THE 39TH ANNUAL SEMINAR EDITION II (Physical attendance)

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

THE 39TH ANNUAL SEMINAR EDITION II
THEME: Role of the Accountancy Profession in Creating Sustainable Business Practices Globally
DATE: 7TH -11TH NOVEMBER 2022
Venue A: Sarova Whitesands Beach Resort & Spa, Mombasa
Venue B: Pride Inn Flamingo Beach Resort, Mombasa
TIME: 09.00am-03.30pm

Overview

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 37 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 first edition of the 39^th Annual Seminar attracted an average of 2,900 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 held two Annual Seminars in 2021 to enable participation by most embers. This year, the Institute shall also hold two Annual Seminars dubbed Edition 1 and Edition 2 to accommodate all the professionals that had expressed interest to attend the Annual Seminar. The first edition was held on 23^rd– 27^th May 2022 while the second one for this year shall be held on 7^th-11^th November 2022.

This year’s events mark 39 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, the Institute shall hold the Seminar in two physical venues i.e Sarova White sands and Pride Inn 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, with the first venue being allocated the early paying delegates. The seminar shall also be streamed on the virtual platform where some delegates shall be participating.

 THE 39^th ANNUAL SEMINAR EDITION 2 SUB-THEMES AND ORGANIZATION

• Day One: Monday 7^th November 2022- Arrival and Registration
• Day Two: Tuesday 8^th November 2022- Technology and innovation for a future ready profession
• Day Three: Wednesday 9^th November 2022- Sustained nationwide economic acceleration
• Day Four: Thursday 10^th November 2022-Sustainable business practices for future generations
• Day Five: Friday 11^th November 2022- Effective leadership and networking practices

KEY TOPICS FOR DISCUSSION DURING THE SEMINAR

The following key topics shall be discussed during the 39^th Annual Seminar Edition 2:

1. Global trends in utilization of technology within the accountancy practice
2. Future Fit Accountants: Roles for the next decade
3. State of the accountancy profession in Africa
4. Shifting landscape for practicing accountants: Utilization of technology for competitive advantage
5. The government’s economic transformation agenda: Towards empowerment of Kenyans in all cadres
6. Challenges and opportunities for elected leaders in steering the country to economic acceleration
7. The role of Central Bank in enhancing nationwide financial stability
8. Sealing tax loopholes for enhanced government revenue generation
9. Climate action: Race to zero campaign
10. Global sustainable manufacturing policies and practices
11. Overview of proposed Sustainability Disclosure Standards by ISSB
12. The Role of Accountants in mainstreaming sustainability in business
13. Accountants enabling the circular economy
14. Climate Financing: Securing the environment for the current and future generations
15. Positioning accountants and business leaders and trusted advisors: Panel discussion of CEOs & business leaders
16. Effective networking practices for the modern day: Charity Golf Tournament (Nyali Golf Club)

DAY ONE: MONDAY 7^th NOVEMBER 2022- ARRIVAL AND REGISTRATION

The arrival and registration process shall be carried out by ICPAK and will commence on Monday, 7^th November 2022 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.

DAY TWO: TUESDAY 8^th NOVEMBER 2022- TECHNOLOGY AND INNOVATION FOR A FUTURE READY PROFESSION  

The world is changing fast, and so are the roles of finance and accounting professionals. Professional accountants 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.

Sweeping disruption of the accountancy profession is imminent. Massive technological changes and shifting consumer trends demand a new approach to how the industry creates value for clients. Some services are more vulnerable to disruption than others. Compliance will be increasingly automated going forward and limited advisory services will follow that trend. Automated processes can provide the bulk of services with oversight, while accounting professionals will focus on offering expert advice and insight, strengthening customer relationships in the process.

New technologies based on big data, business intelligence, analytics and the Internet of things (IoT) are reaching into every area of business life. An often-quoted statistic, although not entirely provable, says that nine-tenths of data available today was created in the past 24 months. This “big data” gives business leaders unprecedented amounts of information and the analytical tools for improved decision-making. In turn, financial advisors and accounting professionals will use the same tools to move from data entry, recordkeeping, and simple analysis to strategic business consultancy, financial controllers and CFOs use structured data, unstructured data, and predictive analytics to access massive banks of customer information, financial trends, and industry information to make insightful forecasts for clients.

