INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under Accountants Act, Laws of Kenya)
THE INTERNAL AUDIT MASTERCLASS (MANDATORY TRAINING)
Theme: Navigating hurdles to attain professionalism and competence in the internal audit practice
Date: 22nd – 26th April 2024
Venue: Sarova Whitesands Beach Resort & Spa, Mombasa
Time: 09.00am-3:30pm
(This is one of the mandatory trainings for practicing certificate consideration)
Overview:
Internal auditing is the independent and objective-focused consulting activity that occurs within an organization. At the core, an internal audit is an unbiased review of a company’s internal systems, processes, and procedures. The goal of an internal audit is to provide independent assurance over a company’s operations. The internal audit function is crucial to a company’s growth. Objectively evaluating risks, analyzing and assessing processes and systems for efficiencies, doing spot-checks for as-yet-unknown issues, and keeping departments aligned and meeting business objectives are all important ways that auditors can bring value.
Risk management departments of many companies seek to identify, respond, and gather information about a company’s actions in order to monitor risks and forecast potential situations that can negatively impact its ability to achieve its mission and objectives.
Internal auditors often aid a company in utilizing methods of fraud deterrence and Enterprise Risk Management (ERM). Quality assurance systems help maintain the company’s integrity and ensure compliance with professional standards. Also, they help create risk assessments for internal operations and potential new processes.
Evaluating emerging technologies. Analyzing opportunities. Examining global issues. Assessing risks, controls, ethics, quality, economy, and efficiency. Assuring that controls in place are adequate to mitigate the risks. Communicating information and opinions with clarity and accuracy. Such diversity gives internal auditors a broad perspective on the organization. And that, in turn, makes internal auditors a valuable resource to executive management and boards of directors in accomplishing overall goals and objectives, as well as in strengthening internal controls and organizational governance.
This Master Class is intended to provide Internal Audit Professionals with critical knowledge and insights that will enable them to ‘hit the ground running’ in their review and advisory roles. It will also be a good opportunity for delegates to build their professional skills and network with other like-minded professionals in the same field.
Learning Themes and Topics:
Organizational Structure and Business Processes
- Understanding Organizational Structures
- Types of organizational structures
- Implications for internal auditing
- Business Processes and Risks
- Identifying and assessing business processes
- Mapping risks to business processes
Risk based audit practices.
- The Audit universe and risk-based planning
- Processes and objectives
- Concepts and tools; The IPPF in theory and in practice
- Inherent Risk Analysis
- A practical Study- Impact of risk-based audit on financial performance in commercial banks of Kenya
Improving Audit Quality Using Root Cause Analysis
- The root cause analysis process
- How to conduct an effective root cause analysis: techniques and methods
- Change analysis/Event analysis.
- Case study: Creating a fishbone diagram
- Cause and effect of Fishbone Diagram
- Fishbone Diagram and the 5 Whys
Applying Data analytics to internal audit
- The role of data analytics in the audit process
- Benefits of data analytics for internal auditors
- Challenges of harnessing data analytics for auditors
- Integrated data analytics Vs Third- Party analytics tools
- Whole population testing- Practical case
Internal Audit Reports
- Types of reports and Contents
- Essentials of a report
- Stages in report writing.
- Audit report structure.
- Practical Session/ Case Study in report writing.
Following up recommendations of outstanding audit issues
- Internal audit manual on audit follow-up
- Policy and Procedure
- Targeting high priority risks and follow up engagements.
- Management Risk Acceptance
- Team reporting and wrap up procedures.
Target Audience:
This Master Class is one of the mandatory trainings for Practicing Certificate consideration. It is also open to all Internal Audit Professionals, Audit Committee Members, Senior Management of Organizations, CEOs and Boards.
All members who would wish to practice in the future are also encouraged to enroll on the course as it provides practical skills required for effective performance of their roles in Internal Audit.
Your Investment:
This Master Class shall be provided at a cost of Kes.90,000 and shall be considered as one of the mandatory trainings for purposes of issuance of practicing licence for the year 2024.
Continuous Professional Development Units:
Members of ICPAK and other reciprocating professional bodies will earn 20 CPD points upon successfully attending the Master Class.
Online Booking:
We call on all 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)
Partnership & Opportunities
The training presents a perfect opportunity for organizations to showcase their products & services to a target group with high purchasing powers, both on personal and corporate levels. You will also have a unique opportunity for brand positioning and communication that will enjoy optimal visibility. Armed with significant purchasing power and decision-making authority, the audience are a key target group for businesses. For more information or enquiries please email raphael.nguli@icpak.com
Further requests can be channeled to us via telephone calls on +254 719 074 100, or via email to Andrew Kavoo at andrew.kavoo@icpak.com, or with a copy to marketing@icpak.com.
We encourage members to regularly visit our website https://www.icpak.com for updates.
