Risk Based Audit Planning Practical Course

THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)

Risk Based Audit Planning Practical Course
Date: 4th – 5th June 2025
Venue: Utalii Hotel, Nairobi
Time: 09.00am-04.00pm

Overview

Have you ever considered how much of your daily life involves auditing without even realizing it? From accounting for every morning task to reviewing expenditures at the end of the day, we constantly assess actions and outcomes. In the business world, this principle is applied rigorously through auditing, where each transaction is scrutinized, each record verified, and every risk evaluated.

In today’s dynamic business landscape, organizations are constantly exposed to financial, operational, and compliance risks that can severely impact their stability and reputation. Risk-based audit planning is a strategic approach that goes beyond traditional auditing by focusing on areas with the highest risk exposure. This course is designed to provide a comprehensive understanding of how to identify, assess, and mitigate risks within the audit framework.

The program will begin with an exploration of risk assessment techniques, emphasizing how to align audit objectives with organizational risk profiles. Participants will learn how to pinpoint critical risk areas using frameworks such as COSO and ISO 31000, enhancing their ability to detect potential vulnerabilities effectively.

Developing a robust audit plan involves structuring audit activities based on risk prioritization. Data analytics will be highlighted as a vital tool for identifying financial discrepancies and detecting fraud, ensuring that audit efforts are concentrated where risks are most prevalent.

Addressing regulatory expectations and integrating anti-fraud measures will also be key focus areas. Monitoring and follow-up will cover the importance of continuous risk assessment and effective communication of audit findings, reinforcing the link between audit processes and organizational governance. Additionally, ethical considerations will be addressed, focusing on managing conflicts of interest and upholding integrity throughout the audit process.

Real-world case studies will illustrate practical applications of risk-based audit planning, offering participants actionable strategies for mitigating risks and maintaining financial integrity. ICPAK through this course, presents a comprehensive approach to risk-based audit planning, equipping participants with tools and techniques to effectively manage risks, detect fraud, and uphold audit integrity.

Key areas to be covered

1. Understanding Risk-Based Audit Planning:
   • Overview of risk assessment and its significance in audit planning
   • Aligning audit objectives with organizational risk profiles
2. Risk Identification and Assessment Techniques:
   • Identifying key risk areas (financial, operational, compliance)
   • Applying risk assessment frameworks (COSO, ISO 31000)
3. Developing a Risk-Based Audit Plan:
   • Structuring the audit plan based on risk prioritization
   • Incorporating data analytics for enhanced risk detection
4. Audit Procedures and Risk Mitigation Strategies:
   • Designing audit procedures based on identified risks
   • Mitigating identified risks through audit interventions
5. Compliance and Regulatory Considerations:
   • Addressing regulatory expectations in risk-based audit planning
   • Integrating anti-fraud measures and internal controls
6. Monitoring and Follow-Up:
   • Post-audit risk assessment and continuous monitoring
   • Reporting and communicating audit findings to stakeholders
7. Ethical Practices and Governance in Risk-Based Auditing:
   • Addressing ethical dilemmas and conflicts of interest
   • The role of governance frameworks in risk mitigation
8. Practical Case Studies and Real-World Applications:
   • Reviewing real-world scenarios to illustrate risk-based audit planning
   • Lessons learned and best practices in risk-based auditing

Continuous Professional Development Units (CPD Units):

Members of ICPAK and reciprocating professional bodies will be awarded 10 CPD Units upon successfully attending each of the sessions.

Cost:
Charges for the training will be Kes 18,500/= which will cover course fees, materials, and e-certificates of attendance.

Target Audience:

This course will be useful to all professional Accountants and those aspiring to join the profession

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)

Further requests can be channeled to us via telephone calls on +254 719 074 100, or via email at marketing@icpak.com.

We encourage members to regularly visit www.icpak.com  for updates.