Accounting and Auditing
Course Summary:

The Accounting and Auditing course at Magna Skills is designed to provide participants with a comprehensive understanding of financial accounting principles, auditing techniques, and regulatory compliance. Whether you're a beginner looking to start a career in accounting or an experienced professional aiming to enhance your auditing skills, this course will equip you with the knowledge and practical skills needed to excel in the field of accounting and auditing.

Course Objectives:

  1. Understand the fundamental principles of financial accounting.
  2. Prepare financial statements and reports in compliance with international accounting standards.
  3. Gain insights into auditing procedures and practices.
  4. Apply risk assessment techniques in the auditing process.
  5. Interpret financial data to make informed business decisions.
  6. Comprehend the legal and ethical aspects of accounting and auditing.
  7. Prepare for certification exams in accounting and auditing, such as CPA or CIA.

Course Outline

Module 1: Introduction to Accounting

  • Overview of Accounting Principles
  • Double-Entry Accounting System
  • Recording Financial Transactions
  • Accounting for Assets, Liabilities, and Equity

Module 2: Financial Statement Preparation

  • Income Statement
  • Balance Sheet
  • Cash Flow Statement
  • Statement of Changes in Equity
  • Financial Reporting Standards

Module 3: Accounting for Special Transactions

  • Revenue Recognition
  • Inventory Valuation
  • Depreciation and Amortization
  • Accounting for Income Taxes

Module 4: Introduction to Auditing

  • Role and Importance of Auditing
  • Types of Audits (Financial, Operational, Compliance)
  • Auditor's Responsibilities and Ethics

Module 5: Audit Planning and Risk Assessment

  • Audit Planning Process
  • Understanding Internal Controls
  • Risk Assessment and Materiality

Module 6: Audit Procedures and Evidence

  • Audit Sampling Techniques
  • Audit Testing Methods
  • Gathering and Evaluating Audit Evidence

Module 7: Audit Reporting and Documentation

  • Audit Reports and Opinions
  • Audit Documentation and Workpapers
  • Communication with Clients and Management

Module 8: Legal and Ethical Aspects of Accounting and Auditing

  • Legal Framework for Auditing
  • Ethical Standards for Accountants and Auditors
  • Professional Codes of Conduct

Module 9: Advanced Topics in Accounting and Auditing

  • International Accounting Standards (IFRS)
  • Specialized Audits (Forensic, Internal, IT)
  • Emerging Trends in Accounting and Auditing