The 6th External Audit Practitioners Forum (Mandatory Training)

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

The 6th External Audit Practitioners Forum (Mandatory Training) – Recording
Theme: Upholding Public Interest Through the Improvement of Audit Quality
Date: 23rd – 24th April 2025
Time: 09.00am-03.30pm
Venue: Virtual
This is one of the Mandatory Trainings for practicing certificate consideration

Overview

Audit firms in Kenya today play a critical role in facilitating economic growth and development. The audit reports they generate drive individual and firms’ economic and investment decision-making processes. These reports are also relied upon by an individual or a firm in taking a decision to invest in a particular firm or not and are therefore fundamental in guiding and influencing economic decisions at an individual and firm level. Audit report is an output of a rigorous exercise undertaken by staff of an audit firm. Its quality is solely dependent on the individual audit firm’s capacity and abilities to deliver quality audit services anchored on applicable professional ethical standards in a sustainable way.

This is particularly important in the face of the increased reported cases of collapse of corporates immediately following issue of clean audit reports. Consequently, public confidence and trust in the audit exercise is under threat and often raises more questions than answers. This adversely affects the reputation of not only the audit firms involved but also the accountancy profession at large.

Therefore, it is imperative that audit firms that provide external audit services are supported to maintain and develop their professional competence and skills to enable them to offer audit services of high standards to their clients. This will go a long way in providing an appropriate tone and culture of commitment to high professional standards in leadership of the audit firms in Kenya. In addition, it will enable them to perform appropriate engagement risk management exercises to delineate important risks associated with a particular audit undertaking and subsequently decide to accept or reject the offer to perform an audit.

Moreover, many small audit firms are faced with the challenge of managing effectively their human resources. Succession planning is one identified issue with many owners managed (sole proprietorship) audit firms where upon the demise of the sole auditor, the firm faces challenges of existence. Managing intergenerational transitions for many audit firms, particularly in the small category group, is an existential challenge and one that if not addressed effectively has the potential to negatively affect their performance.

The digital transformation taking place in all spheres of human life today is also impacting on external audit service delivery. External audit practitioners are therefore required to keep abreast of the new developments not only in digital space, but also in other relevant areas such as the social, economic and political landscapes of the economies they operate in. It is also noteworthy to mention here that cyber security risks present a significant threat to financial reporting systems and capital markets. Therefore, external auditors are expected to obtain the competence necessary to deal with key cyber risks. Moreover, with heightened cases of money laundering, it is critical that awareness on anti-money laundering (AML) laws, regulations and best practices is created amongst practitioners to enhance their compliance with the new laws and requirements.

The impact of the various new developments mentioned above cut across both 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 also 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 were to continue gaining the expected confidence and trust of the public.

Last but not the least, the adoption of new IFRSs, ISAs and IPSASs requires that external auditors are appraised of the new standards and how it impacts on their professional duties. For example, currently there are several newly adopted IFRSs on sustainability reporting and assurance including IFRS S1 & S2 and ISSA 5000 which are relevant to external audit practitioners today.

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. To guide the discussion during the Seminar, the following topics of discussion will form the focus of this very important virtual event.

i. Developments in accounting and auditing standards and the impact on audit quality management – ISQM 1 & 2, ISA 220.
ii. The current auditing challenges and opportunities: An overview of the recent developments in audit practices
iii. Sustainability of audit firms: effective management including succession planning for audit firms
iv. Recent developments in Audit Practice; Case studies and lessons to be learned
-Focus on sustainability reporting and assurance IFRS S1 & S2 and ISSA 5000 and implications on the audit practice in Kenya
v. The new auditor reports signing and other regulatory requirements impacting the profession.
vi. Effective risk management of an audit engagement – drawing practical lessons from practitioners’ experiences.
vii. Effective audit firm leadership, governance & culture
viii. Cybersecurity and its impact on audit practitioners
ix. Anti Money Laundering (AML) for professionals
x. Leveraging technology to deliver required efficiencies and quality in audit assignments.
-Practical insights on the utilization of the ICPAK Audit Software

Target Audience:

Private and Public Audit Practitioners, Public Sector Accountants, Chief Finance Officers, Finance Directors and Managers, Tax Experts, Transaction Advisors, Engagement Partners and Key Audit staff, Banking, Extractive and SMEs sector accountants, Internal Auditors, Tax Practitioners, Professionals working in County Governments and private sectors, Academia, employees of the NPO Sector.

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.

Cost:

Charges for the training will be Kes10,000/= which will cover workshop fees, materials, and e-certificates of attendance.

Online Booking:

We call on Conference participants to note that booking 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)