This programme can run as an online or classroom training
(Available also for Customised Training by Duration, Venue & Fee)
Programme Description
This programme takes the employees responsible for running the Accounts and Finance functions of the ehaviorn 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 ehaviorn’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
Budgeting and budgetary control.
Course Contents
DAY ONE
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 ehaviorn is performing well?
Budgeting
Budgets and budgeting cycle
Steps in developing an operating budget
Preparation of budgets
Sensitivity analysis in budgeting
Budgeting and responsibility accounting.
DAY TWO
Cash Flow Management
What cash flow statement is
What the purpose of cash flow statement is
Preparation of cash flow statement
How to make operational, investing and financing decision when preparing cash flow
key performance indicators for cash flow
Action to take when there is surplus or deficit fund
Source of Finance.
Tax Management
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.
DAY THREE
Control Systems
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 ehaviorn reconciliation;
- On stock/inventories, sales, etc.
Operational auditing
- Approval of controls
- Evaluation of performance
- Purchasing
- Production
- Administration
- Personnel
- Fixed Assets.
DAY FOUR
Internal Auditing
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.
DAY FIVE
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.
