Accounting and finance policies and procedures are the most efficient way to implement company-wide useful internal control tools in any organization. They are part of every business cycle: purchase and payment cycle, inventory and production, HR and payroll, fixed assets and capitalization of costs, and the sales and collection cycle. On top of that, accounting and finance policies and procedures are essential for the board of directors and senior management to communicate limitations and authorities given to different managers and employees throughout the organization. Moreover, their use is also extended to organize financial reporting and compliance with regulators outside the organization.
In this course, participants will be encouraged to think of risk-based processes to write and implement operational policies and procedures. They will learn to allocate tasks to different personnel based on proper segregation of duties and to use software to perform the controls efficiently. Also, the course covers sample financial statements prepared according to the International Financial Reporting System (IFRS).
Policies and procedures are the foundation of internal controls for organizations. Taking a complicated subject and breaking it into manageable components, enables you to hit the ground running and significantly accelerate your completion of a robust policies and procedures program. Effective policies and procedures in the accounts payable function are critical for any organization wishing to reduce or eliminate duplicate payments, prevent and detect fraud, and be cost effective and compliant with all regulatory issues affecting the payment function.
This course presents information which can use to create a practical manual, that not only documents the organization’s policies and procedures but which can also be used as a reference and training guide.’
You might be interested in another Finance and Accounting courses as a next step.
This course is suitable for professionals in accounting and finance.
This course uses explanations by a subject matter expert on how to write policies and procedures and what to include in them. Participants will be asked to write policies and procedures in different business cycles leading to financial reporting as per IFRS.
By the end of the course, participants will be able to:
-Design and produce a model accounting and finance manual
-Plan the required resources needed for the department
-Apply accounting concepts and International Financial Reporting Standards
-Set the chart of accounts in details to suit the business model
-Create comprehensive policies and procedures to streamline accounting for fixed assets
-Develop policies and processes for current assets and current liabilities
-Formulate reporting requirements as per International Financial Reporting Standards
Participants who fully attend this course and complete the test on the last day will receive a Strategic Axis Professional Certificate (SAPC). SAPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.
This course is worth 25 NASBA CPEs.
Manual purpose and organization
Financial authorities and responsibilities
Process mapping chart: basic Icons
Planning for proper reporting
Planning for Human Resources Versus Software – HRVSS
Underlying accounting assumptions
Accrual basis versus cash basis
Going concern assumption
System and reliability of measurement
Concepts of assets, liabilities, income and expense
Setting-up a chart of accounts
Accounts and cost centers
Exchange rate differences
Prepaid and accrual concepts and treatments
Assets capitalization costs
Depreciation, amortization and depletion
Impairment of assets
Disposal of assets
Approving suppliers for purchases
Receiving invoices and inventory
Payment orders processing
Recording of production costs
Inter-department transfers of material
Issuing finished goods
Bank or other guarantees
Allowance for doubtful debts
Debit and credit notes
Payroll recording and reporting
Essential budgeting policies
Financial statements process