INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OFKENYA
(established under the Accountant Act, Laws of Kenya)
THE 37th ANNUAL SEMINAR
Theme: Resilience and Reinvention – Embracing Change and Transformation
Dates: Monday 24th to Friday 28th May 2021
Venues: Sarova Whitesands Beach Hotel, Mombasa
Pride Inn Flamingo Beach Hotel
ABOUT ICPAK – THE HOST
The Institute of Certified Public Accountants of Kenya (ICPAK) is a regulatory body mandated to regulate and coordinate the activities of qualified and registered Certified Public Accountants (CPAs) in Kenya – including promoting research into the subject of accountancy and finance and related matters, publication of books, periodicals, journals and articles in connection therewith; promoting the international recognition of the Institute, advising the Examination Board on matters relating to examinations standards and policies, advising the Minister for Finance on matters relating to financial accountability in all sectors of the economy and setting and enforcing standards of professional practice such as accounting, auditing and ethical standards. The Institute is established by an Act of parliament – The Accountants Act No. 15 of 2008 and has been in existence since 1978. Over its long history it has registered over 29,000 members. Its members work in diverse sectors of the economy as accountants, financial experts, auditors and financial consultants. Over 800 of our members have emigrated and are working beyond the borders of Kenya. Members of the Institute are present in 41 different countries around the globe.
ANNUAL SEMINARS – A BRIEF HISTORY
Each year for the last 36 years, ICPAK has maintained a rich tradition of congregating once a year in the month of May to reflect on the profession and emerging issues affecting the nation. Last year’s seminar followed the same pattern as it sought to reinforce the role of professional accountants in safeguarding public interest. The 36th Annual Seminar attracted an average of 2,300 participants on both physical and virtual attendance, largely drawn from Kenya but with representation from Uganda, Tanzania, Rwanda and Mozambique. This year, the event is targeted to attract a wider representation of East Africa and the continent at large.
This year’s event marks 37 years since the time when the Institute held its first Annual Seminar in 1984. This demonstrates resilience and commitment towards the Institute’s mandate and the Accountancy profession. Throughout these decades, the Annual Seminar has acted as a beacon of hope to the profession.
Due to the social distancing requirements and additional protocols brought about by the Covid 19 Pandemic, the Institute shall hold the Seminar in two physical venues i.e Sarova White sands and PrideInn Flamingo Beach Resort & Spa Hotel in Mombasa, Kenya with an option of live streaming and allocation of speakers and panelists across both venues. The delegates’ allocation to both venues shall be done based on date of payment basis, with the first venue being allocated the early paying delegates. The seminar shall also be streamed on the virtual platform where some members shall be participating.
THE 37TH ANNUAL SEMINAR SUB-THEMES AND ORGANIZATION
- Day One: Monday 24th May 2021- Arrival and Registration
- Day Two: Tuesday 25th May 2021- The Accountancy Profession
- Day Three: Wednesday 26th May 2021- Relooking at the State of the Economy pre and post the pandemic
- Day Four: Thursday 27th May 2021- Governance, Technology and Risk Management
- Day Five: Friday 28th May 2021- Health and Wellness Agenda for Professionals
DAY ONE: MONDAY 24TH MAY 2021 – ARRIVAL AND REGISTRATION
The arrival and registration process shall be carried out by ICPAK and will commence on Monday,24th May 2021 as from 8.00 a.m. up to 5.00p.m. Due to the large numbers witnessed before in the previous Annual Seminars, the whole day has been reserved to ensure a seamless registration process is carried out in fulfillment of the Government protocols on Covid 19.
DAY TWO: TUESDAY 25TH MAY 2021 – THE ACCOUNTANCY PROFESSION
Since its establishment in 1978 by the laws of Kenya under CAP 531, the Institute has been regulating the activities of all Certified Public Accountants (the CPA (K)s) in Kenya, with sheer dedication to the development and regulation of the accountancy profession in Kenya that upholds the public interest and enhances its contribution and that of its members to national economic growth and development.
The most pressing challenge for Kenya’s economy is to improve accountability of resources in the private and public sectors, including state corporations. There is a widespread perception and reality of corruption: the perception and reality need to change for Kenya to take its full and proper place in the global economy. Qualified accountants need to be at the heart of these organizations to prevent wrong-doing and ensure transparent and accurate financial reporting.
Professional accountants must ensure they update their skills to deal with these challenges at personal levels and by adhering to the code of ethics for professional accountants. They need to have the capability to strengthen organizations’ corporate governance and must also be fully equipped to deal with the rapidly changing environment in which they operate. The automation of many traditional accountancy tasks means that the role of the accountant is evolving. There is now a much greater need for accountants to have ‘softer’ skills, communicating the requirement for organizational change and producing narrative context as part of financial reports. Those reports need to consider the need for resource sustainability, as well as financial sustainability and concerns for wider stakeholders. There is an increasing demand for integrated reports, which bring together these elements. Accountants must therefore equip themselves with the knowledge and skills to address the latest business requirements.
