THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
Quality Aspects of ISQM 1 & 2, and Implications on The Audit Practice In Kenya
Date: 11th May 2022
Time: 4:00pm – 6:00 Pm
The objective of the IAASB is to serve the public interest by setting high-quality auditing, assurance, and other related standards and by facilitating the convergence of international and national auditing and assurance standards, thereby enhancing the quality and consistency of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance.
ISQM 1 deals with the firm’s responsibility for having a system of quality management (SOQM) that creates an environment that enables and supports engagement teams in performing quality engagements. It helps the firm in achieving consistent engagement quality because it is focused on how the firm manages the quality of engagements performed. It requires the firm to customize the design, implementation, and operation of its SOQM based on the nature and circumstances of the firm and the engagements it performs. It also requires the firm to transition from policies and procedures that address standalone elements, as required by extant ISQC 1, to an integrated quality management approach that reflects upon the system as a whole.
Similarly, ISQM 2: Engagement quality reviews form part of the firm’s SOQM. ISQM 2 builds upon ISQM 1 by including specific requirements for the appointment and eligibility of the engagement quality reviewer, the performance of the engagement quality review and the documentation of the engagement quality review.
Conformance to the above requirements will affect audit practice in Kenya because smaller firm may determine that there is no need to establish firm-wide responses, and the firm may instead design and implement responses that operate concurrently with the engagement-level quality management.
The institute has organized for a webinar to cover the following topical areas;
- The firm ‘s responsibility in designing, implementing, and operating its SOQM.
- Challenges relating to the implementation of ISQM 1 and ISQM 2
- Establishment of the quality objectives, identification and assessment of the quality risks
- Design and implementation of the monitoring activities
- Implications of quality aspect of ISQM 1 and ISQM 2 on the audit practice in Kenya
- The Structure of ISQM 1 and the components
- How the SOQM operates in a continual and iterative Manner
- How Scalability is Addressed in ISQM 1
- What quality objectives the firm is required to establish
CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS (CPD UNITS):
Members of ICPAK and reciprocating professional bodies will be awarded 2 Structured CPD Units upon successfully completion of the Webinar.
The Webinar charges are Kshs. 2,000. Charges will cater for online video access fees, learning materials, and e-certificates of attendance
Registration: Delegates are reminded to note that online booking for webinar is mandatory on https://www.icpak.com/event-registration/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.
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)
Further requests can be channeled to us via telephone calls on +254 719 074 000, (+254) 733 856262 or via email to firstname.lastname@example.org.