Penny Audit Terms

The terms on which M-Penny facilitates an engagement with an independent auditor/CPA in its network to review or audit a merchant's books.

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In short: M-Penny facilitates an independent auditor to review the books you submit. Management remains responsible for the financial statements. Neither M-Penny nor the auditor is responsible for misstatements they could not detect from the records you submit. The engagement is deemed settled 30 days after the report is delivered unless you raise a concern in that window.

1. Scope of engagement

M-Penny coordinates an engagement between you and an independent auditor / Certified Public Accountant (CPA) in its network to review or audit the financial records and statements you submit through the M-Penny platform. The nature and level of assurance are those stated in the engagement (e.g. review or audit).

2. Independence & M-Penny's role

The auditor is an independent professional. M-Penny is a facilitator and coordinator — not the auditor of record and does not itself express an audit opinion. Any professional opinion is that of the independent auditor.

3. Your data, your responsibility

  1. Management (you) is responsible for the financial statements, the underlying records, and the design and operation of internal controls.
  2. You warrant that the records you submit are complete, genuine and not misleading, and that you have disclosed all material matters.
  3. An audit/review provides reasonable, not absolute, assurance. Neither M-Penny nor the auditor is responsible for misstatement, fraud, error or omission that could not reasonably be detected from the records you submit, including matters arising from incomplete, concealed or falsified data.

4. 30-day concern window & deemed settlement

After the audit/review report or opinion is delivered to you, you have thirty (30) days to raise any concern in writing to M-Penny (support@mpenny.ke). If no concern is raised within 30 days, the engagement and its report are deemed accepted, and M-Penny's obligations in respect of that engagement are deemed fully discharged and settled.

5. Limitation of liability

  1. To the maximum extent permitted by law, the aggregate liability of M-Penny (and Natcrest Holdings Company Ltd) for an engagement is limited to the fee you paid for that engagement.
  2. M-Penny is not liable for the independent auditor's professional judgement or opinion, nor for indirect, consequential or reputational loss.
  3. The report is prepared for you and may not be relied upon by any third party; M-Penny accepts no liability to third parties.

6. Indemnity

You indemnify and hold harmless M-Penny, Natcrest Holdings Company Ltd and its network auditors against any claim, cost or liability arising from the records you submit or from your acts or omissions.

7. Confidentiality & data protection

Your records are handled confidentially, routed through M-Penny, and processed under the Data Protection Act, 2019 solely for the engagement. Network auditors are bound by confidentiality and act only on the submitted records.

These terms are a draft pending review by a Kenyan advocate before execution. By ticking acceptance in the M-Penny app you confirm you have read and agree to them for the relevant engagement. © Natcrest Holdings Company Ltd.