The most efficient way to establish company-wide 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).
This Coventry Academy training course will feature:
Understanding business cycles
Creating policies and processes
Putting financial policies into action
Planning accounting processes
Task separation for employees
Setting up internal controls
Adherence to International Financial Reporting Standards (IFRS)
What are the goals?
By the end of this training course, participants 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
Set the chart of accounts in detail to suit the business model
Who is this training course for?
This Coventry Academy training course is suitable to a wide range of professionals but will greatly benefit:
Financial Accountants
Receivables and Payables Team Members
Planning and Budgeting Managers
Corporate Reporting and Investor Relations Staff
Investment Analysts
Procurement Team Members
How will this training course be presented?
This Coventry Academy training course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This includes various exercises and case studies to provide practical application of the tools and techniques. A wide range of key topics will be discussed – and tips and proven techniques will be shared to enable the process to be challenged and the service optimised – so that senior management’s expectations are exceeded.
Course Outline
Day One: 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 Two: 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 Three: 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 Four: Liabilities Policies
Approval of supplies
Receiving invoices and accounting for inventory
Accrual policies
Processing of payment orders
Dividends payable
Day Five: Other Accounting Policies and Reporting
Notes receivable and payable
reporting for Payroll
Budgeting policies
Financial statement reporting process
Essentials of Financial analysis
The certificate
Coventry Academy Certificate of Attendance will be provided to delegates who attend and complete the course