THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
Risk Based Auditing Workshop – Recording
Theme: incorporating the risk approach for effective audits
Date: 9th – 10th August 2023
Venue: Virtual
Overview
Risk-based auditing ensures that the internal audit activity is focusing its efforts on providing assurance and advisory services related to the organization’s top risks. Through risk-based auditing, the internal audit activity helps executive management and the board understand whether the organization’s risk management processes are sufficient and how to better achieve organizational objectives through good governance, risk management, and control. This requires internal auditors to have a working knowledge of basic concepts, frameworks, tools, and techniques related to risk and risk management.
It is based on this background that the Institute has organized a two-day Workshop to address most of the areas indicated above. The Workshop sessions are geared towards helping the participants to develop competencies in risk-based auditing.
The sessions will cover an overview of risk management principles, including foundational concepts such as the nature of risk, risk sources and categories, risk appetite, and risk tolerance and risk assessment tools. With an emphasis on emerging risks and the underlying theory, the sessions will help to prepare internal auditors to become effective participants in performing risk-based internal audits.
Specifically, the following topics will be covered during the Workshop:
- Overview of the COSO risk management framework and ISO 31000:2019.
- Traditional Approach versus Risk Based Internal Audit approach.
- ERM – Enterprise-Wide Risk Management.
- Corporate Governance Risk, Strategic Risk, Technology Risk.
- How to prepare Risk Based Internal Audit Plans
- Stages of Risk Based Internal Auditing and Implementation of Risk Based Internal audit
- Analyzing Risk Maturity
- Model Process for Assessing & Evaluating Risks
- Risk Assessment Tools
- Overview of the entire Internal Audit process and staffing requirements for effective engagement planning
- How to handle ad hoc audit assignments
- Internal audit and the link with Risk Based Audits for Assurance engagements.
- Practical illustrations will be applied during the discussions.
Target Audience
Private and Public Sector Accountants, Chief Finance Officers, Finance Directors and Managers, IFRS Experts, Transaction Advisors, Pension Scheme Administrators, Fund Managers, Engagement Partners and Key Audit staff, Banking, Extractive and SMEs sector accountants, Auditors, Practitioners, Heads of Internal Audit, Professionals working in County Governments and private sectors, and those in Academia.
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be awarded 10 CPD Units upon successfully attending the session.
Cost:
Charges for the training will be Kes 10,000/= 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)
Further requests can be channeled to us via telephone calls on, +254 719 074 100, or via email to Fredrick Otwori at fredrick.otwori@icpak.com with a copy to memberservices@icpak.com
We encourage members to regularly visit our website https://www.icpak.com for updates.
