Available as Classroom as well as Online Training
Ilorin Venue - 37 OFFA ROAD, ALONG WAY TO FLOWER GARDEN, G.R.A, ILORIN KWARA STATE.
(Available also for Customised Training by Duration, Venue & Fee)
This programme takes the employees responsible for running the Accounts and Finance functions of the organisation through their core duties. They will be taken through the step-by-step process of performing each task. The core duties are:
- Implementing all processes in accounting for financial transactions and enforcing the controls necessary for the running of the organisation’s business.
- Liaising with external auditor and others involved in matters of statutory regulations, including pension fund managers, the tax organisations, etc.
- Preparing financial and other relevant reports at such intervals that help Management decisions for the organization to run smoothly. These include:
- Weekly performance report
- Daily balances and advice on managing the balances
- Bank reconciliation
- Variance analysis
- Management of the cash flow position
- Monthly trial balance, income statement and balance sheet
7. Budgeting and budgetary control.
Interpretation of Financial Statements
- The three financial fundamentals
- The Balance Sheet – Interpreting Assets & Liabilities
- The Income & Expenditure Statement
- Diagnosing the Cash Flow Position and Requirements
- How do you know if the organisation is performing well?
- Budgets and budgeting cycle
- Steps in developing an operating budget
- Preparation of budgets
- Sensitivity analysis in budgeting
- Budgeting and responsibility accounting.
- What cash flow statement is
- What the purpose of cash flow statement is
- Preparation of cashflow statement
- How to make operational, investing and financing decision when preparing cashflow
- key performance indicators for cashflow
- Action to take when there is surplus or deficit fund
- Source of Finance.
- Types of taxes
- What taxes are payable to Federal, State and Local Government
- Corporate Tax planning
- How to compute company income tax and capital allowance
- Filling of Self Assessment return and VAT return
- Withholding Tax and its application
- Capital Gains Tax
- Application for company and Personal Tax clearance certificate
- How to prepare Personal income tax
- Payment of Pay As You Earn deductions
- Rendering of annual return to State Internal Revenue Board.
- The Internal Control System - Preventive, Detective and Directive
- Distinction between Internal Check and Internal Auditing
- How to Use Internal Control to Promote Operational Efficiency
- Internal Control and Risk Management – the Inherent Limitations
- Elements of Internal Control
- Internal Control on receipt of cash/cheques
- On cash and cheque payments
- On the organisation reconciliation;
- On stock/inventories, sales, etc.
- Operational auditing
- Approval of controls
- Evaluation of performance
- Fixed Assets.
Reviewing and Appraising Operating Controls
- Compliance with policies, plans and procedures
- Safeguard of assets
- Detection and prevention of frauds
- Economical and efficient use of resources
- Accomplishment of established objectives and goals for operation
- Internal auditing and the maintenance of a sound system of internal control
- Responsibility for the system of internal control – auditor or management
- Internal Audit Charter
- Understanding the nature and context of internal control
Management Involvement - Reviewing the effectiveness of internal control
- Responsibility for reviewing the effectiveness of internal control system
- The process of reviewing effectiveness
- Business objectives
- Risk identification and assessment
- Monitoring of controls.
Financial Reporting & Management
Types of Financial Report and How to Prepare Them
- Revenue analysis report
- Cost analysis report
- Expenses report
- Account receivable report
- Chairman’s report
- Auditor’s report
- Balance sheet
- Profit & loss statement
- Cash flow statement
- Financial performance report
- Benefits of Financial Report.