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Accounting and Finance Policies and Procedures

Accounting and Finance Policies and Procedures

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.

YOU WILL LEARN HOW TO

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

IMPORTANT COURSE INFORMATION

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.

COURSE OUTLINE

Modules

Module 1: Designing accounting and finance manual

Manual purpose and organization

Financial authorities and responsibilities

Process mapping chart: basic Icons

Module 2: Accounting department setup

Planning for proper reporting

Planning for Human Resources Versus Software – HRVSS

Module 3: Accounting concepts and their application

Underlying accounting assumptions

Accrual basis versus cash basis

Going concern assumption

System and reliability of measurement

Concepts of assets, liabilities, income and expense

Module 4: Chart of accounts

Setting-up a chart of accounts

Accounts and cost centers

System structure

Exchange rate differences

Prepaid and accrual concepts and treatments

Module 5: Long term assets

Assets capitalization costs

Depreciation, amortization and depletion

Impairment of assets

Disposal of assets

Module 6: Liabilities

Approving suppliers for purchases

Receiving invoices and inventory

Accruals

Dividends payable

Payment orders processing

Module 7: Production and inventory processing

Recording of production costs

Inter-department transfers of material

Issuing finished goods

Module 8: Accounts receivables policies

Approving clients

Bank or other guarantees

Recording invoices

Collections

Allowance for doubtful debts

Module 9: Other accounting policies

Debit and credit notes

Payroll recording and reporting

Module 10: Reporting

Essential budgeting policies

Financial statements process

Financial analysis

 

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