THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
Internal Audit: International Professional Practices Framework – IPPF Seminar
This is one of the mandatory trainings for Practicing Certificate consideration
Date: 17th – 18th March 2021
Venue/Platform: Zoom
OVERVIEW
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
The International Standards for the Professional Practice of Internal Auditing (Standards) are mandatory requirements for the professional practice of internal auditing and for evaluating the effectiveness of its performance. First developed in 1978 and continually updated since, the Standards have always been principles-based and apply to individual internal auditors and activities they serve. The IIA Global provides internal audit professionals worldwide with authoritative guidance organized in the IPPF as the mandatory and recommended guidance. The updated Framework was introduced in July 2015.
The Mission of Internal Audit articulates what internal audit aspires to accomplish within an organization. Its place in the new IPPF is deliberate, demonstrating how practitioners should leverage the entire framework to facilitate their ability to achieve the Mission.
The primary role of Internal Audit is to complement the organization’s Risk Management strategies and accordingly contribute to the organizational focus of good corporate governance and responsible financial management. This is achieved by systematic reviews of management processes and policies. The overall purpose of Internal Audit is to assist all members of management and staff in the effective discharge of their responsibilities by furnishing them with analyses, appraisals, recommendations, and pertinent comments concerning the activities reviewed.
To enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight. The mandatory guidance of the IPPF is developed following an established due diligence process, which includes a period of public exposure for stakeholder input.
The mandatory elements of the IPPF are the Core Principles for the Professional Practice of Internal Auditing, definition of Internal Auditing, Code of Ethics and The International Standards for the Professional Practice of Internal Auditing.
The Core Principles, taken as a whole, articulate internal audit effectiveness. For an internal audit function to be considered effective, all Principles should be present and operating effectively. How an internal auditor, as well as an internal audit activity, demonstrates achievement of the Core Principles may be quite different from organization to organization, but failure to achieve any of the Principles would imply that an internal audit activity was not as effective as it could be in achieving internal audit’s mission. Standards are principle-focused and provide a framework for performing and promoting internal auditing. The Standards are mandatory requirements consisting of statements of basic requirements for the professional practice of internal auditing and for evaluating the effectiveness of its performance. The requirements are internationally applicable at organizational and individual levels. The standards also consist of interpretations, which clarify terms or concepts within the statements as well as the glossary of terms.
The International Internal Audit Standards Board (IIASB) released the revision to the Standards following consideration and approval by the International Professional Practice Framework Oversight Council (IPPFOC).
This seminar is geared towards highlighting key provisions of the IPPF that ought to be adhered to by Internal Audit Professionals in their day to day audit and consulting activities. The seminar will also focus on the developments in the profession as well as the various releases and bulletins from the IIA Global which Internal Audit professionals are required to adhered to.
The following key topics will form the basis of discussion during the seminar:
1. Overview of the IPPF and the required compliance obligation for Internal Audit Professionals
2. The mandatory elements of the IPPF:
• Core Principles for the Professional Practice of Internal Auditing
• Definition of Internal Auditing
• Code of Ethics
• International Standards for the Professional Practice of Internal Auditing
3. The Mission of Internal Audit
4. The Standards Exposure Results: Update of the two new standards in 1st Jan 2017, pertaining to:
• The reality that Chief Audit Executives are sometimes asked to take on risk management, compliance, or other roles beyond internal auditing.
• The potential objectivity-impairing situation in which an internal audit activity performs an assurance engagement after previously consulting in the area.
5. Quality Assurance & Improvement Program (QAIP): An enhanced annual requirement for CAEs to report on their quality assurance and improvement program and current level of conformance.
Target Audience:
Chief Audit Executives (CAEs), Internal Auditors, Internal Audit Practitioners, External Audit Practitioners, Consultants, Managers, Private and Public Sector Accountants, Chief Finance Officers, Finance Directors and Managers, Financial Analysts, Technical Standards Advisers and any other interested participants
CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS (CPD UNITS):
Members of ICPAK and those from reciprocating professional bodies will be awarded 10 Structured CPD Units upon successful completion of the Webinar.
FINANCIAL COMMITMENT:
The Webinar charges are Kshs. 10,000. Charges will cater for online video access fees, learning materials, and e-certificates of attendance
ONLINE BOOKING:
Registration: Delegates are reminded to note that online booking for webinar is mandatory on https://www.icpak.com/event-registration/Online Booking
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 +254 733 856 262/ 727 531006 or via email to molly.mwangi@icpak.com. With a copy to memberservices@icpak.com
We encourage members to regularly visit our website https://www.icpak.com for updates.
