THE SACCO SECTOR CONFERENCE

THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
THE SAVINGS AND CREDIT COOPERATIVE SOCIETIES (SACCOS) SECTOR CONFERENCE
Theme: Unlocking the potential for growth and improvement in SACCOs
Date: 28th – 30th July 2021
Venue: Lake Naivasha Resort

OVERVIEW

Savings and Credit Cooperative Societies (SACCOs) in Kenya have grown and transformed greatly over the decades and championed values such as self-help, responsibility, democracy, equality, equity and solidarity among members. The SACCO sector has also immensely contributed to financial inclusion across the country.

However, in the recent past, concerns have emerged regarding rampant mismanagement, fraud and reckless lending, which have resulted in loss of members’ savings and other resources. The regulatory body, the Sacco Societies Regulatory Authority (SASRA), is currently pursuing the development of a market conduct policy as well as legal and regulatory frameworks with the aim of protecting members’ deposits and improving the stability of SACCOs.

To support good corporate governance among SACCOs and promote best practices in management, financial reporting is key towards achieving these objectives.

Financial reporting encompasses the disclosure of financial information to management and the public about an organization’s performance over stated periods of time. Financial reporting for SACCOs in Kenya is provided for under the Constitution of Kenya Section 226, Cooperative Societies Act Cap 490, International Financial Reporting Standards (IFRS) and the SACCO Societies Act No 14 of 2008 among other underlying legal frameworks. SACCOs therefore must keep proper records that conform to these set frameworks and guidelines.

ICPAK has organized this Conference to enlighten delegates on the emerging trends and expectations in the SACCO sector. The workshop will outline:

 An Overview of financial reporting requirements in SACCOs
o IAS 40 – Investment Property
o IFRS 9 – Financial Instruments
o IFRS 7 – Financial Instrument Disclosures
o IAS 37 – Provisions, Contingent Liabilities and Contingent Assets
o IAS 19 – Employee benefits
 Understanding the link between financial reporting and SASRA Regulations & Guidelines
 Financial Inclusion role of the Saccos in Kenya
 Risk based supervision and Implementation of ERM in SACCOs
 Impact of technology and digital evolution on SACCO operations
 Cybersecurity considerations in the SACCO Sector in Kenya

Continuous Professional Development Units (CPD Units)
Members of ICPAK and reciprocating professional bodies will be awarded 20 CPD Units upon successfully attending the Conference.

Target Audience
Staff in the SACCO Sector, Chief Finance Officers, Finance Directors and Managers, Heads of Internal Audit Functions, Private and Public Audit Practitioners, Engagement Partners and Key Audit staff, Banking, Financial services sector Accountants, Risk and Compliance professionals, Tax Practitioners, and Professionals in Academia.

Financial Commitment:

**The cost caters for training fee, training materials, certificate and meals during the conference. Please note 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 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.

For further inquiries, kindly contact Emma Ayalo at emma.opiyo@icpak.com with a copy to judith.wambura@icpak.com. Reach us on call: +254 719 074000/129