They are part of every company cycle: purchase as well as repayment cycle, inventory and also production, human resources as well as payroll, repaired possessions and capitalization of expenses, and the sales as well as collection cycle. On top of that, audit as well as finance policies and procedures are important for the board of supervisors and also elderly management to connect limitations and authorities given to different managers and also staff members throughout the organization. Moreover, their usage is also encompassed organize economic reporting and compliance with regulators outside the company.

Program Goals of Professional Audit

• Style and also produce a model bookkeeping guidebook
• Strategy the called for resources needed for the division
• Apply accounting principles as well as International Financial Reporting Criteria
• Establish the chart of accounts thoroughly to match the business version
• Produce extensive plans and also treatments to improve accounting for fixed assets
• Develop plans and procedures for existing possessions and current responsibilities
• Develop coverage demands according to International Financial Reporting Requirements

Day 1
Designing accounting manual

• • Manual purpose and organization

  • Financial authorities and responsibilities

  • Process mapping chart: basic Icons

  Accounting department setup

  • Planning for proper reporting

  • Planning for Human Resources Versus Software – HRVSS

Day 2
Accounting concepts and their application

• Underlying accounting assumptions

• Accrual basis versus cash basis

• System and reliability of measurement

• Concepts of assets, liabilities, income, and expense

Chart of accounts

• Setting up a chart of accounts

• Accounts and cost centers

• System structure

• Exchange rate differences

• Prepaid and accrual concepts and treatments

Day 3
Long term assets

• Assets capitalization costs

• Depreciation, amortization, and depletion

• Impairment of assets

• Disposal of assets

Liabilities

• Approving suppliers for purchases

• Receiving invoices and inventory

• Accruals

• Dividends payable

• Payment orders processing

Day 4
Accounts receivables policies

• Approving clients

• Bank or other guarantees

• Recording invoices

• Collections

• Allowance for doubtful debts

Other accounting policies

• Debit and credit notes

• Payroll recording and reporting

Day 5
Reporting

• Essential budgeting policies

• Financial statements process

• Financial analysis