Description
SUITABLE FOR:
Directors, Director-Generals, Senior Manager, Auditors, Audit Committee members, Financial Controllers, Auditor Generals and Accountants.
OBJECTIVES:
By the end of the course, delegates will:
- Have developed strategies to secure sound financial management and control in their organisation
- Have acquired modern accounting techniques in their organisation
- Have developed an efficient Audit System
- Have improved decision – making process with regard to financial issues in line with the Stakeholders interest.
- Be a able to read a budget and set of national accounts in different jurisdictions
- Appreciate how public financial management interfaces with politics and political choices
- Be able to use financial management to enhance the performance of public organisations
SUMMARY:
The topics covered include:
WEEK ONE
Corporate Governance
- What is corporate governance?
- Objectives and strategy of governance
- The institutional and legislative backgrounds
- Role of Board / Directors (directors’ duties / legal issues)
- Board composition and structure
- Case studies
- Risk management in the boardroom
- The relationship between the board and management
- Shareholder rights and responsibilities
- Corporate governance and value creation
Strategic Leadership
- Leading in a changing business world.
- Fundamental concepts in executive leadership.
- Sources of executive power and influence.
- Leadership requirement.
Risk Management
- The need for risk management
- The evolution of banking risk
- Old Basel Accord
- New Basel Accord
- Basel II
- Objectives, structure and pillars
- Challenges of the old and new Accords
- Case studies
- Lessons from financial disasters
- G-30 report
- Best practices in developing risk management, environment, appetite and policies
International Accounting Standards (IAS)
- Current issues and latest developments in IASs and their world-wide applications and implications
- GAAP Accounting
- Case studies, practical examples of international companies
- Usage of IASs/IFRS
WEEK TWO
The Context of Financial Management
- Introduction
- What is a budget?
- ‘New Public Management’ and financial management
- Budget Classification and Structure
- Classification of the Budget
- Budget Composition
- The Line Item System vs Programme Systems
Accounting and Budgeting: National Level
- Introduction: approaches to public accounting and budgeting
- Cash Accounting vs Accruals Accounting
- Planning: the macroeconomic, fiscal framework and the medium-term expenditure framework
- The role of the Ministry of Finance
- Budget Timetable
International Public Sector Accounting Standards Board (IPSAS) and cash standards:
- The standards setters for public sector financial reporting, nationally and internationally
- The origins and role of the IPSASB and IFAC membership criterion 5
- The development and promotion of a suite of accrual based standards
- The general cash basis IPSAS and the relevance of consolidated accounts for the public sector; whole of government accounts or reporting at ministerial level
- Accounting for international assistance and budget reporting standards
- Application of IFRS to the public sector
- Regularity and probity
- Opinion on the financial statements
- Value for money audit
Auditing Standards and Ethical Code:
- Basic principles
- General standards
- Field standards
- Reporting standards
- Ethical Code
- Integrity
- Independence, Objectivity and Impartiality
- Professional Secrecy
- Competence
