THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
PREPARING FOR THE NEW QUALITY MANAGEMENT STANDARD: ISQM 1 QUALITY OBJECTIVES AND QUALITY RISKS
Date: 21st December 2022
Time: 4:00pm – 6:00 pm
Venue: Virtual
Overview
The IAASB’s Engagement Standards deal with the performance of audit, assurance and related service engagements, including the responsibilities of the engagement partner and engagement team. ISQM 1 is a standard that deals with quality management at a firm level and applies to all firms performing audits or review of financial statements or other assurance or related service engagements, it replaces the ISQC1 which was focused on quality control for Firms that Perform Audits and Reviews of Financial Statements and Other Assurance and Related Services Engagements
A quality management system is necessary to create an environment that enables and supports engagement teams in performing quality engagements. ISQM 1 strengthens firms’ systems of quality and encourages firms to design a system of quality management that is tailored to the nature and circumstances of the firm and engagements it performs.
The ISQM 1 has eight components:-
- The firm’s risk assessment process
- Governance and leadership
- Relevant ethical requirements
- Acceptance and continuance of client relationships and specific engagements
- Engagement performance
- Resources
- Information and communication
- Monitoring and remediation process
Entities are required to have systems of quality management designed and implemented in accordance with ISQM 1 by December 15, 2022.
This training will look at quality objectives and risk assessment
CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS (CPD UNITS):
Members of ICPAK and reciprocating professional bodies will be awarded 2 Structured CPD Units upon successfully completion of the Webinar.
FINANCIAL COMMITMENT:
The Webinar charges are Kshs. 2,000. 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
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.
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 +254 719 074 000, (+254) 733 856262 or via email to onlinelearning@icpak.com.