THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
BOARD AUDIT COMMITTEE TRAINING
DATE: 19TH – 23RD SEPTEMBER 2022
VENUE: LONDON, UNITED KINGDOM
THEME: Demystifying the mandate of Audit Committees towards the protection of public interest
An audit committee is a committee of an organisation’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.
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.
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.
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:
- Induction pack for new Audit Committee Members: What new members should equip themselves with- Overview of the legal framework and Instruments
- The establishment and role of Audit Committees in the public and private sectors
- Roles 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,
- The role of advisors and the role of the Company Secretary
- Audit Committee Reporting and protocols
- 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
- How to provide effective oversight and value to the annual report and accounts
- Roles and responsibilities for external auditors in relation to audit committees
- Establishing a procedure of assessing external auditor effectiveness
- Internal Audit reports, positioning and links to the Board and other Committees
- Role of the Audit Committee in Whistleblowing and Investigations
- Steps towards establishing a positive audit committee culture
- The relationship between the Audit Committee, the Board, and other Committees
- Developing resilience, self-motivation, and renewal tips for Audit Committee Members
- Audit Committee Reporting: Guidance on what must be Included in the Audit Committee Report
- Exuding executive presence for effective leadership edge as an Audit Committee Member
- Employing emotional intelligence for success during Committee Meetings
The seminar is ideal for mid-level and high-level executives and Board Audit Committee Members, Chairmen, Board Members, Chief Audit Executives, Chief Executive Officers, Managing Directors, Chief Managers, Heads of Departments, Senior Managers, Chief Finance Officers, Chief Operations Officers, Chief Information Officers, Chief Compliance Officer, Chief Human Resources Manager, Chief Security Officer, Chief Green Officer, Chief Analytics Officer, Chief Medical Officer, Chief Data Officer, Management Consultants, and Accounting Officers of Government Units and entities. This seminar is not limited to the accountancy profession only, staff from other units are highly encouraged to attend.
|Kenyan based Members/ACCA||Kshs. 170,000|
|International Delegates||USD 1800|
**Note: Delegates are required to make their own travel and accommodation arrangements.
Board Members, Members of Board Committees, CEOs, GM, Managing Directors, Heads of Government Units and Parastatals, Governors of County Governments and Senators, Company Secretaries and Board Liaison Officers, Internal Audit and other Assurance Professionals, Heads of IT and Security, Lawyers, Heads of Risk & Compliance, and other professionals dealing with Governance, Risk & Compliance matters.
CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS
Members of ICPAK and those from other reciprocating professional bodies will earn 20 CPD units upon successfully attending all seminar sessions.
For non-Kenyan delegates, please enquire with your embassy on the travel requirements. ICPAK shall avail invitation letters to support delegates VISA processing. To request for one, email: email@example.com
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).
We encourage delegates to regularly visit our website www.icpak.com for updates.