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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 |
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
