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Best Practice in Financial and Internal Audit Reporting Training
On going

By: Francis Consulting

Abuja FCT, Nigeria

25 - 28 Jan, 2021  4 days

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NGN 195,500

Venue: Bayelsa Guest House, Opp Min Of Justice Maitama Abuja

The workshop will highlight best practice methods in Financial and Internal Audit Reporting.

Content:

Nature of Financial Statements

  • Preparation of Accounts Statement of Accounting policies, Balance sheet, P and L account or income and Expenditure account Notes on the accounts, Auditor’s report, Director’s reports, Statement of cash flow, statement of value added, five years financial summary, etc
  • Uses: Report of stewardship, basis for fiscal policy, for declaration of dividends, basis for granting credit, information for present and prospective investors, basis for rate regulation, basis for taxation etc
  • Regulation: The Nigerian Constitution, Company and Allied Matters Act (CAMA 1990), Banks and other financial Institution Decree (BOFID), Nigeria Deposit Insurance Corporation Decree 1988, Central Bank of Nigeria Act 1991, Insurance Decree, Various public sector financial regulation and circulates International and Nigerian Accounting Standards, ect.

Important Reporting Standards, Guidelines and Professional Pronouncements

  • Information to be disclosed in financial statements
  • Cash flow statements
  • Accountant for taxes on Income: Including Deferred Taxation
  • Preparing statement of value-added.
  • International Federation on Accountants (IFAC) guideline in public sector accounting and report.
  • United Nations Pronouncements on Budgeting and Financial reporting in the public sector
  • Internal Control Standards issued by the Auditor General of the Federation.

Reports in Financial Statements

  • Chairman’s
  • Managing Director’s
  • Director’s
  • Auditor’s
  • Audit Committee’s

Approval Process

  • Approval by management; various committees, chief executives, Board of Directors.
  • Accounts Committee, Federal Ministry of Finance etc.
  • Approval by shareholders: Annual general meetings-uses and processes
  • Approval by regulators: CBN, NDIC, insurance companies’ various government ministries and agencies, the stock exchange, the securities and exchange commission etc.

Nature of Public Sector Accounting

  • Meaning of Government Accounting
  • Uses and Users
  • Legal Basis of Government Accounting
  • Funds Accounting
  • Financial Warrants
  • Accountant General’s Financial Statements
  • Financial Statements of Parastatals, Institutions, Agencies, etc.

Fundamentals of Pro-Active Internal Auditing

  • Widened scope of duties and responsibilities of today’s internal auditor
  • Relationship of the internal audit department and auditors
  • Relationship between internal auditor and external auditors
  • Peculiarities of Public account committee, the alarm system, and the auditor general’s roles.  
  • The audit committee and internal auditor
  • Internal auditing as a cost control tool
  • Independence of the internal auditor

Audit Planning Methods

  • Principles governing an audit; objectivity, independence, confidentiality etc.    
  • Assessment of existing controls and inherent risks
  • Preparation of the audit program
  • Audit working papers; audit manuals program documents etc
  • Adequate staffing for the audit functions
  • The audit supervision train

Enthroning A Fraud Preventive Internal Control System 

  • Definition of internal control system
  • Internal control system and procedures
  • System documentation process
  • System review methods: to detect loopholes in the internal control process and to plug identified loopholes
  • System upgrade; to cover anticipated areas of deficiencies
  • Emerging trends and challenges

Audit Reports

  • Types of audit reports
  • Qualities of a good report: relevance, complete, reliable, timely, precise, simple, accurate, consistent, unbiased, good language, appropriately channelled, etc
  • Getting fact into logical sequence and writing persuasively
  • Structure and layout of audit report
  • Witch- hunting, favouritism, sensationalism, and professionalism in audit reporting
  • Management action and follow up reports

The Role of Human Psychology in Auditing and Fraud Management

  • Audit concepts: auditor’s perception
  • Psychological barriers in effective auditing
  • Psychological strategies for enhancing auditing
  • Personal qualities of auditors
  • Interpersonal strategies
  • Emerging trends and challenges

Facilitators:  A Distinguished team of Facilitators who are eminently qualified Professionals has been assembled to lead discussions in course of the workshop.

For Whom: Directors, Company Secretaries, Accountant,, Auditors Corporate planners and other senior to Middle Management staff who perform related functions in the public and private sectors including Banks, Oil Companies, Trading organizations, Government Ministries, Parastatals, Agencies, Commissions, Local Governments, etc.

Methodology:   

  Formal lectures, Group discussions and Case study

Bayelsa Guest House, Opp Min Of Justice Maitama Abuja Jan 25 - 28 Jan, 2021
NGN 195,500.00
(Convert Currency)

Dr. Francis Okereke 08035062583