THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
Blockchain Technology and Cryptographic Assets: Implication to Auditors and Accountants Webinar
Date: 30th November 2022
Time: 04.00pm-06.00pm
Venue: Online
Overview
Blockchain is defined as a ledger of decentralised data that is securely shared. Blockchain technology enables a select group of select participants to share data. With blockchain cloud services, transactional data from multiple sources can easily be collected, integrated and shared. Data is broken up into shared blocks that are integrated together with unique identifiers in form of cryptographic hashes. Generally, blockchain is regarded as a historical record of transactions. Each block is “chained” to the previous block in a sequence and is immutably recorded across a peer-to-peer network. Cryptographic trust and assurance technology applies a unique identifier or digital fingerprint to each transaction. Trust, accountability, transparency and security are forged into the chain. This enables many types of organizations and trading partners to access and share data, a phenomenon known as third-party, consensus-based trust.
All participants maintain an encrypted record of every transaction within a decentralised, highly scalable and resilient recording mechanism that cannot be repudiated. Blockchain doesn’t require any additional overhead or intermediaries. Having a decentralised, single source of truth reduces the cost of executing trusted business interactions amongst parties that may not fully trust each other. In a permissioned block chain used by most enterprises, participants are authorized to participate in the network, and each participant maintains an encrypted record of every transaction. There is a growing need for accountants and auditors to champion from the forefront for quick adoption of block chain technology since most companies will benefit from this unique technology.
Similarly, a digital revolution has taken place in the past decade concerning provision of financial services supported by advances in technology and computing power. At the leading edge of this digital innovation is the advent of cryptographic assets such as bitcoins that are designed to be used as a medium of exchange and other cryptographic assets popularly known as ‘Digital tokens’ used to raise money largely by start-up companies. Although the impact at the global level is not significant yet, the cross-border transactions in cryptographic assets are material at least for the first-world countries. Cryptographic assets are a digital representation of value, made possibly by advances in cryptography and distributed ledger technology (DLT). The blockchain technology allows use of distributed ledgers for generating and keeping records without the need of a central party (for example a Central Bank) to administer the system. Crypto assets are denominated in their own units of account and can be transferred peer-to-peer without an intermediary.
It is against this background that the Institute has organized an upcoming webinar to provide more insights on the implications of blockchain technology and cryptographic assets to accountants and auditors as well as address and enlighten them on the underlying issues relating to this topic.
The following key topics among others will be discussed in the webinar:
- Key terminologies and definitions used in the world of blockchain and cryptographic assets?
- How to build companies positioned for success in blockchain?
- Roles of accountants and auditors in blockchain and cryptographic assets?
- Application of blockchain and cryptographic assets in the local context?
- Accounting treatment of crypto assets according to International Accounting Standards Board?
- Benefits of blockchain? – The business value.
- What are the compliance and regulatory requirements in blockchain and cryptographic assets?
- Emerging trends in blockchain and cryptographic assets?
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be awarded 2 CPD Units upon successfully attending each of the sessions.
Cost:
Charges for the training will be Kes 1,000/= 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)
