Audit Quality Assurance Workshop -Green Hills Hotel

INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA

AUDIT QUALITY ASSURANCE WORKSHOP

VENUE:GREEN HILLS HOTEL,  NYERI

DATE: 15TH – 16TH MARCH 2018

Overview:

Audit quality encompasses the key elements that create an environment which maximizes the likelihood that quality audits are performed on a consistent basis. The objective of an audit of financial statements is for the auditor to form an opinion on the financial statements based on having obtained sufficient appropriate audit evidence about whether the financial statements are free from material misstatement and to report in accordance with the auditor’s findings.

The International Auditing and Assurance Standards Board promulgates standards whose objective is to ensure that auditors perform quality audits whose ultimate goal is public interest. The course is aimed at reminding members of their primary objective to establish an environment that promotes quality audits while also ensuring that they remain competent to address changes in the environment which requires dynamism when auditing. It is also expected that the course will discuss the need for a convergence between stakeholders to influence quality of audits and shall include the role of ICPAK in ensuring compliance through quality reviews.

With a focus on quality assurance on audit, ICPAK has developed this 2-day workshop to equip.

 Objectives:

The specific training objectives will be as follows:

1. ISQC 1: A practical approach

• Policy and Procedure Development guidance
• Documentation policies

2. Audit Planning and Risk Assessment:

(A practical case study of the planning process)

Why Plan? Discuss the effectiveness of audit planning to ensure: that appropriate attention is devoted to key audit areas and significant risks, potential problems are identified and resolved on a timely basis, engagement is properly organized and managed in order to be performed in an effective and efficient manner, Proper assignment of work to the engagement team as well as making the engagement team aware of their responsibilities, give proper direction and supervision of the engagement team and review of their work, and assists, where applicable, in the coordination of work done by the auditors of components and experts.

3. Engagement Performance

• Engagement documentation
• Planning, Supervision and review
• Obtaining written representations
• Articulation of key audit matters
• Substantive testing
• Risk Assessment
• Obtaining evidence

 4. Reporting- The New Auditor’s Report

Why Change the Auditor’s Report?

The auditor’s report is the key deliverable communicating the results of the audit process. Investors and other financial statement users have asked for a more informative auditor’s report—for auditors to provide more relevant information to users. What has changed? Discuss:

• ISA 701 New
• ISA 700 Revised
• IAS 705 Revised
• IAS 520 Revised
• ISA 570 Revised

This session will also include a case study on ICPAK Audit Model File.

5. Emerging Issues on Ethics, Audit Risk and Audit Reporting (Round table/ group discussions)

• Responding to non-compliance with laws and regulations (NOCLAR)
• Whistleblower activity: Potential implications
• Disruptive technology changes: use of data/data auditing
• Auditor Independence .

**Members to converge in groups and discuss on the Emerging Issues

Target audience:

This workshop will be most beneficial to delegates drawn from both the public and private sectors particularly; Associate Members, Internal & External Auditors, Accountants, Staff Working in Audit Firms owned by Members, Members in Practice, Preparers of IFRS Financial Statements, Non-Auditors with Internal Control Responsibilities, Academicians and Consultants.

Seminar Charges and CPD Units:

The charges for the two-day financial reporting workshop are as follows:

Members of ICPAK and of reciprocating professional bodies will earn 14 Structured CPD Units upon full attendance.

Online Booking:

Kindly note that booking for the Seminar is available only online at https://www.icpak.com/event-registration/