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4 - AAU - Accounting and Financial Auditing

AAU 109 - Budget Preparation Skills

Code Start Date Duration Venue
AAU 109 26 February 2024 5 Days Istanbul Registration Form Link
AAU 109 01 April 2024 5 Days Istanbul Registration Form Link
AAU 109 06 May 2024 5 Days Istanbul Registration Form Link
AAU 109 10 June 2024 5 Days Istanbul Registration Form Link
AAU 109 15 July 2024 5 Days Istanbul Registration Form Link
AAU 109 19 August 2024 5 Days Istanbul Registration Form Link
AAU 109 23 September 2024 5 Days Istanbul Registration Form Link
AAU 109 28 October 2024 5 Days Istanbul Registration Form Link
AAU 109 02 December 2024 5 Days Istanbul Registration Form Link
Please contact us for fees


Course Description

This course focuses on the essential skills required to understand the processes of costing and budgeting within organizations wish special light shed on public organizations. The course is designed to address all the relevant issues concerning cost analysis, budget preparation and performance measurement. By completion of this course, participants will be able to develop their own systems and make sophisticated decisions. Thus will result in a better management of the organization's performance. 

Course Objectives

  • Identifying the key factors required to understand business processes
  • Developing proper system of cost analysis for budgeting purposes 
  • Mastering the budgeting and financial skills required for better decision-making
  • Identifying sources of financial and operational data to support the budgeting process
  • Learning new best practices to manage organizational performance

Who Should Attend?

  • Financial professionals
  • R&D professionals
  • Sales/marketing professionals
  • General accounting professionals
  • Anyone who wants to understand the basics of budgeting and costing

Course Details/Schedule

Day 1

  • Budgeting and its role within the management process
  • The role of budgeting within management accounting
  • Linking costing and budgeting to strategy and performance measurement
  • The process of value creation: implications for budgeting
  • What is a budget and why costing is fundamental
  • Budgets - the financial expression of the operating plan
  • How is it important for public institutions 
  • Linking financial and operational issues
  • Behavioral implications of budgeting

Day 2

  • The importance of strategic plan in budget preparation 
  • Costs analysis for budgetary purposes
  • Costing for budgeting: Why?
  • Cost terms and purposes
  • Fixed and variable costs
  • Cost, volume, profit (CVP) relationships
  • The key concept of contribution margin
  • Direct and indirect cost – the allocation problem
  • Traditional methods versus activity based costing 

Day 3

  • The framework for budgeting
  • Elements of the budgeting framework
  • Key concepts and terminology
  • Discretionary spending
  • Advantages and disadvantages: critical issues to be discussed
  • Overview of the financial statements
  • Balance sheet, income statement, and the statement of cash flows
  • Introducing cost analysis for decision-making
  • The importance of understanding full costs

Day 4

  • Budgeting for management control purposes
  • Budgets for public institutions
  • Flexed budgets and variance analysis
  • Explain why standard costs are used in variance analysis
  • Describe the difference between a fixed budget and a flexed budget
  • Compute flexed budget variances and sales volume variances
  • How to interpret variance analysis
  • Integrate continuous improvement into variance analysis
  • Is budgeting enough?

Day 5

  • Beyond budgeting: broadening performance measurement systems
  • Anomalies, flaws and shortcomings of traditional approaches to budgeting and measurement
  • Performance measurement indicators
  • Linking financial to operational issues
  • Linking strategy to performance measurement
  • The balanced scorecard and six sigma
  • Financial perspective
  • Customer perspective
  • Internal business process perspective
  • Learning and growth perspective
  • Developing and adapting the scorecard