M-Penny Auditor Network Terms

The standing terms on which an independent auditor / audit firm joins M-Penny's auditor network and accepts engagements facilitated by M-Penny (a trading style of Natcrest Holdings Company Ltd).

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In short: You join as an independent professional, not an employee or agent of M-Penny. You perform each engagement to professional standards, maintain independence and a valid practising certificate, keep everything confidential, deal with clients only through M-Penny, and carry your own professional responsibility and indemnity. M-Penny facilitates and coordinates — it is not the audit firm and does not express your opinion.

1. Independent status

You are an independent auditor / audit firm and independent contractor. Nothing in these terms creates an employment, agency, partnership or joint-venture relationship with M-Penny. You are responsible for your own registration, taxes, staff and practice.

2. Professional standards & eligibility

  1. You hold and maintain a valid ICPAK practising certificate (and any required registration) for the duration of any engagement.
  2. You perform every engagement in accordance with the International Standards on Auditing (ISAs), ICPAK/IFAC pronouncements and the IESBA Code of Ethics.
  3. You maintain adequate professional indemnity insurance.

3. Independence & no contingent fees

You confirm and maintain independence in fact and appearance for each client, and you will decline or withdraw where a conflict or threat to independence arises. Your fee is a fixed agreed share of the engagement fee and is not contingent on the audit outcome or the figures audited.

4. Confidentiality & dealing through M-Penny

  1. You keep all client data and records strictly confidential and use them solely for the engagement (Data Protection Act, 2019).
  2. You act only on the records provided through the M-Penny platform and communicate with the client only through M-Penny. You will not solicit, contact or take on M-Penny clients outside the platform, during an engagement and for 12 months after.

5. M-Penny's role & allocation of responsibility

M-Penny is a facilitator and coordinator — it introduces engagements, routes records and collects/settles fees. M-Penny is not the audit firm, does not perform the audit and does not express or adopt your opinion. Your professional work, judgement and opinion are yours alone. You are responsible and liable for your work and opinion, and you indemnify M-Penny against any claim, cost or liability arising from your work, opinion, negligence or breach.

6. Client data integrity

The client (management) is responsible for the completeness and truthfulness of the records submitted. Neither you nor M-Penny is responsible for misstatement that could not reasonably be detected from those records.

7. Fees

You are paid the agreed share of the engagement fee per engagement, on M-Penny's settlement of the client fee. M-Penny retains the balance as its facilitation fee.

8. Acceptance & changes

You accept these terms at onboarding and confirm them at sign-in. M-Penny may update them; a new version requires re-acceptance before you accept further engagements. Either party may end the relationship on notice; obligations in respect of engagements already underway survive.

These terms are a draft pending review by a Kenyan advocate before execution. By accepting in the M-Penny auditor portal you confirm you have read and agree to them. © Natcrest Holdings Company Ltd.