INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OFKENYA
(established under the Accountant Act, Laws of Kenya)
THE 38th ANNUAL SEMINAR
Theme: Disruption and Uncertainty- Positioning Accountants as change agents in a dynamic environment
Dates: 15th -19th November 2021
Venue A: Sarova Whitesands Beach Hotel, Mombasa
Venue B: Pride Inn Flamingo Beach Resort, Mombasa
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 to reflect on the profession and emerging issues affecting the nation. The last seminar followed the same pattern as it sought to reinforce the role of professional accountants in safeguarding public interest. The 37th 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. The current event is targeted to attract a wider representation of East Africa and the continent at large.
Due to limited seats in line with the Covid 19 protocols on social distancing; the Institute shall hold two Annual Seminars this year (2021) to accommodate all the professionals that had expressed interest to attend the Annual Seminar. The first Annual Seminar was held on 24th– 28th May 2021 while the second one for this year shall be held on 15th-19th November 2021.
This year’s events mark 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.
Occasioning from 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 Beach Resort & Spa, and Pride Inn Flamingo Beach 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 38TH ANNUAL SEMINAR SUB-THEMES AND ORGANIZATION
Day One: Monday 15th November 2021- Arrival and Registration
Day Two: Tuesday 16th November 2021- Emerging trends in the Accountancy Profession
Day Three: Wednesday 17th November 2021- Economic headwinds and resilience
Day Four: Thursday 18th November 2021- Strategy, Audit and Analytics
Day Five: Friday 19th November 2021- Self management, personal branding and executive presence for professionals.
DAY ONE: MONDAY 15th NOVEMBER 2021- ARRIVAL AND REGISTRATION
The arrival and registration process shall be carried out by ICPAK and will commence on Monday,15th November 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 16th NOVEMBER 2021- EMERGING TRENDS IN 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:
1. Global emerging trends in the Accountancy Profession
2. Regulation of the Accountancy Profession
3. Opportunities and Challenges for Practicing Accountants
4. 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 17th NOVEMBER 2021- ECONOMIC HEADWINDS AND RESILIENCE
The Kenyan economy is the largest in East Africa. After independence, Kenya promoted rapid economic growth through public investment, encouraged smallholder agricultural production and provided incentives for private (often foreign) industrial investment. Additionally, Kenya is a regional transportation and financial hub.
Kenya has experienced continued growth in GDP over the last few years, supported by ongoing public infrastructure projects, strong public and private sector investment and appropriate economic and fiscal policies, reflecting the broad-based and diversified nature of the Kenyan economy.
Kenya’s financial sector is vibrant, well developed and diversified in the region and has highest financial inclusion in the region and globally. Banking sector is well capitalized, profitable with capital adequacy and liquidity ratios above the recommended thresholds.
Macroeconomic stability has been preserved over the last few years with inflation, interest rates and exchange rates remaining largely stable, thanks to the prudent monetary and fiscal policies.
In 2007, the Government of Kenya pronounced “Vision 2030” as its long term plan for attaining middle income status as a nation by 2030. To ensure implementation of the Vision 2030, the government prepares successive medium-term plans (MTPs) that outline the policies, programs and projects that the government intends to implement over a five-year period.
In line with the strategies outlined in the third MTP and building on the progress made so far under Vision 2030, the Government has been implementing the “Big Four” Agenda over the past three years. The agenda is designed to help achieve the social and economic pillars of our Vision 2030 and the development aspirations espoused in the Kenyan Constitution. Actualization of policies and programs under each pillar is expected to accelerate and sustain inclusive growth, create opportunities for decent jobs, reduce poverty and income inequality and ensure that we create a healthy and food secure society in which Kenyans have access to affordable and decent housing.
According to 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.
