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Audit of Inventory & Construction Contracts - Are Your Figures Reliable?

21st Sep 2015
Brought to you by
AIA
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Now more likely called Inventory and Construction Contracts, stocks and work-in-progress remain important assets for many companies. Their valuation directly affects reported profits. Proper audit of them is as vital as ever and this course reviews audit techniques and the requirements of the relevant IASs. Particularly with respect to WIP, new UK GAAP and the new IFRS 15 - revenue brings possible changes to accounting and most certainly change as regards disclosures.

This is a time when accounting policies have to be reviewed and also a good time to integrate your project management financials with statutory reporting. This course aims to explain the new GAAP, how accounting may change and the audit work you need to undertake to ensure reliable and substantiated figures.

The course is aimed at being helpful to auditors, but also financial and project accountants who have to prepare the figures. Maybe you should bring your project managers along - to understand the pressure to produce reliable figures!

This course will cover the following:

  • What audit work is required, particularly
    • ISA 300, Planning an Audit of Financial Statements
    • ISA 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
    • ISA 330, The Auditor's Responses to Assessed Risks
    • ISA 500, Audit Evidence
    • ISA 501, Audit Evidence-Specific Considerations for Selected Items - inventory, litigation and claims
  • New UK GAPP -sections
    • 13 - inventories
    • 23 - revenue
  • IFRS 15 - Revenue from Contracts with Customers
  • Accounting policies and accounting manuals - stock, WIP and revenue from contracts
  • Integrating financial reporting with project management
  • Audit of inventory
  • Audit of WIP and contracts
  • Summary - a work plan for developing your audit or your reporting system

Please click here to read more

This course will be taking place in:

MANCHESTER - 23 October

LONDON - 27 October

LONDON - 22 April 2016

We're currently offering a reduced rate of £240+VAT (standard rate is £480+VAT) to accountingWEB readers - to book your discounted place now please contact [email protected] quoting reference AWEB15 and the course title.

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