Audit Quality Assurance Seminar

THE AUDIT QUALITY ASSURANCE SEMINAR

15th – 16th August 2016

Nairobi Safari Club

1. Overview

The audit practice continues to face challenges arising from either the expectation gap or the perception about quality of audit work. The responsibility for performing quality audits of financial statements rests with auditors. However, audit quality is best achieved in an environment where there is support from, and appropriate interactions among, participants in the financial reporting supply chain.

Audit quality encompasses the key elements that create an environment which maximizes the likelihood that quality audits are performed on a consistent basis. The objective of an audit of financial statements is for the auditor to form an opinion on the financial statements based on having obtained sufficient appropriate audit evidence about whether the financial statements are free from material misstatement and to report in accordance with the auditor’s findings. A quality audit is likely to have been achieved by an engagement team that: –

• Exhibited appropriate values, ethics and attitudes;
• Was sufficiently knowledgeable, skilled, and experienced and had sufficient time allocated to perform the audit work;
• Applied a rigorous audit process and quality control procedures that complied with law, regulation and applicable standards;
• Provided useful and timely reports; and
• Interacted appropriately with relevant stakeholders.

The International Auditing and Assurance Standards Board promulgates standards whose objective is to ensure that auditors perform quality audits whose ultimate goal is public interest. The course is aimed at reminding members of their primary objective to establish an environment that promotes quality audits while also ensuring that they remain competent to address changes in the environment which requires dynamism when auditing. It is also expected that the course will discuss the need for a convergence between stakeholders to influence quality of audits and shall include the role of ICPAK in ensuring compliance through quality reviews.

With a focus on quality assurance on audit, ICPAK has developed this 2-day workshop to equip participants with knowledge on: –

2. Learning outcomes

By the end of the workshop the delegates will gain a greater understanding of:

• The Practical Guide to ISQC 1 a focus on SMPs
• The Role of the Engagement Partner(s) in: Acceptance and Continuance in Audit Engagements, Quality Assurance and Control
• Auditing Fraud Risk- A Practitioner’s Action Plan
• Risk assessment in auditing
• Audit Completion and Documentation
• Key developments in standards and regulations: –
  • Informative auditor’s report
  • Responding to non-compliance with laws and regulations
• Audit Quality Review process by ICPAK

3. Target Audience

Audit Practitioners, Staff of audit firms, Those consulting for audit firms and ICPAK members & holders of foreign accountancy qualifications

4. Your Investment

The charges for the two-day financial reporting workshop are as follows;

Kindly note that the fees cover workshop materials, teas and lunches during the event.

5. Continuous Professional Development Units

Members of ICPAK and of reciprocating professional bodies will earn 14 CPD units upon full attendance

6. Online Booking

Delegates are invited to book for the above event online at https://www.icpak.com/event/audit-quality-assurance-seminar/