The following key topics shall form part of the discussion on the second day of the Seminar:
- Deep dive into the Accountants Act and the expanded role of Accountants in Kenya
- Interrelationships between the Accountants Act and other regulations in Kenya
- Overview of the IFAC Code of Ethics for Professional Accountants globally:
- Professional Competence and Due Care
- Professional Behavior
- Discussion on the threats to objectivity and independence for Professional Accountants:
- Self- Interest Threat
- Self-Review Theat
- Familiarity Threat
- Intimidation Threat
- Overview of the Disciplinary Committee Mandate and Achievements
- The Fourth Industrial Revolution: The future of the Accountancy Profession
- How is technology shaping the future of Accountancy roles?
- Evolution of Technology in the Accountancy profession
- What skills will Accountants need to remain relevant in a disrupted future?
- What are the emerging career opportunities in the Accountancy profession?
DAY THREE: WEDNESDAY 26TH MAY 2021 – RE-LOOKING AT THE STATE OF THE ECONOMY PRE AND POST THE PANDEMIC
The global economy is experiencing fundamental changes occasioned by the COVID19 pandemic that has disrupted livelihoods, businesses and government operations. According the Kenyan Budget Outlook and Review Paper 2020, the economy grew by 4.9% in the first quarter of 2020 compared to a growth of 5.5 % in a similar period in 2019. It is estimated that the impact of Covid-19 will further constrain the economy to about 2.6%.
The economy has so far been resilient not to be overrun by economic shocks such as locust invasion, drought, floods and COVID19 pandemic among others. With the existing containment measures and adjustment of incentives and reliefs to cushion citizens and businesses from the adverse effects of the pandemic, focus on implementation of the Economic stimulus program and Post Covid-19 Economic Recovery Strategy will be essential to boost economic activities in 2021.
In April 2020 the government of Kenya through the tax amendments act 2020 put in place tax measures to cushion businesses against the effects of COVID-19. The measures were mainly aimed at boosting the business cashflows, citizen’s disposable income, safeguarding against employment losses and ultimately offering an attractive investment environment.
However, the uncertainties surrounding the COVID-19 and the desire for the government to raise revenue has seen forced the government to lift the various measure put in place as well as introduce new tax legislations. The new measures are aimed at helping the government generate additional tax revenue.
According to the Building Bridges Initiative (BBI) Report for 2020, the BBI Steering Committee was conscious of working within a national and global context that was dynamic and needed to be considered in its work. Many notable dynamics and trends stood out as important to this political and economic moment for Kenyans, in relation to the task of the Steering Committee, such as The Covid 19 Pandemic and its impact to Kenyans, competence, equity and equality, equal opportunity and reforms.
Financial inclusion—defined as access to useful and affordable financial products and services that meet needs and are delivered in a responsible and sustainable way—rose from 26.7% in 2006 to 82.9% in 2019 in Kenya, driven largely by the growth of mobile money. A 2019 survey on digital credit found that 13.6% of Kenyans had borrowed loans from a digital lender, citing their convenience and ease of access.
But the industry has been largely unregulated. As a result, some apps offer loans with annual percentage rates of up to 400%, and borrowers have accused them of shady practices including illegally mining customer data and shaming of defaulters. Digital loans usually have a repayment period of less than one month, and borrowers who roll over their loans must pay interest on the balance.
The following key topics shall form part of the discussion on the third day of the Seminar:
- Oversight and Accountability of Public Resources during the pandemic
- Harnessing economic resilience for recovery post the pandemic
- Building Bridges Initiative (BBI) Awareness and Economics: Cost implications of the proposed structures
- Election Campaign Financing: Re-looking at the critical tenets- is time to implement the Law ahead of 2022 General Elections
- Impact of digital lending on Financial Inclusion
- Climate Financing: Securing the environment for the current and future generations
- Government Revenue Collection: Key Insights on Tax Administration achievements, clarification on the new taxes, strategies, and enablers.
- Key changes in the tax amendment law2 2020 vis a vis the tax amendment Law No.1
DAY FOUR: THURSDAY 27TH MAY 2021 – GOVERNANCE, TECHNOLOGY AND RISK MANAGEMENT
According to several studies, well-governed companies worldwide perform better in financial terms. Good governance starts with a well-functioning board of directors that is at the heart of a company’s corporate governance framework and is crucial to ensuring all other governance components are working effectively.
As the effects of the Covid 19 Pandemic are coming to the fore, it is a critical time for Board Members, Senior Executives and Aspiring Directors to develop the necessary skills that would necessitate the development of resilient return to work plans as well and strengthen the internal controls for the organizations they oversee. The Annual Seminar will provide an avenue for delegates to share knowledge and key lessons on critical governance aspects regarding the main strategic priorities for businesses in the region during the recovery period, lessons on effective virtual oversight, leadership skills and setting the right tone at the top.
Implementing effective cybersecurity measures is particularly challenging today because there are more devices than people, and attackers are becoming more innovative. In today’s connected world, everyone benefits from advanced cyber-defense programs. At an individual level, a cybersecurity attack can result in everything from identity theft, to extortion attempts, to the loss of important data. Everyone relies on critical infrastructure like power plants, hospitals, and financial service companies. Securing these and other organizations is essential to keeping our society functioning optimally.
