COURSE OVERVIEW:
With the increased requirement on transparency and accountability by laws and regulations and by Kenyans in general, the role of the audit committees to ensure their organizations have a
robust governance structure is increasing. With the recent weak financial performance of key corporations in Kenya the citizens are not only asking where were the auditors, they are also
questioning the role of the audit committee and the full board in relation to the quality of oversight provided to management.
The audit committees are being called to provide oversight and insight on their organization’s risk management process to ensure management is able to identify the
ever changing risks and develop strategies to manage these risks to ensure objectivesare met. The political, economic, social, technological and natural environment in which
organizations are operating today are changing at a faster rate than yester-years and so are the risks impacting the achievement of objectives. These factors are also increasing
the complexity of the risks the organizations are facing with a risk arising due to one factor e.g. insecurity due to terrorism creating risks in other areas e.g. reduced
economic activities in areas where there is increased insecurity incidences.
Lastly, the area of providing oversight on the effectiveness of controls implemented by management is also changing as organization’s processes are increasing being
performed by suppliers (outsourcing of some key activities to suppliers) and customers (able to pay for services through on-line or mobile platforms without interacting with
organization’s staff). There is also a focus by the Government to automate a number of key processes which will change how organizations operate.
With the changing landscape then the audit committee members are being called to enhance their oversight skills and increase the number of hours they are spending
reviewing audit committee reports and submissions and discussing the same with Management. It is for this reason that KCA University an Institution of higher learning
founded by the Institute of Certified Public Accountants of Kenya (ICPAK) invites all Board members and more so members of the Audit committee and Public Accounts Committee to this highly interactive seminar.
COURSE OBJECTIVES:
By the end of the seminar you should be able participants will understand:
The changing role of the audit committee and the increased effort based on the just released PFM Audit Regulations, Gazette Notice 5440 and Mwongozo Code of Governance;
- Alignment of the Audit Committee activities to support achievement of the organization’s mandate and strategic objectives;
- Linkage of cash flow reporting and accounting reporting and how these link to the true and fair view of the performance of the organization;
- Extracting value from investments made in the risk management process;
- Relationship management with fellow Board members, management and internal auditors to enable the audit committee obtain adequate insight; and
- Assessing if the internal audit and risk management functions have the required capacities to support the audit committee in their expounded role.
