THE 2ND BOARD AUDIT COMMITTEE MASTER CLASS

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February 21 @ 9:00 am - February 25 @ 3:30 pm

| Ksh 80000

THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
THE 2ND BOARD AUDIT COMMITTEE MASTER CLASS
THEME: Improving monitoring and implementation of internal controls and compliance reporting in organizations
Date: 21ST -25TH FEBRUARY 2022
Venue: Sarova Beach Resort & Spa, Mombasa
Time: 09.00am-03.30pm

Overview

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.

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.

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 Master Class 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 Master Class 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 Master Class has been designed to focus on the following key topics:

The Master Class has been designed to focus on the following key topics:

The Master Class has been designed to focus on the following key topics:

  1. The Role 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,
  2. The role of advisors and the role of the Company Secretary
  3. Audit Committee Reporting and protocols
  4. 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
  1. Understanding current and emerging issues (e.g., cyber security, emerging technologies, and social media optimization)
  2. Understanding the full range of management information provided to the Audit Committee
  3. How to provide effective oversight and value to the annual report and accounts
  4.  Roles and responsibilities for external auditors in relation to audit committees
  5. Assessing external auditor effectiveness
  6. Understanding the internal audit universe and the annual risk-based internal audit planning process
  7.  Internal Audit reports, positioning and links to the Board and other Committees
  8. Audit Committee Activities, Membership and Attendance
  9. Role of the Audit Committee in Whistleblowing and Investigations
  10. Instilling the right value system in support of integrity and morality for Audit Committee Members
  11. Audit Committee Reporting: Guidance on what must be Included in the Audit Committee Report
  12. Instilling the right leadership skills to aid in navigating difficult conversations and managing difficult stakeholders

This Master Class is open to all Audit Committee Chairpersons, Board Members, Members of other Board Committees, Internal Audit and Risk Professionals, Professionals in other control functions, External Auditors, Audit Practitioners, Senior Management of Organizations, CEOs and other interested participants.

All members who would wish to practice in the future are also encouraged to enroll on the course as it provides practical skills required for effective performance of their roles in audit committee performance and internal audit.

Financial Commitment:

Category   Charges
Associate Members KShs 80,000 per Delegate
Full Members KShs. 80,000 per Delegate
Non-Member KShs. 80,000 per Delegate

Note: Delegates are required to make their own travel and accommodation arrangements. Symposium charges cater for training fee, training materials, certificate and meals during the event.

Online Booking:

We call on Conference participants to note that booking 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)

PARTNERSHIP OPPORTUNITIES
The conference presents a perfect opportunity for organizations to showcase their products & services to a target group with high purchasing powers, both on personal and corporate levels. You will also have a unique opportunity for brand positioning and communication that will enjoy optimal visibility. Armed with significant purchasing power and decision-making authority, the audience are a key target group for businesses. Sponsorship opportunities range from cocktail, gala, media sponsorships, exhibitions and advertising. For more information or inquiries please email raphael.nguli@icpak.com.

For further inquiries, kindly contact Fredrick Otwori at  fredrick.otwori@icpak.com  Reach us on call: +254 719 074000/129

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

Details

Start:
February 21 @ 9:00 am
End:
February 25 @ 3:30 pm
Cost:
Ksh 80000
Event Categories:
,

Organizer

ICPAK

Other

CPD Hours
20
Associates Member Cost
Ksh 80,000
Full Member Cost
Ksh 80,000
Non Member Cost
Ksh 80,000
Event Type
Seminar
Status
Open

Venue

Sarova Whitesands Beach Resort and Spa
Mombasa, Kenya
+ Google Map
Phone:
+254 727 531006
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About ICPAK

ICPAK is an Institution
mandated to protect and uphold public interest
as well as develop and regulate the accountancy profession in Kenya.

Member Of:

Contact Information:

P.O BOX 59963-00200,
CPA Center, Ruaraka, Thika road.
Nairobi, Kenya.
Telephone Line (Main) : +254 719 074 000
Mobile: +254 719 074 000
Email: icpak@icpak.com

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