The following key topics shall form part of the discussion on the third day of the Seminar:
1. Vision 2030, Successive Medium-Term Plans (MTPs) and the Big Four Agenda
2. Role of accounting professionals in efficient utilization and custodianship of public resources
3. PFM and effective planning and budgeting for the public sector
• Overview of the public financial management cycle
• Government and the economy
• Funding public services
• Budgeting and budgeting techniques
• Revenue management
4. Harnessing economic resilience for recovery post the pandemic
5. Surviving 2020/21: Lessons on Resilience from Kenya’s SMEs
6. Government Revenue Collection: Key highlights of the revenue authority’s Strategic Plan and the National Tax Policy
DAY FOUR: THURSDAY 18th NOVEMBER 2021- STRATEGY, AUDIT AND ANALYTICS
A business strategy is a set of guiding principles that, when communicated and adopted in the organization, generates a desired pattern of decision making. A strategy is therefore about how people throughout the organization should make decisions and allocate resources in order accomplish key objectives. A good strategy provides a clear roadmap, consisting of a set of guiding principles or rules, that defines the actions people in the business should take (and not take) and the things they should prioritize (and not prioritize) to achieve desired goals.
As such, a strategy is just one element of the overall strategic direction that leaders must define for their organizations. A strategy is not a mission, which is what the organization’s leaders want it to accomplish; missions get elaborated into specific goals and performance metrics. A strategy also is not the value network — the web of relationships with suppliers, customers, employees, and investors within which the business co-creates and captures economic value. Finally, a strategy is not a vision, which is an inspiring portrait of what it will look and feel like to pursue and achieve the organization’s mission and goals. Visioning is part (along with incentives) of what leaders do to motivate people in the organization to engage in above average effort.
The audit practice has experienced tremendous developments arising from the effect of the COVID-19 pandemic. During this period of the pandemic, audits should continue to comply with the required standards, which may necessitate different and enhanced considerations by auditors in the current circumstances. Auditors may need to consider developing alternative procedures to gather sufficient appropriate audit evidence to support their audit opinion, or to modify the audit opinion.
It is important to note that concerns on audit quality continues to be a key issue that is still drawing critical attention from the public and other stakeholders who rely on audited financial statements to make key business decisions and judgements.
While it is crucial to address these quality considerations, the COVID-19 pandemic continues to advance new complexities which have impacted the profession in a profound way. The audit approach requires far reaching realignments from the way in which the audit procedures are undertaken to the presentation and signing off the audit report.
The impact of these new developments span across the private and public audit landscapes and the complexities arising from the global developments around the profession call for concerted efforts aimed at not only maintaining the quality of the audits undertaken, but equally reassure the public that the audited financial statements can be relied upon. This trust aspect must be maintained at all costs if the audit practice must continue gaining the expected confidence and trust of the public.
Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Anti-money laundering initiatives rose to global prominence in 1989, when a group of countries and organizations around the world formed the Financial Action Task Force (FATF). Its mission is to devise international standards to prevent money laundering and promote their implementation. In October 2001, following the 9/11 terrorist attacks, FATF expanded its mandate to include combating terrorist financing.
Another important organization in the fight against money laundering is the International Monetary Fund (IMF). Like the FATF, the IMF has pressed its 189 member countries to comply with international standards to thwart terrorist financing. AML laws and regulations target criminal activities including market manipulation, trade in illegal goods, corruption of public funds and tax evasion, as well as the methods used to conceal these crimes and the money derived from them. Criminals often “launder” money they obtain through illegal acts such as drug trafficking so the funds cannot be easily traced to them. One common technique is to run the money through a legitimate cash-based business owned by the criminal organization or its confederates. The supposedly legitimate business deposits the money, which the criminals can then withdraw.
Data privacy, sometimes also referred to as information privacy, is an area of data protection that concerns the proper handling of sensitive data including, notably, personal data but also other confidential data, such as certain financial data and intellectual property data, to meet regulatory requirements as well as protecting the confidentiality and immutability of the data. Roughly speaking, data protection spans three broad categories, namely, traditional data protection (such as backup and restore copies), data security, and data privacy as shown in the Figure below. Ensuring the privacy of sensitive and personal data can be considered an outcome of best practice in data protection and security with the overall goal of achieving the continual availability and immutability of critical business data.
