THE INTERNAL AUDIT MASTERCLASS (Mandatory Training)

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April 26 @ 9:00 am - April 30 @ 1:00 pm

| Ksh 80000

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

THE INTERNAL AUDIT MASTERCLASS
Theme: The journey towards competence and professionalism
VENUE: LAKE NAIVASHA RESORT- NAIVASHA
Date: 26th to 30th April 2021

OVERVIEW

An internal audit activity reviews risk management and evaluates the effectiveness of a company’s internal controls, corporate governance, and accounting processes. Internal audits provide management and board of directors with a value-added service where flaws in a process may be caught and corrected prior to external audits.
According to the International Professional Practices Framework (IPPF) the following fundamentals form the mandatory elements of the practice of Internal Audit and should thus be well understood by all professionals in that field:

  1. Core Principles for the Professional Practice of Internal Auditing​
  2. Definition of Internal Auditing.
  3. Code of Ethics
  4. International Standards for the Professional Practice of Internal Auditing

The regulatory framework governing audit and accounting professionals has also made substantial strides in order to remain responsive to developments and current trends in the sector. Most notably, the Accountants Act was on 21st September 2018 amended following the enactment of the Finance Act, No. 10 of 2018 which amongst other things expanded the definition of Accountancy.

Following that amendment “Accountancy” was defined as the practice in accounting, financial reporting, control systems, systems auditing, auditing, assurance, forensic accounting and auditing, finance, financial management, public finance management, taxation, financial risk management, management accounting and advisory services related thereto, in accordance with Sec.2 of the Act.

It is in line with this new definition that the Institute introduced and rolled out the Multiple licenses in November 2020. Consequently, the Institute has developed a number of programs to equip potential practitioners within the areas as defined in the accountancy definition above, this being one of the selected trainings.

This Master Class is intended to provide Internal Audit Professionals with critical knowledge and insights that will enable them to ‘hit the ground running’ in their review and advisory roles. It will also be a good opportunity for delegates to build their professional skills and network with other like-minded professionals in the same field.

Learning Objectives:

This program is divided into the following six modules covering the various aspects of internal auditing:

DAY MODULE TOPICS KEY AREAS TO BE COVERED
DAY 1 A.     Foundation 1.       Definition of Internal Auditing

2.       Internal Audit Governance:

o   Mandate and Authority

o   Independence

o   Professional Standards

o   Code of Ethics

3.       The value of internal auditing

4.       Stakeholders and their expectations

 

i           Internal Audit Charter and Audit Committee Charters

ii         Independence and objectivity

iii       Assurance vs consulting engagements

iv       Processes covered: Governance, risk management and control.

v         Value is in improvements of the processes.

vi       Need to engage stakeholders on the value they expect or receive from internal audit.

vii      Stakeholders Management

·         Awareness on role of internal audit

·         Stakeholders’ engagement

·         Obtaining stakeholders feedback on the value provided by internal audit

DAY 1 B.     Planning 1.       Developing the Annual Audit Plan i          Stakeholders’ input and engagement

ii        Performance–KPIs and targets

iii      Planning risk factors

iv      Assurance vs advisory engagements

v        Coordination with other assurance providers–combined assurance framework

vi      Flexible plans

vii    Data driven internal audits

DAY 2 2.       Engagement Planning i          Defining objectives and scope

ii        Engagement resourcing

iii      Audit programs

iv      Manual vs automated controls

 

DAY 2 C.     Internal Audit Human Capital 1.       Skills and proficiency

2.       Competency framework

i          Staffing and skills requirements

ii        Proficiency

iii      Continuing skills development

DAY 3

AND 4

D.     Internal Audit Execution 1.       Executing the engagement i          Working papers management

ii        Data analytics

iii      Conclusions

iv      Supervision

2.       Reporting

 

i          Findings (criteria, condition, consequence, cause, corrective action)

ii        Risk ratings

iii      Audit Opinions

iv      Use of conformance statements.

v        Quarterly and annual Reporting

3.       Monitoring progress

 

i          Implementation of recommendations

ii        Accepted risks

DAY 5 E.      Managing the Internal Audit Firm 1.       Policies and Procedures

2.       Internal Audit Tools

3.       Quality Assurance

i          Internal Audit Manual

o   Alignment with standards and legal requirements

o   Process description and guidance

o   Templates

 

ii        Tools

o   Audit Management

o   Data analytics

o   Continuous auditing tools

 

iii      Quality Assurance

o   Audit Client Feedback

o   Continuous monitoring

o   Internal Quality Assessment

o   External Quality Assessment

DAY 5 F.      Moving Forward 1.       Emerging issues in internal auditing

 

i          Agile internal auditing

ii        Flexi annual planning

iii      Culture audits

iv      Changing skills requirements

v        Cybersecurity

vi      Big data and artificial intelligence

Target Audience:

This training is one of the mandatory trainings for Practicing Certificate consideration. It is also open to all Internal Audit Professionals, Audit Committee Members, Senior Management, CEOs and Boards. 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 Internal Audit

CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS
Members of ICPAK and those from reciprocating professional bodies will earn 20 CPD units upon successfully attending all training sessions.

FINANCIAL INVESTMENT

The Master Class charges are Kshs. 80,000 for both members and non-members. The fee is exclusive of transport and accommodation.

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 training 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. For more information or enquiries please email raphael.nguli@icpak.com.

CONTACT

For further inquiries, kindly contact Fredrick Otwori at fredrick.otwori@icpak.com with copy to;  judith.wambura@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:
April 26 @ 9:00 am
End:
April 30 @ 1:00 pm
Cost:
Ksh 80000
Event Categories:
,

Venue

Lake Naivasha Resort
Naivasha, Naivasha
+ Google Map

Other

Target
Public and Private Sector
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
Closed
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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, (+254) 733 856262
Email: icpak@icpak.com

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