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4 - AAU - Accounting and Financial Auditing

AAU 106 - Cost Management, Financial Management, Budgeting and Cost Control

Code Start Date Duration Venue
AAU 106 09 October 2023 5 Days Muscat Registration Form Link
AAU 106 13 November 2023 5 Days Istanbul Registration Form Link
AAU 106 11 December 2023 5 Days Istanbul Registration Form Link
Please contact us for fees


Course Description

Budgeting and cost analysis are crucial elements for the management of contemporary organizations. Nowadays, if companies want to stay competitive, they are urged to link their strategies with accurate systems of resource allocation and performance measurement. Along this line, budgeting, as well as tracking, controlling & reducing cost represent essential activities to be performed and monitored by organizations as they implement their key processes, activities and operations. In addressing these issues, this course is relevant for those professionals & analysts facing the difficult challenge of improving performance while reducing costs of those processes for which there are accountable. This course provides participants with key cost awareness and budgetary skills, which are essential for managing and controlling resources in times of increasing global competition where the budgets are inextricably linked with both the achievement of strategic objectives as well as with evaluation of future plans and initiatives.

Course Objectives

  • Refine costing and budgeting terminology used in business
  • Understand the importance of a well-defined costing and budgeting process
  • Determine full costs of outputs for the goods and services provided
  • Master traditional techniques and recent best practices on budgeting / cost management
  • Link finance and operation for budgeting purposes and strategy execution
  • Learn how to build a comprehensive performance measurement system
  • Know the methodology and main principles of Life-Cycle-Cost Management

Who Should Attend?

  • Financial Professionals
  • Sales/Marketing Professionals
  • General Accounting Professionals
  • Business Unit Professionals
  • Anyone who wants to refine and advance the budgeting and costing knowledge

Course Details/Schedule

Day 1

  • Generally Accounting Principles
  • IFRS
  • Basics for Accounting
  • Financial Statements
  • Balance Sheet
  • Income Statement
  • Cash Flow Statement
  • Ratio Analysis

Day 2

  • Cost and Cost Terminology
  • Cost Classification
  • Material
  • LIFO, FIFO, Average methods
  • Labor Cost
  • Turnover, Idle Time, Overtime
  • Over-head Cost
  • Allocation of over-head
  • Standard Costing
  • Variance Analysis

Day 3

  • Time value of money
  • Present Value future value
  • Simple vs compound interest
  • Cost volume profit Analysis
  • Breakeven
  • Average rate of return
  • Cash payback method
  • Present value
  • Internal rate of return

Day 4

  • Financial Planning
  • AFN
  • Budgeting
  • Forecasting
  • Saving vs investment
  • Money Markets and Capital Markets
  • Stocks,Bonds
  • Derivatives

Day 5

  • Annual Reports
  • Footnotes and disclosures
  • Auditing and internal control
  • Risk Management 
  • Coso Environment
  • Control Activities
  • Corporate governance