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The purpose of the current study was to establish the effect of risk assessment on financial performance in insurance firms in Nakuru town. Descriptive survey was employed. The target population comprised of 52 management employees in 27 insurance firms in Nakuru town. Census was employed to elect the sample size in the study. Data was collected using a structured questionnaire with questions on a 5-point Likert scale. Data was analyzed using mean, standard deviation, percentage and Pearson correlation analysis and the results presented in tables. The Statistical Package of Social Sciences software was used to assist in data analysis. The study concludes that risk based auditing through risk assessment positively affected the financial performance of insurance companies in Nakuru Town. Risk assessment enables the insurance companies to detect risks on time and concentrate on high risk areas leading to increased transparency and accountability and enhanced financial performance of insurance companies. Thus the study has found a strong association between risk based auditing and financial performance of insurance companies. The study recommends that management of insurance companies in Nakuru Town should adopt effective risk based audit practices such as risk assessment to enhance effective and efficient financial performance. The findings of this study are expected to provide useful insights and fresh empirical evidence of the relationship between risk based audit practices and financial performance in insurance companies in the Kenyan context.

Effect of Risk- Based Audit on Financial Perfomance: A Survey of Insurance Companies in Nakuru Town, Kenya