A study on the state of the Accountancy profession in Africa jointly conducted by ACCA, PAFA & PwC was hinged on four key themes – capacity building, partnerships, influencing for socio-economic development, and future-readiness and highlighted important insights and views from the profession at a time of immense change. The study indicates that the accountancy profession is one that is hyper-connected, and it cannot and should not work in silos. The Professional Accountancy Organisations in Africa often talk about the profession as a central part of a connected community. The profession has a vital role to play at the heart of an ecosystem that links professional accountants to each other, and to organisations across the private and public sectors, to SMEs, to education, to government and policy makers. The study findings see a profession that is aware of the issues it needs to tackle, from skill shortages to ESG upskilling.

During the seminar, speakers and panellists will address this looming concern by holding discussions and presentations on various topics. The following key topics shall form part of the discussion on the second day of the Seminar:

1. Global trends in utilization of technology within the accountancy practice
2. Future Fit Accountants: Roles for the next decade
3. State of the accountancy profession in Africa
4. Shifting landscape for practicing accountants: Utilization of technology for competitive advantage

DAY THREE: WEDNESDAY 9^th NOVEMBER 2022- SUSTAINED NATIONWIDE ECONOMIC ACCELERATION

Kenya has made significant political and economic reforms that have contributed to sustained economic growth, social development, and political stability gains over the past decade. However, its key development challenges still include poverty, inequality, transparency and accountability, climate change, continued weak private sector investment and the vulnerability of the economy to internal and external shocks.

From 2015 to 2019, Kenya’s economy achieved broad-based growth averaging 4.7% per year, significantly reducing poverty (which fell to an estimated 34.4% at the $1.9/day line in 2019). In 2020, the COVID-19 shock hit the economy hard, disrupting international trade and transport, tourism, and urban services activity. Fortunately, the agricultural sector, a cornerstone of the economy, remained resilient, helping to limit the contraction in GDP to only 0.3%. In 2021, the economy staged a strong recovery, although some sectors, such as tourism, remained under pressure. GDP growth is projected at 5.0% in 2022 and the poverty rate has resumed its trend decline after rising earlier in the pandemic. Although the economic outlook is broadly positive, it is subject to elevated uncertainty, including through Kenya’s exposure (as a net fuel, wheat, and fertilizer importer) to the global price impacts of the Russian invasion of Ukraine.

To eradicate poverty by 2030, Kenya will need a combination of higher growth, more inclusive growth, and growth that is increasingly driven by the private sector and translates into more rapid poverty reduction.

The Central Bank of Kenya plays a crucial role in ensuring economic and financial stability. It conducts monetary policy to achieve low and stable inflation. In the wake of the global financial crisis, central banks globally have expanded their toolkits to deal with risks to financial stability and to manage volatile exchange rates. In response to the COVID-19 pandemic, central banks used an array of conventional and unconventional tools to ease monetary policy, support liquidity in key financial markets and maintain the flow of credit. Central banks need clear policy frameworks to achieve their objectives. Operational processes tailored to each country’s circumstances enhance the effectiveness of the central banks’ policies. The IMF supports countries around the world by providing policy advice and technical assistance.

In line with the new Government’s plans and objectives, to increase the earnings of low-income cadres, it is hopeful that this shall be aimed at improving policies that support low earning businesses. To do this, it is envisaged that access to and use of financial services will help families and small business owners generate income, manage irregular cash flow, invest in opportunities, and work their way out of poverty.

