Financial Management And Auditing Course

COURSE OVERVIEW

Introduction

In this financial auditing course participants will learn how key business functions interact with accounting processes, particularly in risk management, as well as how technology impacts financial auditing.

This course is designed for internal auditors and managers looking to increase their knowledge about financial reporting or simply needing a refresher in financial accounting. The module- based approach of this course promotes practical application through case study evaluation and discussion. Participants will gain experience calculating key ratios and analyzing trends over time as well as performing risk assessments and how to identify possible instances of fraud.

Duration

• 5 days

Who should attend

• Auditors and financial professionals responsible for ensuring transparency and integrity of processes and accounting records.
• Bookkeepers and accountants who are in charge of maintaining the books.

Course Objectives

• Fundamentals of accounting practices and financial statement analysis.
• An understanding of the accountant’s responsibility.
• In-depth study of the procedures in fraud detection.
• Account and day to day financial transactions pursuing promotion

Accounting and Auditing Review

• Define key accounting terms.
• Understand accounting rules, equations, and basic principles.
• Demonstrate how journal entries are used for accounting purposes.
• Discuss the financial accounting standards board’s (FASB's) GAAP hierarchy according to FASB statement no. 162.
• Perform a risk assessment using the financial auditing process.
• Evaluate controls in the audit process by using finance-related management assertions.
• Review an IIA practice guide about formulating and expressing internal audit opinions.

Financial Statements — an overview

• Review the characteristics of key financial statements.
• Recognize the flow of information from source documents to financial statements.
• Identify the components of a financial balance sheet.
• Distinguish where in an income statement financial accounts should appear.
• Calculate key ratios from a company’s financial statements.

Business Processes and Accounting

• Differentiate between management-level reporting and consolidated financial statement-level reporting.
• Analyze data using horizontal and vertical analysis.
• Describe revenue process activities and associated rules.
• Describe procurement process activities and associated rules.
• Describe fixed asset process activities and associated rules.
• Recall key revenue, liability, and inventory-related ratios.
• Practice using a risk assessment template to analyze risks, and design and test controls.

Recipes for Cooking the Books

• Identify the basic elements of an accounting scandal (fraud).
• Identify the five most common financial “games.”
• Calculate financial indices to use in analyzing data.

Technology and Accounting

• Discuss the risks and control breakdowns of User-Developed Applications (UDAS) and best practices for controls over UDAS.
• Describe how to minimize risk and limit exposure in using spreadsheets.
• Discuss how Enterprise Resource Planning (ERP) supports and automates business processes.
• Identify audit techniques to use in performing an application review of a financial audit

Fraud Prevention

• Examining the existing internal control environment
• Understanding the COSO model (“internal control-integrated framework”)
  1. Control environment
  2. Risk assessment
  3. Control activities
  4. Information & communication
  5. Monitoring

Deterring Corporate Fraud

• Identifying organizational tolerance to risk and improvement of internal controls
• Formulating a critical fraud response strategy
• Developing an anti-fraud program

Methodology

The instructor led trainings are delivered using a blended learning approach and comprises of presentations, guided sessions of practical exercise, web-based tutorials and group work. Our facilitators are seasoned industry experts with years of experience, working as professional and trainers in these fields.

All facilitation and course materials will be offered in English. The participants should be reasonably proficient in English.

Certification

Upon successful completion of this training, participants will be issued with Steady Development Centre certificate.

Training Venue

The training will be held at Steady Development Centre. The course fee covers the course tuition, training materials, two break refreshments and lunch.

All participants will additionally cater for their, travel expenses, visa application, insurance, and other personal expenses.

Accommodation and Airport Pickup

Accommodation and airport pickup are arranged upon request. For reservations contact the training officer.

• Email:training@steadydevelopmentcentre.com
• Mobile: +254 718108851

Tailor- Made

This training can also be customized to suit the needs of your institution upon request. You can have it delivered in our Steady Development Centre or at a convenient location.

Payment

The course fee payment should be transferred to Steady Development Centre account through bank, 3 working days before commencement of the training so as to enable us to prepare better. 

For further inquiries, please contact us on:

• Tel: +254 718108851
• Email: training@steadydevelopmentcentre.com

Our Upcoming Training Schedule