THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
The National Practitioners Growth Forum – Recording
Date: 26th – 29th July 2022
(This is one of the mandatory trainings for Practicing Certificate consideration)
The audit practice has experienced tremendous developments arising from the effect of the COVID-19 pandemic among many other social and economic developments. This has necessitated the change of approach and tact in delivering audit and assurance engagements, especially during this period when the world is reeling from the effects of the pandemic.
Even after the disruptive season of the COVID-19 pandemic, audits should continue to comply with the required standards, which may necessitate different and enhanced considerations by auditors in the current circumstances. Auditors may need to consider developing alternative procedures to gather sufficient appropriate audit evidence to support their audit opinion, or to modify the audit opinion.
It is important to note that concerns on audit quality continues to be a key issue that is still drawing critical attention from the public and other stakeholders who rely on audited financial statements to make key business decisions and judgements.
While it is crucial to address these quality considerations, there need to be an element of efficiency and cost optimization in the delivery of all audit engagements. This is a critical consideration which the audit practitioners must give to their work as they endeavor to deliver the best service to their clients.
The impact of new developments span across the private and public audit landscapes and the complexities arising from the global developments around the profession call for concerted efforts aimed at not only maintaining the quality of the audits undertaken, but equally reassure the public that the audited financial statements can be relied upon. This trust aspect must be maintained at all costs if the audit practice must continue gaining the expected confidence and trust of the public.
It is against this background that the Institute has organized another two-day virtual forum to discuss these critical developments which affect the practitioners in the different categories of practice and the Accountancy Profession at large and seek to address the rising concerns of audit quality while ensuring that efficiency in undertaking the audits is maintained. To guide the discussion during the Seminar, the following topics of discussion will form the focus of this very important virtual event.
- Implementation of firm and engagement level quality considerations – an in-depth assessment of the ISQM 1 and 2 requirements
- a) Recent developments in the Audit Practice; Case studies and lessons to be learned
- b) Recent developments and commentary from Representatives of Regulated Services – Financial Services Sector
- Audit approach and evaluation of audit considerations in an environment of uncertainty; A focus on the key affected IFRSs and ISAs.
- Overview of the taxation landscape and changing laws and the implications to practitioners
- Setting up of a firm and submitting winning bids- Positioning practitioners for success through development of responsive proposals
- Going concern considerations – lessons from covid- 19 impact and current global and local economic challenges
- Key findings of the Audit Quality Reviews – Major concerns and practical responses to the issues.
- Technological advancements and leveraging the digital space to enhance delivery of the required efficiencies and quality in audit engagements.
- Firm records management best practice guidelines and effective compliance to standards on reporting
- Stress management and effective work life balance for practitioners during busy season
- Overview of services rendered under the four categories of licenses and the practitioner’s tool kit;
– Challenges and Opportunities for Small and Medium Practices – SMPs