INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under Accountants Act, Laws of Kenya)
THE INTERNAL AUDIT MASTERCLASS (MANDATORY TRAINING)
Theme: Integrating professionalism and competence in the Internal Audit practice
Date: 24th – 28th April 2023
Venue: Sarova Whitesands Beach Resort & Spa, Mombasa
(This is one of the mandatory trainings for practicing certificate consideration)
Overview:
Internal auditing is an independent, objective assurance and consulting activity designed to add value to 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. Internal auditing might achieve this goal by providing insight and recommendations based on analyses and assessments of data and business processes. With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice.
The scope of internal auditing within an organization may be broad and may involve topics such as an organization’s governance, risk management and management controls over: efficiency/effectiveness of operations -including safeguarding of assets, the reliability of financial and management reporting, and compliance with laws and regulations. Internal auditing may also involve conducting proactive fraud audits to identify potentially fraudulent acts; participating in fraud investigations under the direction of fraud investigation professionals and conducting post investigation fraud audits to identify control breakdowns and establish financial loss.
Internal auditors are not responsible for the execution of company activities; they advise management and the board of directors regarding how to better execute their responsibilities. As a result of their broad scope of involvement, internal auditors may have a variety of higher educational and professional backgrounds. Internal Audit works closely with management to review systems and operations to identify how well risks are managed, whether the right processes are in place, and whether agreed procedures are being followed. This provides an indication of the integrity of the organization’s systems and processes, their capability to support the set goals and also helps identify areas for improvements.
Internal Auditors also work across all areas of an organization, they review tangible and intangible aspects of operations. Internal Audit looks beyond financial statements and financial risks, and considers wider issues such as the organization’s reputation, growth, impact on the environment, and how employees are treated. Any process that has an impact on the effective operation of an organization may be included in internal audit’s scope. Internal Auditors report administratively to the Principal Accounting Officer but have direct responsibility and reporting to the Board of Directors through an Audit Committee.
The regulatory framework governing audit and accounting professionals has made substantial strides to remain responsive to the developments and current trends in the profession. Most notably, the Accountants Act was on 21st September 2018 amended following the enactment of the Finance Act, No. 10 of 2018 which amongst other things expanded the definition of Accountancy. Following that amendment “Accountancy” was defined as the practice in accounting, financial reporting, control systems, systems auditing, auditing, assurance, forensic accounting and auditing, finance, financial management, public finance management, taxation, financial risk management, management accounting and advisory services related thereto, in accordance with Sec.2 of the Act.
It is in line with this new definition that the Institute introduced and rolled out the Multiple licenses in November 2020. Consequently, the Institute has developed a number of programs to equip potential practitioners within the areas as defined in the accountancy definition above, this being one of the selected trainings.
This Master Class is intended to provide Internal Audit Professionals with critical knowledge and insights that will enable them to ‘hit the ground running’ in their review and advisory roles. It will also be a good opportunity for delegates to build their professional skills and network with other like-minded professionals in the same field.
Learning Objectives:
This program is divided into the following six modules covering the various aspects of internal auditing:
| DAY | MODULE | TOPICS | KEY AREAS TO BE COVERED |
| DAY 1 | A. Foundation | 1. Definition of Internal Auditing
2. Internal Audit Governance: o Mandate and Authority o Independence o Professional Standards o Code of Ethics 3. The value of internal auditing 4. Stakeholders and their expectations
|
i Overview of the International Professional Practices Framework (IPPF)
ii Overview of other technical standards pertinent to performance of IA assignments iii Internal Audit Charter and Audit Committee Charters iv Independence and objectivity v Assurance vs consulting engagements vi Coordination with other assurance providers-combined assurance framework vii Processes covered: Governance, risk management and control. viii Stakeholders Management ix Awareness on role of internal audit x Stakeholder engagement |
| DAY 2 | B. Planning | Annual Risk Based Audit Plan | i Process of developing the Risk Based Audit Plan- Practical session.
ii Risk assessment and linkage with the ERM Framework iii Resource mapping and planning iv Flexible plans |
| DAY 2 | Engagement Planning | i Defining objectives and scope
ii Engagement resourcing iii Audit programs iv Manual vs automated controls v Data driven Internal Audits |
|
| DAY 2 | C. Internal Audit Human Capital | 1. Skills and proficiency
2. Competency framework |
i Staffing and skills requirements
ii Performance-KPIs and targets iii Proficiency iv Continuing skills development |
| DAY 3 AND 4 | D. Internal Audit Execution | 1. Executing the engagement | i Working papers management
ii Data analytics iii Conclusions iv Supervision v Practical session on WP and File Management |
| 2. Reporting
|
i Findings (criteria, condition, consequence, cause, corrective action)
ii Risk ratings iii Audit Opinions iv Use of conformance statements v Quarterly and annual Reporting vi Practical session on reporting |
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| 3. Monitoring progress
|
i Implementation of recommendations
ii Use of technology in tracing audit issues iii Accepted risks |
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| DAY 5 | E. Managing the Internal Audit Department/ Firm | 1. Policies and Procedures
2. Internal Audit Tools 3. Quality Assurance |
i Internal Audit Manual
· Alignment with standards and legal requirements · Process description and guidance · Templates
ii Tools · Audit Management · Data analytics · Continuous auditing tools
iii Quality Assurance · Audit Client Feedback · Continuous monitoring · Internal Quality Assessment · External Quality Assessment |
| DAY 5 | F. Moving Forward | Utilization of technology in Internal Audit and other emerging issues | i Overview of IA Systems available in the market
ii Agile internal auditing iii Sustainability and climate change reporting audits iv Use of analytics, big data and artificial intelligence in Internal Audit assignments |
Target Audience:
This Master Class is one of the mandatory trainings for Practicing Certificate consideration. It is also open to all Internal Audit Professionals, Audit Committee Members, Senior Management of Organisations, CEOs and Boards.
All members who would wish to practice in the future are also encouraged to enrol on the course as it provides practical skills required for effective performance of their roles in Internal Audit.
Your Investment:
This Master Class shall be provided at a cost of Sh.80,000 and shall be considered as one of the mandatory trainings for purposes of issuance of practicing licence for the year 2023 and 2024.
Continuous Professional Development Units:
Members of ICPAK and other reciprocating professional bodies will earn 20 CPD points upon successfully attending the Master Class.
Online Booking:
We call on all participants to note that booking 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)
PARTNERSHIP OPPORTUNITIES
The training presents a perfect opportunity for organizations to showcase their products & services to a target group with high purchasing powers, both on personal and corporate levels. You will also have a unique opportunity for brand positioning and communication that will enjoy optimal visibility. Armed with significant purchasing power and decision-making authority, the audience are a key target group for businesses. For more information or enquiries please email raphael.nguli@icpak.com
