THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(established under the Accountant Act, Laws of Kenya)
THE ANNUAL INTERNAL AUDIT, RISK & FORENSIC CONFERENCE
Theme: Implementation of Improved Internal Controls and Enhanced Organizational Compliance
Date: 29th November to 3rd December 2021
Venue: Sarova Whitesands Beach Hotel, Mombasa
OVERVIEW
An internal audit activity reviews risk management and evaluates the effectiveness of a company’s internal controls, corporate governance, and accounting processes. Internal audits provide management and board of directors with a value-added service where flaws in a process may be caught and corrected prior to external audits.
According to the International Professional Practices Framework (IPPF) the following fundamentals form the mandatory elements of the practice of Internal Audit and should thus be well understood by all professionals in that field:
i. Core Principles for the Professional Practice of Internal Auditing
ii. Definition of Internal Auditing.
iii. Code of Ethics.
iv. International Standards for the Professional Practice of Internal Auditing.
The regulatory framework governing audit and accounting professionals has also made substantial strides in order to remain responsive to developments and current trends in the sector. 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.
A critical asset for an internal audit activity is its credibility with stakeholders. An Internal Audit Quality Assurance enables an evaluation of the internal audit activity’s conformance with the International Standards for the Professional Practice of Internal Auditing (Standards) and an evaluation of whether internal auditors apply the Code of Ethics. It also assesses the efficiency and effectiveness of the internal audit activity and identifies opportunities for improvement. The assessments can be either internal or external.
External assessments enhance value, as they enable the internal audit activity to evaluate conformance with the Standards; internal audit and audit committee charters; the organization’s risk and control assessment; the effective use of resources; and the use of successful practices. An internal audit activity must obtain an external assessment at least every five years by an independent reviewer or review team to maintain conformance with the Standards.
Control functions play a key role in ensuring that the three lines of defense model is optimized as well as providing the required oversight in an organization. Typically, control functions in an
organization are charged with the role of checking transactions and processes for any errors and material misstatements to propose for the necessary corrective actions. This is done to minimize deviation from standards and ensure that the stated goals of the organization are achieved in a desired manner. The typical control functions as per the three lines of defense model include the Risk Management Function, Internal Audit, Investigative Audits and External Audit. According to modern concepts, control is a foreseeing action; earlier concepts of control were only used when errors were detected. Control in management includes setting standards, measuring actual performance, and taking corrective action in decision making.
Being the main advisors to the business, control function executives and staff are thus required to be frequently updated on all faucets of the busines and well as the overall economy and foregoing new regulations and guidance issued from time to time by various entities. In recent times, the issuance of additional compliance requirements has rendered the control function executives more alert to any potential noncompliance areas by implementing additional internal controls to mitigate against any fraud or outright noncompliance. The emergence of global AML sanctions as well as strict requirements on AML, FATCA & GDPR reporting require that the control functions heads and staff familiarize with the pertinent skills necessary to undertake their oversight and reporting roles in pursuit of compliance. The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on with holdable payments.
Other requirements on the need for strengthened controls around BCP/ DRP, cyber security and GRC Reporting are also critical for audit and risk professionals. The pertinent skills required by these professionals in tackling the day-to-day findings as well as proposal of streamlined controls for implementation require upskilling from time to time. The International Professional Practices Framework (IPPF) is the conceptual framework that organizes authoritative guidance promulgated by the IIA. The IIA provides internal audit professionals worldwide with authoritative guidance organized in the IPPF as a mandatory guidance and recommended guidance. The updated Framework was introduced in July 2015.
The COSO ERM framework being one of two widely accepted risk management standards is what organizations use to help manage risks in an increasingly turbulent, unpredictable business landscape.ISO 31000 on the other hand is a family of standards relating to risk management codified by the International Organization for Standardization. ISO 31000:2018 provides principles and generic guidelines on managing risks faced by organizations. ISO 31000 seeks to provide a universally recognized paradigm for practitioners and companies employing risk management processes to replace the myriad of existing standards, methodologies and paradigms that differed between industries, subject matters, and regions.
This seminar will provide an opportunity for professionals in the control functions to share experiences and ideas on the various dilemmas and opportunities as presented above.
The conference has been designed to focus on the following key topics:
1. Forward looking forensic audit techniques
2. Essentials of forensic audit reporting
3. Fundamentals of Forensic Audit and Fraud Risk Assessment in the virtual working arrangements
4. Critical Data Analytic Skills to enhance the forensic audit process
5. Leveraging on Technology to Combat Fraud: Emerging tools and technology for fraud detection
6. General Data Protection Regulations (GDPR)
7. Understanding the main phases of an audit process: Planning, field work, reporting, monitoring
8. Implementation of an effective and sustainable Quality Assurance Program (QAIP)
9. Overview of the Internal Audit Competency Framework
10. Essentials of Audit Committee Secretarial Support: Overview of typical agendas and reports to be presented
11. Highlights of the International Professional Practices Framework (IPPF)
12. Implementation of Risk Based Audit Planning
13. Substantive audit procedures for key processes in the public and private sector audits
14. Audit automation: Harnessing the Power of technology in Everyday Audit & Compliance Projects
15. Leveraging on technology to conduct audit review and analytical procedures including reporting
16. Implementation of an effective Internal Controls Framework (ICF)
17. Implementation of an effective ERM Framework
18. A paradigm shift from qualitative to quantitative risk management
19. Understanding of Key Risk Indicators and how to establish the right matrices
20. The essentials of the Risk Appetite Framework and the role of different players
21. Emotional Intelligence and critical survival tactics for control function executives
22. ARC Committee Reporting: Tips and skills for successful achievement of objectives and harmonious working relationships
23. The audit performance appraisal agenda: Navigating the grey areas
24. Positioning of Internal Audit and Risk professionals within the structure in both public and private sectors
TARGET AUDIENCE
The seminar is ideal for mid-level and high-level executives including Managing Directors, CEOs, Board Members, Audit Committee Members, Chief Audit Executives (CAEs), Chief Risk Officers (CROs), Heads of Audit, Heads of Risk, Forensic Audit Officers, Heads of Forensic Audit Units, Investigation Officers, Internal Audit Staff, Risk Management Staff, Heads of Departments, Senior Managers, Chief Finance Officers, Chief Operations Officers, Chief Information Officers, Chief Compliance Officer,. This seminar is not limited to the accountancy profession only, staff from other units are highly encouraged to attend.
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 Investment:
| Category | Charges per Delegate |
| Associate Members | Ksh. 55,000 |
| Members/ACCA Members | Ksh.65,000 |
| Non-Members | Ksh. 70,000 |
The cost caters for training fee, training materials, certificate and meals during the conference. Please note that delegates are required to make their own travel and accommodation arrangements.
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 conference 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. Sponsorship opportunities range from cocktail, gala, media sponsorships, exhibitions and advertising. For more information or inquiries please email raphael.nguli@icpak.com.
For further inquiries, kindly contact Fredrick Otwori at fredrick.otwori@icpak.com with a copy to Molly Mwangi molly.mwangi@icpak.com. Reach us on call: +254 719 074000/129
We encourage members to regularly visit our website www.icpak.com for updates.
Welcome