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The objective of the exercise is to identify areas of weakness and give recommendations that will complement the ongoing turnaround strategy/FILE

Kenya

Kenya Airways kicks off forensic audit

The objective of the exercise is to identify areas of weakness and give recommendations that will complement the ongoing turnaround strategy/FILE

The objective of the exercise is to identify areas of weakness and give recommendations that will complement the ongoing turnaround strategy/FILE

NAIROBI, Kenya, Feb 9 – The Kenya Airways Board has commissioned a forensic audit as part of the airline’s turnaround strategy.

The board has appointed Deloitte Consulting to perform the audit, which will support the improvement of Kenya Airways systems, processes and activities.

The objective of the exercise is to identify areas of weakness and give recommendations that will complement the ongoing turnaround strategy.

“The board will also announce the appointment of a transaction adviser shortly. The transaction adviser is expected to assist the airline achieve its strategic objectives in relation to long term capital financing,” the board said.

The audit comes at a time when the airline is in deep loses attracting a lot of attention both from government as well as the private sector and shareholders.

The airline posted a net loss of Sh11.9 billion in the half year ending September 2015, marking a 14 percent drop from Sh10.4 billion compared to last year.

The drop was attributed to short term financing challenges, foreign exchange loss of Sh4.8billion and a one off restructuring cost of Sh4billion.

Last month the KQ board dropped Group Finance Director replacing Alex Mbugua, who was replaced Dick Murianki in an acting capacity.

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