FINANCIAL REPORTING FOR COUNTY GOVERNMENTS & OTHER PUBLIC-SECTOR ENTITIES

THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)

FINANCIAL REPORTING FOR COUNTY GOVERNMENTS & OTHER PUBLIC-SECTOR ENTITIES
Theme: Enhancing accountability in the management of public resources
Date: 27th February 2023 to 3rd March 2023
Time: 9.00am- 03.30pm
Venue: Sarova Whitesands Beach Resort & Spa, Mombasa

OVRERVIEW:

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.

The Public Finance Management (PFM) Act 2012 and the PFM Guidelines 2016 provide a blue print of how public finance resources must be accounted for in order to achieve accountability and transparency in their utilization. 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. Additionally, the ever-disturbing subject of corruption and fraud in the public sector remains a talking point to inform the necessary interventions which must be put in place to ensure that public resources are safeguarded to benefit the public.

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.

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 County government and public sector entities.

To guide the discussion during the Conference, the following topics will be discussed during the Seminar.

1. Preparation of financial statements effectiveness of financial reporting standards:

• Legal requirements and Presentation templates
• Components of financial statements
• Key considerations and timelines
• Quality assurance mechanisms.

1. Emerging developments in public sector financial reporting and ESG reporting
2. Auditing County Governments and Assemblies; Lessons from Office of the Auditor – General: – An overview of recurrent and cross-cutting audit issues for the public sector
3. Key challenges faced by the counties /public sector entities in financial reporting and Public Finance Management?
4. Budget implementation and effective budgeting considerations for public sector organizations; Effective budgeting considerations for the counties and other public sector entities
5. Effective governance and oversight considerations for Government Business Enterprises and other public sector entities
6. IPSAS 33, First time Adoption of Accrual Accounting
7. Dealing with the aspect of Pending Bills and strategies to ensure financial sustainability
8. Effective governance and oversight considerations for public sector entities
9. Overview of the ethical considerations for professionals
10. Performance Contracting for Public Sector
11. Redefining Public sector Taxation and impact on Suppliers to Government entities

CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS
Members of ICPAK and those from other reciprocating professional bodies will earn 20 CPD units upon successfully attending all conference sessions.

Financial Commitment:

Note: Delegates are required to make their own travel and accommodation arrangements. Seminar charges cater for training fee, training materials, certificate and meals during the event.

Online Booking:

We call on Conference participants to note that booking is available only online at www.icpak.com/events.

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

Further requests can be channeled to us via telephone calls on +254 719 074 100,  or via email to Fredrick Otwori  at fredrick.otwori@icpak.com with a copy to memberservices@icpak.com.

We encourage members to regularly visit our website https://www.icpak.com for updates.