The National Practitioners Growth Forum-physical option

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

The National Practitioners Growth Forum
Theme: Enhancing quality and efficiency for audit and assurance engagements
This is one of the Mandatory Trainings for practicing certificate consideration.
Date: 26th – 29th July 2022
Venue: Hybrid Event – Virtual & Sarova Woodlands Hotel, Nakuru

OVERVIEW

The accountancy practice has undergone significant development and experienced a lot of evolution over the past few years.  The audit environment has particularly experienced tremendous developments arising from the effect of the COVID-19 pandemic among many other social and economic developments.  This has also happened to the other areas of the profession which has necessitated the change of approach and tact in delivering professional accountancy engagements, especially during this period when the world is reeling from the effects of the pandemic.

Even after the disruptive season of the COVID-19 pandemic, audits and other engagements by accounting practitioners should continue to comply with the required standards, which may necessitate different and enhanced considerations by auditors and accounting advisory teams in the current circumstances. Auditors may need to consider developing alternative procedures to gather sufficient appropriate audit evidence to support their audit opinion, or to modify the audit opinion.  Similarly, other accounting engagements require that there is a new approach to completing engagements, especially where it requires working remotely or under offsite arrangements.

From an audit and assurance perspective, it is important to note that concerns on audit quality 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.

While it is crucial to address these quality considerations, there needs to be an element of efficiency and cost optimization in the delivery of all audit and advisory engagements.  This is a critical consideration which the practitioners must give to their work as they endeavor to deliver the best service to their clients.

The impact of new developments spans 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 work undertaken, but equally reassure the public that the audited financial statements and other advisory reports can be relied upon.

This trust aspect must be maintained at all costs if the accountancy profession must continue gaining the expected confidence and trust of the public.

It is against this background that the Institute has organized a three-day forum to discuss these critical developments which affect the practitioners in the different categories of practice, and the accountancy profession at large and seek to address the rising concerns of work quality while ensuring that efficiency in undertaking engagements is maintained.  To guide the discussion during this Seminar, the following topics of discussion will form the focus of this very important event.

Topics

1. Implementation of firm and engagement level quality considerations – an in-depth assessment of the ISQM 1 and 2 requirements
2. a) Recent developments in the accountancy practice; case studies and lessons to be learned
3. b) Recent developments and commentary from representatives of Regulated Services from the Financial Services Sector

• Audit approach and evaluation of audit considerations in an environment of uncertainty; A focus on the key affected IFRSs and ISAs.

1. Overview of the taxation landscape and changing laws and the implications to practitioners
2. Overview of the developments within the standard setting environment – international financial reporting standards and the proposed sustainability reporting standards
3. Setting up of a firm and submitting winning bids- Positioning practitioners for success through development of responsive proposals

• Going concern considerations – lessons from covid- 19 impact and current global and local economic challenges
• Key findings of the Audit Quality Reviews – Major concerns and practical responses to the issues.

1. Technological advancements and leveraging the digital space to enhance delivery of the required efficiencies and quality in audit engagements.
2. Firm records management best practice guidelines and effective compliance to standards on reporting
3. Stress management and effective work life balance for accounting practitioners during busy seasons

• Overview of services rendered under the four categories of licenses and the practitioner’s tool kit;

– Challenges and Opportunities for Small and Medium Practices – SMPs

Continuous Professional Development Units (CPD Units):

Members of ICPAK and reciprocating professional bodies will be awarded 20 CPD Units upon successfully attending each of the Conference sessions.

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.

Financial Investment: 

**the cost caters for training fee, training materials, certificate, and meals during the conference

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)