THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
BOARD AUDIT COMMITTEE TRAINING
Theme: Enhancing audit committee effectiveness in support of good governance and accountability
Date: 20th -24th September 2021
Venue: Double Tree by Hilton, Stone Town -Zanzibar
An audit committee is a committee of an organization’s board of directors which is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audited reports, both from internal and external audit. The primary purpose of a company’s audit committee is to provide oversight of the financial reporting process, the audit process, the company’s system of internal controls and compliance with laws and regulations.
One of the fundamental roles for audit committees is to review significant accounting and reporting issues and recent professional and regulatory pronouncements to understand the potential impact on financial statements. The committee reviews the results of an audit with management and external auditors, including matters required to be communicated to the committee under generally accepted auditing standards. Controls over financial reporting, information technology security and operational matters fall under the purview of the committee.
The audit committee is responsible for the appointment, compensation, and oversight of the work of the auditor. As such, auditors report directly to the audit committee, not management. Audit committees meet separately with auditors to discuss matters that the committee or auditors believe should be discussed privately. The committee also reviews proposed audit approaches and handles coordination of the audit effort with internal audit staff. When an internal audit function exists, the committee will review and approve the audit plan, review staffing and organization of the function, and meet with internal auditors and management on a periodic basis to discuss matters of concern that may arise.
All audit committee members should be independent. Independence is needed to prevent insiders from influencing the work and oversight of the committee and the work of auditors. Companies operating in specialist niches should have to meet the same audit committee disclosure and structure requirements as companies operating in more traditional markets. This is because companies in specialist niches are affected by the same conflicts and potential for accounting fraud as more traditional companies and therefore should meet the same independence and financial experts’ requirements as traditional companies. In cases where this is not feasible, they should disclose such deficiencies to investors to alert them to the possibility of management influence on the audit committee.
Audit Committees are expected to play a vital role in governance and in building trust in corporate reporting. Audit Committees therefore need members who have appropriate levels of expertise and knowledge of the industry and of the company. This course will explore the fundamentals of the role of the Audit Committee and the nature and essential qualities of its members, particularly the Audit Committee Chairman. The course will cover the relationships with all key stakeholders and will examine all the key information flows and decision processes. By the end of this seminar, participants shall be equipped with an understanding of the appropriate levels of knowledge and expertise and an awareness of the mechanisms and priorities for audit committees in today’s complex and highly regulated world.
The Institute has lined up this highly technical seminar which provides an overview to the Audit Committee support practices and mechanisms that exist in both public and private sector entities. Practical guidance will be provided on such issues as being an effective Audit Committee member, best practice guidance on policies and procedures, governance, risk and compliance frameworks; the relationship with the Board and other Committees; the relationship with External Audit, Internal Audit and Finance; how to effectively engage with directors, External Auditors and Chief Audit Executives on their reports; dealing with regulators and other stakeholders; managing information flows and measuring the effectiveness of the Audit Committee as a whole. This course will broaden the awareness of members and advisers to Audit Committees and provide appropriate levels of oversight of financial reporting, audit quality, and other risks on the committee’s agenda. It provides an opportunity for participants to update their knowledge and to explore the available mechanisms to deliver the effective Audit Committee support necessary to fulfil their roles.
This seminar has been designed to provide an opportunity for senior executives to share experiences and ideas on the various dilemmas and opportunities as presented above.
The seminar is geared to focus on the following key topics:
1. The Role and Responsibilities of Audit Committee Members
• Typical structure of the Audit Committee
• Audit Committee Membership,
• Audit Committee Terms of Reference and agenda items
• The role of the Audit Committee as delegated by the board,
2. The role of advisors and the role of the Company Secretary
3. Audit Committee Reporting and protocols
4. Audit Committee Essentials:
• Oversight of financial reporting, audit quality, and other risks on the committee’s agenda
• Understanding the company, its culture, and its dynamics
• Demonstrating sound industry knowledge and access to contacts
• Appropriate relationships with other board members, senior management, internal and external auditors
5. Understanding current and emerging issues (e.g., cyber security, emerging technologies, and social media optimization)
6. Understanding the full range of management information provided to the Audit Committee
7. How to provide effective oversight and value to the annual report and accounts
8. Roles and responsibilities for external auditors in relation to audit committees
9. Assessing external auditor effectiveness
10. Understanding the internal audit universe and the annual risk-based internal audit planning process
11. Internal Audit reports, positioning and links to the Board and other Committees
12. Audit Committee Activities, Membership and Attendance
13. Guidance on what must be Included in the Audit Committee Report
14. Role of the Audit Committee in Whistleblowing and Investigations
15. Instilling the right value system in support of integrity and morality for Audit Committee Members
16. Developing resilience, self-motivation, and renewal tips for control function executives
17. Audit Committee Reporting: Guidance on what must be Included in the Audit Committee Report
18. Instilling the right leadership skills to aid in navigating difficult conversations and managing difficult stakeholders
Chairpersons and Members of Audit Committees in National Government Ministries, Departments and Agencies, Members of Audit Committees of County Governments (Executives and County Assemblies), Members of Committees of Boards and Commissions of Public, Private and Non- Governmental entities, Non-executive directors, Councils and Commissions other than Audit Committee members, Internal Auditors, Chief Executive Officers (CEOs), Strategists, Chief risk officers, Accounting officers, Heads of Departments/Units, Finance Officers, and External Auditors
|ICPAK /ACCA Members & IFAC PAOs||150,000 per delegate|
|Non-Members & International Delegates||160,000 per delegate|
The cost caters for training fee, training materials, certificate and meals during the conference. Please note that delegates are required to make their own travel and accommodation arrangements.
CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS
Members of ICPAK and those from other reciprocating professional bodies will earn 20 CPD units upon successfully attending all learning sessions.
NATIONAL INDUSTRIAL TRAINING AUTHORITY (NITA) REIMBURSEMENT
The Institute is registered as a trainer with National Industrial Training Authority. The Institute’s registration number is DIT/TRN/47. Participants who are registered levy contributors should apply to NITA for reimbursement of their fees. Please note that this is applicable for Kenyan citizens only and subject to NITA regulations. Remember that to qualify you should apply to NITA for approval prior to the date of the conference. Further details can be obtained from their website (www.nita.go.ke).
The training presents a perfect opportunity for organizations to showcase their products & services to a target group with high purchasing powers, both on personal and corporate levels. You will also have a unique opportunity for brand positioning and communication that will enjoy optimal visibility. Armed with significant purchasing power and decision-making authority, the audience are a key target group for businesses. For more information or enquiries please email firstname.lastname@example.org.
We encourage members to regularly visit our website www.icpak.com for updates.