The following key topics shall form part of the discussion on the fourth day of the Seminar:
1. Emerging global trends in the Strategic Planning Process
2. Auditing during COVID-19: Reflections of a Supreme Audit Institution
3. Audit automation: Harnessing the Power of technology in Everyday Audit & Compliance Projects
4. Highlights of the AML, FATCA & GDPR and Data Privacy requirements
DAY FIVE: FRIDAY 19th NOVEMBER 2021-SELF MANAGEMENT, PERSONAL BRANDING AND EXECUTIVE PRESENCE FOR PROFESSIONALS
Self-management is our ability to manage our behaviours, thoughts, and emotions in a conscious and productive way. Someone with strong self-management skills knows what to do and how to act in different situations. For instance, they know how to control their anger under extreme circumstances. They know how to avoid distractions while working from home, so they can maintain focus and stay productive. Self-management means you understand your personal responsibility in different aspects of your life, and you do what you need to fulfil that responsibility.
Self-management has its roots in emotional intelligence theory, where this capability may also be referred to as self-regulation. Self-regulation is supported by our capacity for self-awareness, which helps us create conscious access to our thoughts, desires, and feelings. Those with well-developed self-awareness and self-regulation are well-positioned to develop a set of self-management skills that support them on their work and personal journeys.
From an organizational perspective, the ability of team members to self-manage is critical to the effective functioning of an organization. Imagine an environment where the majority of those working within it were unable to stay on task, on strategy, and on schedule. That would make it very challenging to complete projects.
Self-management is even more important when we talk about empowering employees across the organization to be more innovative and resourceful. When every team member understands their responsibilities, goals, and what it takes to achieve them, they can make better decisions and do their part to achieve the team and organization objectives. Part of effective self-management with empowerment is that employees make good decisions about when to seek additional help or input.
In its simplest terms, executive presence is about your ability to inspire confidence — inspiring confidence in your subordinates that you’re the leader they want to follow, inspiring confidence among peers that you’re capable and reliable and, most importantly, inspiring confidence among senior leaders that you have the potential for great achievements. Your executive presence determines whether you gain access to opportunity. The opportunities you gain access to depend on the confidence you’ve inspired in the decision makers. The more significant the opportunity, the more important executive presence becomes.
Personal branding is the conscious and intentional effort to create and influence public perception of an individual by positioning them as an authority in their industry, elevating their credibility, and differentiating themselves from the competition, to ultimately advance their career, increase their circle of influence, and have a larger impact. The process of personal branding involves finding your uniqueness, building a reputation on the things you want to be known for, and then allowing yourself to be known for them. Ultimately, the goal is to create something that conveys a message and that can be monetized
The following key topics shall form part of the discussion on the fifth day of the Seminar:
1. Self-Management Skills:
• Stress management
2. Personal Branding and executive presence for professionals
|Associate Members||Ksh. 55,000 per delegate|
|ICPAK /ACCA Members||Ksh. 65,000 per delegate|
|Non-members & International Delegates||Ksh. 70,000 per delegate|
**** The charges cater for training fee, training materials, certificate and meals during the conference. Please note that delegates are required to make their own travel and accommodation arrangements.
Bookings Deadline: Bookings close on Friday, 12th November 2021 at 17:00 pm
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 email@example.com
Please feel free to contact any of the following persons for any inquiries and/or confirmations:
|ICPAK||+254719 074 firstname.lastname@example.org|
|Brenda Imali||+254 724 211 email@example.com|
|Emma Ayalo||+254 715 777 firstname.lastname@example.org|
We encourage members to regularly visit our website www.icpak.com for updates.