Essential Issues in Audit: A Practical Approach

THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA

(established under the Accountant Act, Laws of Kenya)

Essential Issues in Audit: A Practical Approach

Date: 1st–2nd February 2018

Venue:  Hilton Hotel,  Nairobi

TIME: 9am to 4pm

Theme

Harnessing Cross-Cutting Skills for Achieving Authentic and Reliable Audit Opinions.

Overview

1.0 About the Workshop

The overall purpose of an Audit assignment is the expression of an independent audit opinion on the financial statements or the subject matter of an audit, for consumption by third parties. These third parties are entitled to an authentic, credible and reliable audit opinion for appropriate decision-making processes. The framework upon which such audit assignments and the resultant opinions/reports are undertaken should be professionally determined and in conformity with applicable International Standards on Audits – ISAs.

However, there has been an upsurge of audit opinions and reports that have been issued and have failed to satisfy the relevant needs of the users, hence a significant drop in the level of public confidence and trust in such reports or opinions.

Pursuant to this, ICPAK has organized a two-day workshop with a view to building and enhancing capacity on auditors and other professionals who undertake such audit assignments.

Key Topics

The relevant cross-cutting skills shall cover such areas as: –

Audit Planning and Control:

• Determine the overall audit strategy
• Materiality
• Understanding the Clients business and its systems of Internal Controls.
• Risk Assessment and approach to assessed risks.

The Audit of the Trial balance

• The Clients Trial Balance review
• Clients Draft Accounts
• Adjusting Journal Entries

Auditing Mobile Money and Electronic Transactions

• Integration Software
• Reliability of Security Features
• Completeness of Transactions
• Reversal Evidence of Transactions
• Common Frauds associated with mobile money

Forming an Audit Opinion ( ISA 700) and Communication Key Audit Matters ( ISA701).

• Forming Audit Opinion on Financial statements.
• Type of Audit Opinions
• Identification and reporting of Key Audit matters in an Audit.

Documenting, Reporting and Presenting ICT Based Audit Findings

• Documenting ICT Based evidence
• Use of Expert Skills
• Storage and safety of Evidence

Quality Reviews

• Audit and Practice Reviews
• Firm reviews
• Engagement Reviews
• Audit Documentations

 Learning Objectives

The workshop intends to enhance capacity on participants’ knowledge and professional skills to independently and satisfactorily develop audit procedures to obtain reliable and relevant evidence to support their conclusions and opinions resultant from all audits by

• Planning, controlling and Achieving objectives in an Audit
• Identifying and providing tools and skills required for a particular audit task
• Attaining confidence to aggressively undertake complex Audit Assignments

2.0 About Nairobi-The Events Venue. (City Information for International Delegates)

Nairobi is considered one of the most prominent cities in Africa, housing many multinational companies and organizations. It is a financial hub. It has very unique tourist attractions that you may want to enjoy after your training: These include: The Nairobi National Park, Animal Orphanage, Bomas of Kenya, Karen Blixen Museum, The Uhuru Park, Nairobi Railway Museum, Jamia Mosque, Uhuru Gardens, Snake Park Nairobi, Jeevanjee Gardens, Oloolua Nature Trail, Ngong Forest, The Judiciary Museum, The Giraffe Center, Paradise Lost, Karura Forest, Africa’s Largest Slum – Kibera and the Maasai Market.

3.0 Continuous Professional Development Units (CPD Units)

Members of ICPAK and reciprocating professional bodies will be awarded 14 CPD Units upon successfully attending all workshop sessions

4.0 Target Audience:

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

5.0 Financial Commitment

The workshop charges for The Essential Issues in Audit: A Practical Approach as follows:

Charges for The Essential Issues in Audit: A Practical Approach which cover workshop fees, materials, meals, meals and e-certificates of attendance

6.0 Workshop Travel and Accommodation Information (VERY IMPORTANT)

International and local delegates who will attend the event are advised to make their own preferred travel and accommodation arrangements to the event in advance- this is at delegates own cost

Delegates from other nationalities who want to attend are requested to check with their Kenyan Embassy/ High Commission for their travel requirements. We will assist with letters of invitation or any other confirmations that may be needed to facilitate issuance of VISAs

7.0 Special Needs

If you have special dietary or religious requirements, or should you need any particular assistance kindly refer to the event coordinator on emma.opiyo@icpak.com

8.0 Dress Code

• The workshop dress code is Business Formal/ Business Professional

9.0 Online Booking

We call on workshop participants to note that booking for the Essential Issues in Audit: A Practical Approach is available only online at www.icpak.com/events and will close on the 31^st January 2018 at 1700 hrs.  Delegates are reminded to note that online booking for events 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.

10.0 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).

11.0 Sponsorships, Partnership Opportunities & Additional Information

This workshop presents a unique opportunity for brand positioning and communication that will enjoy optimal visibility before potential targeted customers. Armed with significant purchasing power and decision-making authority, the audience are a key target group for businesses. Sponsorship opportunities range from item sponsorships, exhibitions, advertising and sub-event sponsorship within the major event

The workshop intends to attract over 70 participants drawn from both the public and private sectors presenting a rare chance for exhibitors and sponsors. Those interested in sponsoring the event can reach us through raphael.nguli@icpak.com

Further requests can be channelled to us via telephone calls on +254 733 856 262/ 727 531006 or via email to memberservices@icpak.com or emma.opiyo@icpak.com . We encourage members to regularly visit our website www.icpak.com for updates.