THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
Enhancement of Compliance from Reviews
Date: 28th September 2023
Time: 04.00pm-06.00pm
Venue: Online
Overview
In compliance with the International Federation of Accountants (IFAC) Statements of Membership Obligations (SMOs), specifically SMO 1 on Audit Quality Assurance, ICPAK has the responsibility for establishing a Quality Assurance (QA) review system. The system was run as a pilot program from May 2004 and officially launched in January 2006. The Institute adopted the risk-based approach in determining the firms’ and partners to review. The Institute Quality Review is done for all firms and PIE audits are given priority in the risk-based selection of engagements to review. The Audit Quality Review Program is overseen by the Registration & Quality Assurance Committee of the Institute.
The Institute has in addition to running the Audit Quality Review developed material that enhances the ability of members to comply with the auditing standards. To this end, the Institute developed an audit manual, model audit file and various practice guidance notes. These materials are critical for the Small and Medium Sized Practices (SMPs). The Institute also has an audit software targeting SMPs offered at a discounted rate. Various checklists have been developed and rolled out to gauge the level of compliance through a self-assessment and declaration. In addition to the above, together with the Standards and Technical Services Directorate of the Institute, training workshops have been held to address the common deficiencies encountered during the review program.
The Institute has now developed a system to assist in the review and remedial actions going forward as firms implement ISQM 1 &2 and ISA 220 revised requirements. The audit and assurance procedures which result into the audit report must therefore be reliable and compliant with the International Auditing and Assurance Standards.
In light of the above, the Institute has organized this Webinar which will focus on enhancing of compliance from reviews.
The webinar will cover the following topical areas:
- Feedback from the regulator to enhance the compliance levels of the reviewed firms through consideration of the following approaches:
- Overview of Audit Quality Review Report for 2022
- Conformity with Quality Control Policies- ISQM 1 & ISQM 2
- Individual Engagements by the firm to clients
- Conformance to policy guidelines set by the institute.
Target Audience
This webinar will be useful to all professional Accountants and those aspiring to join the profession
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be awarded 2 CPD Units upon successfully attending the session.
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)
