Course Description
Recent events including global financial crises have emphasized the need for internal auditing within corporate governance structures. The internal audit function is now mandatory by most stock exchanges, furthermore, internal audit is considered good practice & advisable as part of the underlying control framework & financial management capacity of a project, particularly if complex &/ or decentralized.
What Do Participants Learn?
- Become familiar with the terminology you need in this field
- Establish sound financial management for your organization
- Keep accounting records
- Make effective and efficient use of resources
- Prepare for long-term financial sustainability
Who Should Attend?
- Financial Professionals
- Sales/Marketing Professionals
- General Accounting Professionals
- Business Unit Professionals
- Anyone who wants to refine and advance the budgeting and costing knowledge
What Will the Learning Experience Include?
Phase: 1
Introduce
- Comprehensive pre-program activities include:
- Web-based information forms & surveys completed by attendee.
- Direct consultation with the attendee about the expectations.
- During the training, participants engage in data, activities, and conversations that lead to insight and knowledge.
- Participants learn from expert trainers who have both academic and business experiences.
- Highly applicable training content & instructive activities for adding depth to training topics.
- **A half-day site visit for integrating the experience & plan next steps. Opportunities to provide connections, ideas & support.
Phase: 2
Explore & Practice
Phase: 3
Apply
- Apply & sustain the learning experience by using this ongoing support:
- To ensure participant has new skills or behavior progress.
- Optional, fee-based mentoring & coaching with the trainer.
- Training materials & additional documents (e-books, pdf files, presentations and articles)
- Evaluate your training experience by giving us feedbacks and help us to reach our organizational goals.
- Participant's Evaluation
- Trainer's Evaluation
Phase: 4
EVALUATE
Section One
- Basic accounting principles
- Applying accounting conventions and guidelines
- Developing working rules regarding your corporate financial statements
- Using the balance sheet to examine assets and liabilities
- Analyzing the income statement to assess revenues and expenses
- The statement of cash flow: sources and uses of funds
Section Two
- Content and format of the annual report
- Understanding the footnotes
- Debt vs. equity financing
- Introduction to Risk and Return
- Time Value of Money
- Understanding the cost of capital
Section Three
- Internal Auditing
- Management of audit programs
- Audit planning and preparation
- How to carry out documentation review, interviews, and site inspection during an audit
- Writing nonconformity statements
- Preparation of audit report
- Corrective action and closeout (using CARs)
Section Four
- Difference between internal & external auditing
- Pre-Audit planning
- Financial statement assertions
- Designing audits
- Judging materiality
- Performing audit tests
- Evaluating the audit plan
- Detection of fraud
Section Five
- International financial reporting standards
- Elements of financial statements
- Standard IFRS requirements
- History of IFRS
- international convergence
- Differences between U.S. GAAP and IFRS