THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
Internal Audit: International Professional Practices Framework (IPPF) Seminar (Mandatory Training)
Theme: Towards improvement of efficiency in audit and compliance to standards
Date: 16th – 17th March 2022
Venue: Virtual
Time: 09.00am-03.30pm
(This is one of the mandatory trainings for Practicing Certificate consideration)
Overview
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 following key topics will form the basis of discussion during the seminar:
- The IPPF Mandatory Guidance:
- Core Principles for the Professional Practice of Internal Auditing
- Definition of Internal Auditing
- Code of Ethics
- Overview of the IPPF and the required compliance obligation for Internal Audit Professionals
- The Mission of Internal Audit
- IPPF : Code of Ethics
- The Mission of Internal Audit
- International Standards: Attribute and Performance Standards
- Recommended guidance: Implementation guidance & Supplemental Guidance
- 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.
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be awarded 10 CPD Units upon successfully attending each of the sessions.
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
Cost:
Charges for the training will be Kes 10,000/= which will cover workshop fees, materials, and e-certificates of attendance.
Online Booking:
We call on Seminar participants to note that booking for 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)