The following key topics shall form part of the discussion on the third day of the Seminar:

1. The government’s economic transformation agenda: Towards empowerment of Kenyans in all cadres
2. Challenges and opportunities for elected leaders in steering the country to economic acceleration
3. The role of Central Bank in enhancing nationwide financial stability
4. Sealing tax loopholes for enhanced government revenue generation

DAY FOUR: THURSDAY 10^th NOVEMBER 2022- SUSTAINABLE BUSINESS PRACTICES FOR FUTURE GENERATIONS

Race to zero is a global campaign to rally leadership and support from businesses, cities, regions, investors for a healthy, resilient, zero carbon recovery that prevents future threats, creates decent jobs, and unlocks inclusive, sustainable growth. It mobilizes a coalition of leading net zero initiatives, representing 1,049 cities, 67 regions, 5,235 businesses, 441 of the biggest investors, and 1,039 Higher Education Institutions. These ‘real economy’ actors join 120 countries in the largest ever alliance committed to achieving net zero carbon emissions by 2050 at the latest. Collectively these actors now cover nearly 25% global CO2 emissions and over 50% GDP.

Led by the High-Level Climate Champions for Climate Action, Race to Zero mobilizes actors outside of national governments to join the Climate Ambition Alliance, which was launched at the UNSG’s Climate Action Summit 2019. The objective is to build momentum around the shift to a decarbonized economy ahead of COP26, where governments must strengthen their contributions to the Paris Agreement. This will send governments a resounding signal that business, cities, regions and investors are united in meeting the Paris goals and creating a more inclusive and resilient economy.

Investors are increasingly applying non-financial factors as part of their analysis process to identify material risks and growth opportunities. ESG metrics are not commonly part of mandatory financial reporting, though companies are increasingly making disclosures in their annual report or in a standalone sustainability report. Numerous institutions, such as the Sustainability Accounting Standards Board (SASB), the Global Reporting Initiative (GRI), and the Task Force on Climate-related Financial Disclosures (TCFD) are working to form standards and define materiality to facilitate incorporation of these factors into the investment process.

Responsible investing is the integration of environmental, social and governance (ESG) factors into investment processes and decision-making. ESG factors cover a wide spectrum of issues that traditionally are not part of financial analysis yet may have financial relevance. These include how corporations respond to climate change, how good they are with water management, how effective their health and safety policies are in the protection against accidents, how they manage their supply chains, how they treat their workers and whether they have a corporate culture that builds trust and fosters innovation. As ESG investing accelerates in demand, several key trends are emerging – from climate change to social unrest. The coronavirus pandemic has intensified discussions about the interconnectedness of sustainability and the financial system. It is important that accountants converge and discuss their role in enabling the circular economy as well as enabling transparency in reporting and thereby strengthening entities strategies towards sustainable business practices.

The following key topics shall form part of the discussion on the fourth day of the Seminar:

1. Climate action: Race to zero campaign
2. Global sustainable manufacturing policies and practices
3. Overview of proposed Sustainability Disclosure Standards by ISSB
4. The Role of Accountants in Mainstreaming Sustainability in Business
5. Accountants enabling the circular economy
6. Climate Financing: Securing the environment for the current and future generations

DAY FIVE: FRIDAY 11^th NOVEMBER 2022- EFFECTIVE LEADERSHIP AND NETWORKING PRACTICES

As the accountancy profession is evolving, it is becoming evident that the modern-day accountant is no longer just crunching numbers but is also a trusted business advisor. This is a role which positions the accountant to take up leadership roles within the business. The Institute is keen on working with leaders across all fields of accountancy and building their capacity to take up leading positions within their organizations. As contained in the book: “The leader who had no title- by Robin Sharma”, everybody can be a leader no matter the position they hold within the organization. Self-leadership has been also noted as a critical factor in managing oneself and enhancing one’s leadership skills and capabilities to lead others.

The institute is also committed to create lasting relationships within its community of members and non-members at large and hence, we have provided a platform for networking through a charity golf tournament that will be held on the sidelines of the Annual Seminar. This provides a good opportunity for professionals to network and build lasting relationships in their quest to grow as leaders and business advisors.

In line with the above, the discussions on the fifth day of the Seminar shall be hinged on the below thematic areas:

1. Positioning accountants and business leaders and trusted advisors: Panel discussion of CEOs & business leaders
2. Effective networking practices for the modern day: Golf Tournament (Nyali Golf & Country Club):

Financial Commitment:

Note: Delegates are required to make their own travel and accommodation arrangements. Seminar 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.

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)