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31 - AAU - Accounting and Financial Auditing


AAU 109 - Budget Preparation Skills

Code Start Date Duration Venue Fees
AAU 109 06 December 2020 5 Days Istanbul $ 3950 Registration Form Link
AAU 109 24 January 2021 5 Days Istanbul $ 3950 Registration Form Link
AAU 109 21 February 2021 5 Days Istanbul $ 3950 Registration Form Link
AAU 109 21 March 2021 5 Days Istanbul $ 3950 Registration Form Link
AAU 109 18 April 2021 5 Days Istanbul $ 3950 Registration Form Link
AAU 109 16 May 2021 5 Days Istanbul $ 3950 Registration Form Link
AAU 109 13 June 2021 5 Days Istanbul $ 3950 Registration Form Link
AAU 109 11 July 2021 5 Days Istanbul $ 3950 Registration Form Link
AAU 109 08 August 2021 5 Days Istanbul $ 3950 Registration Form Link
AAU 109 05 September 2021 5 Days Istanbul $ 3950 Registration Form Link
AAU 109 31 October 2021 5 Days Istanbul $ 3950 Registration Form Link
AAU 109 28 November 2021 5 Days Istanbul $ 3950 Registration Form Link
AAU 109 25 December 2021 5 Days Istanbul $ 3950 Registration Form Link
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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