THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
ISA 315- Risk of Material Misstatements – Recording
Date: 6th April 2023
Time: 04.00pm-06.00pm
Venue: Online
Overview
ISA 315 deals with the auditor’s responsibility to identify and assess the risks of material misstatement in the financial statements. The IAASB is charged with the mandate of serving public interest through setting high quality international standards for auditing, quality control, review, other assurance, and related services in a bid to enhance the quality and uniformity of practice throughout the world and strengthen public confidence in the global auditing and assurance profession. Following this mandate, the board approved major changes to ISA 315 in September 2019.The changes were set to be effective for audit of financial statements for periods beginning on or after 15th December 2021.
The effects of these amendments are far-reaching and require firms of all sizes to revise their approach to risk assessments. The resent amendments cut across vital issues such as introduction of new inherent risk factors to aid in risk assessments, new spectrum of risk at the higher end of which lie significant risks. There has also been great focus on IT particularly IT general controls and a touch on controls relevant to the audit and the design and implementation work required for these controls.
It is on this backdrop the ICPAK has organized this important webinar to have an in-depth understanding of ISA 315 and its essential role in mitigating risks of material misstatements in financial reporting.
The following keys areas of focus will guide the discussions during this important webinar.
- Scope of ISA 315
- Key concepts in ISA 315
- Objectives of ISA 315
- Identifying risks of material misstatements
- Assessing risks of material misstatements; risk assessment procedures and related activities
- Requirements of ISA 315
- Application of the standard and other explanatory material
- Consequential amendments to other standards
- Inherent risks factors related to risk assessment.
- Control components in ISA 315
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be awarded 2 CPD Unit upon successfully attending the Webinar.
Target Audience:
Chief Finance Officers, Finance and Management Accountants, Financial risk experts, Insurance risk experts, Insurance agents, Credit risk analysts , audit practitioners both internal and external .
Cost:
Charges for the training will be Kes 1,000/= which will cover workshop fees, materials, and e-certificates of attendance.
Online Booking:
We call on Seminar participants to note that booking for is available only online at www.icpak.com/events and will close two hours before the training session. Delegates are reminded to note that online booking for training sessions is mandatory. This is available either online at www.icpak.com/events or on the ICPAK Live – A smart phone-based application that is available from google store.
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)
