Introduction:

The most efficient way to establish effective internal control tools in any firm is through accounting and finance policies and procedures. Furthermore, accounting and finance rules and procedures are necessary for the board of directors and senior management to express the constraints and authorities delegated to various managers and staff within the firm.

 

The participants in this training course will be encouraged to create and implement operational policies and procedures using risk-based methods. They will learn to assign tasks to different individuals based on effective job separation and to use software to properly apply controls. This Accounting & Finance Policies & Procedures training course also includes examples of financial statements prepared in accordance with the International Financial Reporting System (IFRS).

 

Training Objectives and Goals:

 

Upon the completion of this course, candidates will be able to:

 

•             Create comprehensive policies and procedures to streamline accounting for assets

•             Develop policies and procedures for liabilities

•             Plan the required resources for the department

•             Apply accounting concepts and International Financial Reporting Standards

• Detailed Training Content (5 days):

 

Day 1:

Understanding the Accounting Principles and their Implications

 

•             Key Accounting assumptions.

•             Accrual vs. cash basis.

•             Going Concern.

•             Assets, liabilities & Equity.

•             Revenues and expense concepts.

•             Accounting chart.

 

Day 2:

Setting Up Accounting and Finance Department: Policies & Manual

•             The need for proper planning in the reporting process.

•             Human Resource Planning.

•             Cost Centers and Accounts.

•             Process Mapping Chart and measurement accuracy.

•             Manual purpose and structure.

•             Financial authorities and duties.

 

Day 3:

 Assets Policies

•             Clients’ approval process.

•             Invoicing: Collections & Allowance for uncollected receivables.

•             Production and inventory processing.

•             Assets capitalization costs.

•             Depreciation, depletion and amortization (DDA).

•             Impairment procedure.

 

Day 4:

 Liabilities Policies

•             Approval of supplies.

•             Receiving invoices and accounting for inventory.

•             Accrual policies.

•             Processing of payment orders.

•             Dividends payable.

 

Day 5:

Other Accounting Policies and Reporting

•             Notes receivable and payable.

•             reporting for Payroll.

•             Budgeting policies.

•             Financial statement reporting process.

•             Essentials of Financial analysis.