The Forensic, Fraud, Internal Controls and their effects on Financial Statements North Rift Branch

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

The Forensic, Fraud, Internal Controls and their effects on Financial Statements North Rift Branch
Date: 31st July – 1st August 2025
Time: 09.00am -3.30pm
Venue: Kitale Club, Kitale

Overview

Have you ever considered how a simple oversight in control procedures can distort the entire financial picture of an organization? From understated liabilities to inflated revenues, the accuracy of financial statements depends heavily on the strength of internal control systems.

Every day, individuals unconsciously conduct audits of their own lives — from reviewing morning routines to budgeting daily expenses and accounting for their time. Similarly, in the corporate world, auditing and control processes play a vital role in ensuring accountability, transparency, and financial integrity. Yet despite these safeguards, numerous businesses still suffer financial losses, reputational harm, or even collapse due to internal control failures and fraudulent practices.

Fraudulent activity rarely occurs in isolation; it often thrives where internal controls are weak, inconsistent, or poorly enforced. Misstatements in financial statements — whether through inflated revenue, understated liabilities, or concealed expenses — frequently arise when there are loopholes in governance and oversight structures. These financial inaccuracies not only mislead stakeholders but also expose organizations to regulatory sanctions and legal risks.

Internal controls serve as the backbone of financial reporting accuracy. Their strength determines the extent to which an organization can prevent, detect, and respond to anomalies. However, as fraud schemes grow more advanced, so must the strategies to counter them. Techniques such as whistleblowing frameworks, transaction audit trails, and segregation of duties have become essential tools in uncovering deception and safeguarding assets. Proper fraud risk assessments, when integrated into audit planning and daily operations, provide a proactive approach to fraud mitigation.

The growing threat of money laundering, especially through complex financial channels and digital assets, calls for stringent compliance measures and vigilance in financial documentation. Understanding how illicit funds move through corporate structures and identifying red flags in reporting is essential in countering financial crime. The same vigilance applies to ethical considerations, where governance structures and tone at the top heavily influence the effectiveness of fraud controls.

The intersection of fraud, forensic investigation, and internal controls opens up opportunities for strengthening financial reporting processes and organizational accountability. From the use of digital forensics and data analytics to practical whistleblower mechanisms, professionals involved in finance, auditing, compliance, and risk management must be equipped with the right tools, frameworks, and real-world insights to address vulnerabilities.

This course presents a timely platform to engage with contemporary fraud risks, internal control strategies, and financial reporting challenges. It aims to shed light on how financial statements can be manipulated, how such manipulation can be prevented or exposed, and the organizational structures needed to support integrity in reporting.

Key Topics to be covered:
1. Fraud and Financial Statement Manipulation
• Examining how fraudulent activities distort financial information and impact decision-making.
2. Developing an effective Internal Controls Framework
3. Design and Effectiveness of Internal Control Systems
• Evaluating the structure, principles, and implementation of internal controls in preventing financial irregularities.
4. Whistleblowing and Ethical Governance Mechanisms
• Exploring the role of whistleblowers and ethical culture in detecting and deterring fraud.
5. Audit Trails and Documentation Integrity
• Assessing the importance of audit trails in identifying discrepancies and ensuring financial transparency.
6. Fraud Risk Assessment in Audit Planning
• Applying risk-based approaches to detect and respond to fraud threats within the audit process.
7. Digital Fraud and Data Analytics in Detection
• Leveraging technology and data analysis tools to uncover hidden patterns of financial deception.
8. Money Laundering and Compliance Monitoring
• Understanding schemes used to conceal illicit funds and measures to strengthen anti-money laundering controls.
9. Case Reviews of Internal Control Failures and Lessons Learned
• Analyzing real-life scenarios of internal control breakdowns and the implications for financial reporting.
Target Audience:

Private and Public Sector Accountants, Chief Finance Officers, Finance Directors and Managers, Corporate reporting Experts, Transaction Advisors, Pension Scheme Administrators, Fund Managers, Engagement Partners and Key Audit staff, Banking, Extractive and SMEs sector accountants, Auditors, Practitioners, Heads of Internal Audit and Assurance functions, Professionals working in County Governments, Anyone interested in gaining a practical overview of Sustainability Reporting, Audit Committee Members 

Continuous Professional Development Units (CPD UNITS):
Members of ICPAK and those from reciprocating professional bodies will be awarded 14 Structured CPD Units upon successfully completion of the seminar.

Financial Commitment:
The workshop charges are Kes. 10,000. Charges will cater for the seminar  fees, learning materials, and e-certificates of attendance.

Online Booking:
Registration: Delegates are reminded to note that online booking for the seminar is mandatory on https://www.icpak.com/event-registration/Online Booking We call on workshop participants to note that booking is available only online at www.icpak.com and will close one day before the training session. Delegates are reminded to note that online booking for the training is mandatory.

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).

Further requests can be channeled to us via telephone calls on, +254 719 074 100,  or via email to Ann Chomba  at ann.chomba@icpak.com with a copy to memberservices@icpak.com.

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