THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
PUBLIC SECTOR FINANCIAL REPORTING WEEK
Theme: Enhancing accountability and efficiency in the management of public resources
Venue: Sarova Whitesands Beach Resort & Spa, Mombasa
Date: 13th – 17th June 2022
Overview:
Financial reporting has substantially evolved overtime to include new standards and emerging concepts that dictate a change of reporting the economic transactions in the public sector. Effectively, the public sector has equally become dynamic in its operations, necessitating the public sector financial management environment to undergo constant re-evaluation. This will enable better understanding of the changing demands and requirements of this crucial sector.
Additionally, the public sector brings about many dynamics which affect the delivery of service to citizens at both the national and devolved government levels. County governments particularly face unique challenges in the administration and accounting for public resources, which requires that they deploy more effort and resources to ensure compliance with the international public sector financial reporting frameworks and globally accepted concepts of best practice.
From a legal framework perspective, the Public Finance Management (PFM) Act 2012 and the PFM Guidelines 2016 provide a blueprint of how public finance resources must be accounted for in order to achieve accountability and transparency in their utilization. This consideration has a close link to the Finance Act 2021 which also provides the legal authority and power for the government to collect taxes and deploy the tax resources in the development and growth of the Kenyan economy.
In spite of the existing legal frameworks which provide guidance on the utilization and accountability requirements in the public sector, a myriad of challenges still exist in realizing effective and accountable utilization of the public resources. This situation has been complicated further by the COVID-19 pandemic which disrupted the existing frameworks and regulations which were already in place to guide efficient utilization of public finances, and the related financial reporting requirements.
It is against this background that the Institute has organized a five-day Conference to discuss these critical matters which affect the financial reporting in the public sector and seek to address the underlying endemic concerns on public resources utilization both at the national and county levels. To guide the discussion during the Conference, the following key matters will form the focus of discussions:
- What are the emerging developments in public sector financial reporting?
- What are the key challenges faced by public sector entities in financial reporting and public finance management?
- How does the aspect of good governance contribute to the preparation of transparent, reliable, and high-quality financial reports?
- What skill set and / or experience does one require for the finance and accounting teams in the public sector to ensure proper public financial management?
- How has FiRe Award contributed to the quality and level of financial reports prepared by the public sector entities – feedback on the gaps and recommendations from the 2021 FiRe Award evaluation.
- What is the impact of technology in financial reporting and public financial management for public sector entities?
- Dealing with the aspect of pending bills and strategies to ensure financial sustainability of the public sector entities.
- Updates on the progress towards adoption and implementation of accrual based IPSAS framework of financial reporting.
Based on these considerations, the following topics will be discussed during the Seminar.
- A reflection on the Finance Act 2020 and impact on economic development
- The PFM Act 2012 and glaring loopholes – is it time to re-consider the provisions of this statute?
- Redefining Public sector Taxation and impact on Suppliers to Government entities
- Improvements to IPSAS applicable in year 2021 and beyond
- Effective governance and oversight considerations for Government Business Enterprises and other public sector entities
- Enhancing financial reporting for Government Business Enterprises and other public sector entities
- Effective budgeting considerations for public sector organisations
- An overview of recurrent and cross-cutting audit issues for the public sector
- Feedback from the FiRe Award on the major challenges and strides achieved in public sector financial reporting
- IPSAS 23, First time Adoption of Accrual Accounting
- The impact of technology in financial reporting and public financial management for the public sector.
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:
Accountants and Finance Officers in the County Governments, Public sector accountants, Chief Finance Officers in SAGAs, Finance Directors and Managers in entities dealing with the government, Tax Experts, Engagement Partners and Key Audit staff, SME sector accountants, Auditors, Accounting Practitioners, Tax Practitioners, Professionals working in County Governments, Academia, employees of the NPO Sector.
Cost:
Charges for the training will be Kes59,000/= 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)