THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
The 3rd External Audit Practitioners Forum – Recording
Theme: Upskilling audit practitioners to enhance compliance with international standards
Date: 5th – 6th April 2023
Time: 09:00am-03:30pm
Venue: Virtual
This is one of the Mandatory Trainings for practicing certificate consideration.
Overview
The evolving regulatory and technological advancements have immensely impacted the audit practice over the last couple of years. This happened even as the field of audit experienced tremendous developments, including the effects arising from the aftermath of the COVID-19 pandemic and the transition in government locally in Kenya. Despite the turbulence, it was expected that audits would continue to comply with the required standards, which would have necessitated different and enhanced considerations by auditors in the pandemic circumstances. Auditors were required to consider developing alternative procedures to gather sufficient appropriate audit evidence to support their audit opinion, or to modify the audit opinion.
Concerns on audit quality also continue 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. The impact of various 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.
It is against this background that the Institute has organized a two-day virtual forum to discuss these critical developments which affect the audit practice and accountancy profession and seek to address the ensuing concerns of audit quality in line with the changes in standards. To guide the discussion during the Seminar, the following topics of discussion will form the focus of this very important virtual event.
- Developments in accounting and auditing standards and the impact on audit quality management – Overview of ISQM 1 & 2, ISA 220.
- Overview of proposed revisions in standards: ISA 315- Identifying and assessing the risk of material misstatements and ISA 500- Audit Evidence
- Overview of client acceptance procedures and risk assessments
- Audit procedures for IFRS 9- Financial Instruments & IFRS 17- Insurance Contracts
- Recent developments in the Audit Practice; Case studies and lessons to be learned.
- Independence and Governance issues – A critical focus on practitioners and possible way-out regarding Going Concern considerations.
- Key findings of the Audit Quality Reviews – Major concerns and practical responses to the issues.
- Leveraging technology to deliver required efficiencies and quality in audit assignments.
–Practical insights on the utilization of audit software
- Auditing and assurance on accounting estimates during uncertain times
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be awarded 10 CPD Units upon successfully attending each of the Conference sessions.
Target Audience
This workshop will be useful to all professional Accountants and those aspiring to join the profession
Cost:
Charges for the training will be Kes 10,000/= which will cover workshop fees, materials, and e-certificates of attendance.
Online Booking:
We call on Seminar participants to note that booking for 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)
