The explanatory foreword to the ISA International Standards on Auditing describes audit as the independent examination of an expression of an opinion on the financial statements of an enterprise by an appointed auditor in pursuance of that appointment and in compliance with any relevant statutory obligation.

To introduce students to the concepts of risk management and insurance key elements in business

Introductory overview of strategic management , the hierachy of management, the strategic management concepts, strategic managers and decisions.

The purpose of this unit is to develop the learners deeper understanding of the principles of book-keeping and accounts and the ability to maintain books of accounts and preparation of financial statements

Accounting is defined as the process of identifying, measuring and reporting economic information to the users of this information to permit informed judgement.

A conceptual framework is like a constitution. It is a coherent system of interrelated objectives and fundamentals that can lead to consistent standards and that prescribe the nature, function and limits of financial accounting in financial statements. A conceptual framework is essential in that to be useful, standard setting should be built on and relate to an established body of concepts and objectives. In addition new and emerging practical problems should be quickly solved by reference to an existing framework of basic theory

• Financial market is a market in which financial assets (securities) such as stocks and bonds can be purchased or sold • Financial markets are critical for producing an efficient allocation of capital, which contributes to higher production and efficiency for the overall economy, as well as economic security for the citizenry as a whole • Financial markets also improve the lot of individual participants by providing investment returns to lender-savers and profit and/or use opportunities to borrower-spenders.

Financial institutions perform the essential function of channeling funds from those with surplus funds to those with shortages of funds. Financial institutions provide a variety of services to sectors of the economy. Failure to provide these services or a breakdown in their efficient provision can be costly to both the ultimate suppliers of funds and users of funds as well as to the economy overall. For instance, bank failures may destroy household savings and at the same time restrict a firm’s access to credit. Insurance company failures may leave household members totally exposed in old age to the cost of catastrophic illnesses and to sudden drops in income on retirement. In addition individual financial institution failures may create doubts in savers ’minds regarding the stability and solvency of financial institutions and the financial system in general and cause panics and even withdrawal runs on sound institutions. Financial institutions are regulated in an attempt to prevent these types of market failures and the costs they would impose on the economy and society at large.

Entrepreneurial Finance is designed to help students and/or managers make better investment and financing decisions in entrepreneurial settings. The course covers all stages of the process, from startup to harvest. Though the course is called Entrepreneurial Finance, it differs in philosophy and style from a course like corporate Finance. It integrates people into the equation by taking into account their capabilities, their incentives, and the cognitive biases they bring to decision making. Students should not take the course as a remedial finance course but to enhance their understanding of entrepreneurship financial planning and execution. The course is aimed primarily at people who may already or are planning to be involved entrepreneurial ventures at some point in their careers whether in a large organization, a turnaround, a management buyout or a startup. The course will also be useful for future private equity decision makes.

In modern business world job management is becoming very difficult. Therefore managers requires several skills for successful management.. These skills include the following : Technical Skill – ability and knowledge to use tools, equipment, procedures & techniques in a specialized area. The manager must know the skills required in a certain business, the role of each skill and interrelationship between the skills. They should be ready to ask for technical assistance in cases where they are not familiar with a particular skill. Ability in programming operating a word processing program, designing a brochure, training people to use a budgeting system, understanding manufacturing systems, etc. are examples of technical skills. Human Skill refers to ability to work with, understand, mentor & motivate people as individual or groups. This is a sense of feelings and reflects the manager’s perception of superiors, subordinate and peers. Human skills are concerned with understanding of ‘People’. Interviewing job applicants, forming partnerships with other businesses, and resolving conflicts all require these skills. Conceptual Skill –mental ability to coordinate & integrate an organization’s activities, especially in the long-term decisions affecting the organization. It is needed to see the organization as a whole & recognize how the various factors in a situation are interrelated so actions taken are in the best interests of the organization. Conceptual skills also include the competence to understand a problem in all its aspects and to use original thinking in solving the problem. Such competence is necessary for rational decision-making. Decision making, planning, and organizing require these skills.

Management accounting is the application of professional knowledge and skills in preparation and presentation of accounting information in such a way as to assist management in formulation of policies and planning /control of operations of undertakings.

Marketing is the business function that delivers customer satisfaction at a profit. It creates values for the customers and receives values from the customers in return. Marketing focuses on getting customers and keeping customers by satisfying their needs. Marketing creates values and satisfaction for the customer. It is the delivery of satisfaction to the customers at a profit.

The formation and winding up of any company in Kenya is governed by the Company’s Act Cap 486 of the Laws of Kenya. The company legislation in Kenya owes its origin to the English company law. The companies Act of Kenya which came into force on 1st January 1962 is based on English companies Act of 1948.This Act is still applicable together with later amendments. The Act provides a basic legal framework for the regulation of companies in Kenya. It makes provision for the legal incorporation of companies and lays down rules for their constitution, management and winding up.

The term “system” originates from the Greek term systema, which means to “place together.” Multiple business and engineering domains have definitions of a system. This text defines a system as: System An integrated set of interoperable elements, each with explicitly specified and bounded capabilities, working synergistically to perform value-added processing to enable a User to satisfy mission-oriented operational needs in a prescribed operating environment with a specified outcome and probability of success.

The module introduces learners to the fiscal policy and operations of government. The module then goes further to present theories, processes and practical issues on how governments raise and allocate resources.

This is a first year Diploma courses in business course which gives the students an exposure to the legal principles that bind transactions that business people engage in. The course first explores the nature of Law and introduces the student to the Kenyan legal system. Further the course explores diverse areas of law that relate to the activities that business people engage in a day to day basis.

The word biology is derived from the Greek words /bios/ meaning /life/ and /logos/ meaning /study/ and is defined as the science of life and living organisms. An organism is a living entity consisting of one cell e.g. bacteria, or several cells e.g. animals, plants and fungi.

A system is a set of an orderly grouping of interdependent components linked/put together according to a plan to achieve a specific objective. Examples include, computer system, music system etc.

A college reading set text.

Life skills are behaviors used appropriately and responsibly in the management of personal affairs. They are a set of human skills acquired via teaching or direct experience that are used to handle problems and questions commonly encountered in daily human life. The subject varies greatly depending on societal norms and community expectations.