Audit Quality Assurance Workshop - North-Rift Branch

AUDIT QUALITY ASSURANCE WORKSHOP 

NORTH-RIFT BRANCH

2^ND -3^RD MARCH 2017

VENUE: SIRIKWA HOTEL – ELDORET

 Theme: Embracing International Auditing Standards in Carrying Out Audit Engagements

Introduction

The purpose of an audit is to enhance the degree of confidence of intended users in the financial statements. This is achieved by the expression of an independent opinion by the auditor on whether the financial statements are prepared in all material respects, in accordance with an applicable financial reporting framework. {Overall objectives of the Independent Auditor and the Conduct of an Audit in accordance with International Standards on Auditing}.

Cognizance therefore has to be enhanced on essentials of quality audit i.e. audit planning, execution, completion and reporting to those charged with governance and users of the financial statements.

To fully deliberate on the above, ICPAK has organized a two-day workshop to address auditors, preparers and users of financial statements to better their understanding of critical issues in auditing. Participants will be triggered to use professional judgement to identify, explain and evaluate alternatives and to determine the appropriate Audit procedures, giving due consideration to the needs of clients and users as required by ISAs. Ethical issues will also be considered in making such judgments.

Learning Objectives

At the end of the workshop, participants will cover the following areas:

1. Developing, documenting and implementing an ISQC1 policy for an SMPs:

• Developing, Documenting and Implementing a Quality Assurance Policy
• Challenges and Impediments of Implementing Quality Control, Solutions, and Benefits
• Key Audit Matters which apply for Audits of financial statements.

2. Audit planning, Strategy and Materiality:

• Developing an audit strategy
• Setting audit materiality
• Understanding the entity and internal controls

3. Conducting Risk Assessment and Auditing the Internal Control System

• Risk Assessment Approaches during Audit
• Internal Control Environment; Auditing internal control system with a bias of the IT Environment
• Responding to Assessed Risks

4. Audit Completion and Documentation of Audit Evidence:

• Review of audit
• Nature and purpose of audit evidence
• Communicating audit findings to the management

5. New and Revised Auditor Reporting Standards and Related Conforming Amendments:

• Changes to the auditor’s report and the potential effects on investors, audit committees and preparers?
• Changes to ISAs and how they affect reporting
• What is included in the description of Key Audit Matters (KAM)?
• How has the IAASB addressed the topic of Going Concern (GC)?

6. Ethics and Governance for auditors:

• Why is ethics important in auditing
• Ethical standards and guidance for auditors
• Conflicts of interests and Auditor Independence & Legal Responsibility of Directors and Auditors
• Code of Ethics

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/