Risk management is an essential element of the strategic management of any organization and should be embedded in the ongoing activities of the business. Two widely referenced frameworks include the Committee of Sponsoring Organizations of the Treadway Commission COSO ‘ERM – Integrated Framework’; and the guidance developed by Airmic and the Institute of Risk Management IRM – ‘A structured approach to ERM and the requirements of ISO 31000’.
The fundamental elements of ERM are the assessment of significant risks and the implementation of suitable risk responses. Risk responses include acceptance or tolerance of a risk; avoidance or termination of a risk; risk transfer or sharing via insurance, a joint venture or other arrangement; and reduction or mitigation of risk via internal control procedures or other risk prevention activities.
Other important ERM concepts include the risk philosophy or risk strategy, risk culture and risk appetite. These are expressions of the attitude to risk in the organization, and of the amount of risk that the organization is willing to take. These are important elements of governance responsibility.
Management responsibilities include the risk architecture or infrastructure, documentation of procedures or risk management protocols, training, monitoring, and reporting on risks and risk management activities.
The following key topics shall form part of the discussion on the fourth day of the Seminar:
- Governance- Understanding the four Ps of Corporate Governance: People, Purpose, Processes, Performance
- Cross-cutting corporate governance roles for Boards
- Maintaining effective tone at the top during turbulent times
- Board composition and effectiveness
- Cybersecurity: The Invisible phantom behind the Machines
- Role of accountants in mitigating Cyber Security Risk – How can Accountants retain their role as trusted advisors in the business
- Impact of digital transformation on cybersecurity
- Embedding a cybersecurity mindset in the organization
- Understanding the Financial and operational implications of Cyber attacks
- Megatrends in the cybersecurity landscape
- The Integrated Financial Management Information System (IFMIS)
- The key linkage between planning, budgeting, expenditure management and control, accounting, audit and reporting.
- Major strides in the automation for public finance management and reporting
- Major challenges and user navigation issues in IFMIS
- Implementation of The Integrated Risk Management Frameworks for Organizations:
- Highlights of the pertinent regulation and guidelines, PFM Act, Treasury Circulars, COSO ERM Framework, ISO 31000:2018 etc.
- The role of Accountants, the CEO and the Board in ERM Implementation
- Use of data analytics from Risk Management in support of informed business decisions
- Automation of ERM
DAY FIVE: FRIDAY 28TH MAY 2021 – HEALTH AND WELLNESS AGENDA FOR PROFESSIONALS
Globally, professionals benefit from health and wellness programs by achieving various positive results such as improved morale, better teamwork and social networks, increased productivity, reduced absenteeism, higher job satisfaction and stronger engagement. There are several tested strategies that have been implemented to promote health and wellness for employees around the world, some of which include new Office Equipment, encouraging exercise and movement, offering incentives for exercise, educational opportunities, mental health training, consider a casual dress code from time to time and offering healthy meal options at the workplace.
The unsaid challenge of alcohol, drug and substance abuse by employees is increasing, rendering some employees unreliable due to reduced output and low performance. These issues coupled with mental health are key for the tight functioning of an individual and ought to be addressed by the senior governance organs of organizations.
The following key topics shall form part of the discussion on the fifth day of the Seminar:
- Mental health and team productivity in the workplace
- Managing workplace stress – a practical guide for professional Accountants
- Scope of mental health problems in the workplace
- Common mental health disorders in the modern workplace
- Rights of workers with mental health challenges
- Demystifying the stress of working from home and the challenges of leading virtual teams
- Understanding the actual cost of unmanaged Mental Health disorders to the business – Business Case for workplace Mental Health support programs
- Healthy lifestyle for a healthy professional life
- Healthy eating habits for professionals
- Managing weight gain and weight loss through quality diet plan and exercise
- Navigating common barriers to healthy lifestyles for busy professionals
- Overcoming alcohol, drug and substance abuse in the workplace
- Understanding the link between healthy eating, personal wellbeing, and productivity at the workplace
- Lifestyle diseases – Practical Lifestyle guidelines for healthy professionals
|Associate Members||Ksh. 55,000 per delegate|
|Members||Ksh. 65,000 per delegate|
|Non-members & International Delegates||Ksh. 70,000 per delegate|
**the cost caters for training fee, training materials, certificate and meals during the conference. Delegates are required to make their own travel and accommodation arrangements.
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).
The Annual Seminar presents a perfect opportunity for organizations to showcase their products and services to a target group with high purchasing power, both on personal and corporate levels. With over 2500 participants, you have a perfect opportunity for brand positioning for optimal visibility. Armed with significant purchasing power and decision-making authority, the audience are a key target group for businesses. Sponsorship/partnership opportunities range from cocktail, gala, media sponsorships, exhibitions and advertising. For more information or enquiries please email firstname.lastname@example.org
For further inquiries, kindly contact us at email@example.com; firstname.lastname@example.org; Reach us on call: +254 719 074000/129