THE 4TH BOARD AUDIT COMMITTEE MASTER CLASS

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

THE 4th BOARD AUDIT COMMITTEE MASTERCLASS
Venue: Sarova Whitesands Beach Resort & Hotel, Mombasa
Date: 20th – 24th February 2023
THEME: Building the capacity of Board Audit Committees to be future ready

OVERVIEW

The dynamic business environment has occasioned many complexities and led to an ever-changing regulatory landscape.  These developments require critical consideration in setting the right tone at the top and making sure that there is proper oversight and control of the organization.

The primary purpose of the audit committee is to provide oversight of the financial reporting process, the audit process, the company’s system of internal controls and compliance with laws and regulations. The audit committee is responsible for advising the Board of Directors and for supervising and monitoring the process of preparing and presenting financial information, for the independence of the external auditors, and efficiency of the internal control and risk management systems.

The Board Audit Committee plays a acritical role in the oversight of an organization and organizations rely on the judgment of audit committee members to appropriately oversee areas such as risk, compliance, financial reporting and corporate resources. The expectations and obligations on audit committees continue to evolve in response to governance developments and the need for Boards and governing bodies to demonstrate that they are adhering to relevant audit, assurance, and risk management requirements.  Consequently, audit committee members need to remain up to date and aware of changes to their responsibilities. Governance can incorporate many different practices. Specifically, some of the primary best practices include building a competent board, aligning strategies with goals, being accountable, having a high level of ethics and integrity, defining roles and responsibilities, and managing risk effectively.

It is against this background that the Institute has organized its Board Audit Committee Masterclass to discuss the critical developments which affect governance and controls, and which have resulted into new risks for organisations.  The masterclass will provide an avenue for directors to share knowledge and key lessons on critical governance aspects regarding the strengthening of controls within their organizations. To guide the discussion during the Conference, the following shall be the main topics of discussion:

1. Legal and institutional framework for Audit Committee Members
2. Terms of Reference for the audit
3. The three lines of defense:

• Understanding the role of the external auditors and Internal Auditors and the extent of the assurance they each provide under the three lines of defense model
• The thin line between Governance and Management roles – Where does the boundary lie?

1. Role of the Audit Committee in assessing the performance & competence of the Internal Audit and External Audit functions
2. Enhancing Audit Committee Effectiveness

• Effective committee documentation and reporting from the ARC to the board
• Assessing the effectiveness and contribution of individual audit committee members
• Succession planning for Members of the ARC
• Reporting relationships between management and the audit committee
• ARC Committee size and skill set

1. Ethics and Compliance:

• What’s the role of the ARC and Board in driving a culture that embraces the importance of ethics and compliance?
• Components of a standard Code of Ethics
• Review of the regulatory requirements on ethics and conduct of the board
• Evolution of corruption – Current trends in corruption practices in the public sector & Practical mitigation strategies for corruption risk

1. Potentials areas for conflict of interest for the Board Members and practical proposals of handling the conflict of interest.

• Potential conflicts between a board member and the company
• Company versus society/stakeholder decisions
• Influence of domineering board members on others

 Role of the Board Audit Committee in strengthening the organization’s IT infrastructure

• Business Continuity Planning (BCP) – The Role of the Board and ARC
• Role of the Internal Auditor & External Auditors in strengthening ICT controls
• The Audit Committee’s role in overseeing cyber risk

 Interpretation of Auditor General’s Reports– Presentation from Office of the Auditor General

1. Role of the Audit Committee in Risk Management:

 How would an Audit committee test the effectiveness of risk management framework?

• Enforcement of control processes and the preparation of financial statements in compliance with all applicable legislation and regulations
• Understanding the ARCs role in the Risk Management framework approval and implementation
• Procurement risks and overview of the PPAD ACT and Regulations
• The Audit Committee New Agenda – Emerging risks that ARC should monitor

1. Overview of the emerging issues in Climate Risk Governance and its impact on the Audit committee’s agenda
2. Designing and evaluating the effectiveness of Internal Controls – Role of the Board and ARC as guided by the COSO framework
3. Interpretation of Financial Statements

• Reading the notes to the financial statements
• Overview of the three sets of financial statements – What the board should Know
• Understanding what constitutes materiality in the Financial Reporting process
• Common approaches to financial statement Analysis

 Role of the Board in Data Protection, Data Privacy and Compliance:

• What Every Board Member should know about Data Protection
• Who is Liable for Data Protection breaches under GDPR

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

This Master Class shall be provided at a cost of Sh.80,000 per delegate. The cost caters for seminar fees, seminar giveaways and learning materials and a hard copy certificate of attendance. Delegates are encouraged to make own travel and accommodation arrangements.

TARGET AUDIENCE:

This Master Class is open to all Audit Committee Chairpersons, Board Members, Members of other Board Committees, Internal Audit and Risk Professionals, Professionals in other control functions, External Auditors, Audit Practitioners, Senior Management of Organisations, CEOs and other interested participants.

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 audit committee performance and internal audit.

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 inquiries please email raphael.nguli@icpak.com.

For further inquiries, kindly contact us at memberservices@icpak.com Reach us on call: +254 719 074000/129

We encourage members to regularly visit our website www.icpak.com for updates.