Financial management is a core competency for service line managers in the modern public sector. Many service line managers receive little or inadequate training in this competency and some may even be in denial about their important role in managing financial resources. The consequences of poor financial management can seriously harm the financial stability of the service, availability of future funding, ability to deliver services, team morale and relationships between the service and the finance team.
This 5-day course will develop competencies in financial management and internal auditing providing the knowledge and practical application skills to enable you to:
- Confidently discuss financial issues with your own staff and with finance staff supporting your service
- Understand and analyze financial activity reports
- Operate key financial controls
- Plan, set and manage a budget
- Interpret budget variances and devise appropriate strategies to respond to them
- Develop financial oriented performance measures
- Improve the value for money delivered by your service
- Discuss how to prepare for the internal audit, such review of background information, development of the checklist, time management and sampling.
- Discuss interviewing techniques, collection of evidence, deal with confrontation and note taking of internal audits.
- Observe a process audit together of a chosen area and learn how to complete the checklist.
- Learning points are explained in clear, simple language and are illustrated with real-world examples. Application is through problem solving and discussion of case studies. Participants are encouraged to share their experiences and learn from each other.
This program answers questions such as:
- Why should I manage finances and what are my responsibilities?
- What is the difference between cash and accruals accounting?
- Who sets financial controls, what are the consequences if they are not operated effectively and what are my responsibilities for their operation?
- How are resources allocated to budget holders?
- What is the difference between a plan, budget and a forecast?
- How should I monitor and manage my budget?
- What is benchmarking, how is it done, how often should I do it?
- Where should I go in my organization for further information and guidance?
- Financial Management
- Introduction to effective financial management
- Typical financial responsibilities of service managers
- Financial concepts
- The annual financial cycle of activities
- Sources of funding for the public sector
- Financial regulations and financial processes
- How transactions get reflected in financial management reports
- The connection between cash, revenue expenditure and assets
- Revenue expenditure vs. capital
- Understanding and interpreting financial management reports
- Budget management
- The role of budget management within the financial control framework
- Connecting strategic planning with annual budgeting
- The annual budget cycle
- Budget setting, incremental vs. zero based budgets
- Features of a successful business case
- Identifying revenue and cost drivers for budget setting and management
- Analyzing in year budget reports and identifying variances
- Developing tactics to respond to budget variances
- Forecasting budget outturn
- Achieving value for money
- Economy, efficiency and effectiveness
- Delivering services in a way which gives value for money to tax payers
- Prioritization of services
- The role of benchmarking
- Measuring value for money
- Internal Auditing
- Introduction to ISO 9001:2008
- Introduction to Internal Audits
- Roles and Responsibilities of Internal Audits
- Plan the Internal Audit
- Audit Execution
- Reporting Results and Writing Non-conformances
- Process Audits
- Internal Auditor Training Case Studies
- Post-Audit Review
Description and explanation of financial & auditing concepts in clear and simple language using effective learning methods
Who Should Attend?
The course is primarily aimed at service directors, managers and their deputies from both front line and back office functions.
The following may also find the course of interest:
Staff without formal finance/accountancy training who are in finance support roles.
Staff who have been assigned to internal audit or risk management roles
- Develop core financial competencies
- Input effectively to the budget setting process
- Make more effective use of resources
- Identify and respond to financial warning signs before they become financial issues
- Improved communication with finance support staff and senior management on financial planning and control issues
- Learn the purpose and objectives of audits with their respect to external versus internal audits.
- Understand the roles and responsibilities of the Lead Auditor, Team Auditor, Auditee and Internal Audit Program Manager.