Audit Of Inventory/construction Contracts And Revenue In The FRS 102/ifrs Regime

TIMING

Registration Course starts CoffeeCourse ends
13:00 13:30 15:00 16:30

COURSE FEE

£105+VAT. (click here for information on the Flexiticket discount scheme - fees as low as £50.83+VAT per place).

COURSE CODE

NO30B8

SPEAKER

Ralph Tiffin

OBJECTIVES

Stocks and WIP are still around. Stock audits are still required but with even more emphasis on risk assessment, the disclosure of areas of judgement and the use of estimates. Audits may become more efficient and thorough through the use of analytics.  

The terminology and methods of accounting for construction contracts and related revenue changed considerably on the introduction of FRS 102 and there are further changes with the forthcoming introduction of IFSR 15. 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 link the new GAAP with practice and how accounting may change the audit work you need to undertake to ensure reliable and substantiated figures.

WHO SHOULD ATTEND?

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 need to produce reliable figures!

TOPICS 

The audit work is required, particularly

  1.  ISA 300, Planning an Audit of Financial Statements
  2.  ISA 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
  3.  ISA 330, The Auditor's Responses to Assessed Risks
  4.  ISA 500, Audit Evidence
  5.  ISA 501, Audit Evidence-Specific Considerations for Selected Items - inventory, litigation and claims 
  6.  ISA 540 - Audit of accounting estimates  
  7.  FRS 102 GAPP – sections:- 
    1. 10 - Accounting policies, estimates and errors
    2. 13 - inventories
    3. 23 - revenue                                                                                                                       
  8.  IFRS 15 - Revenue from Contracts with Customers
  9.  Accounting policies and accounting manuals - stock, WIP and revenue from contracts
  10.  Integrating financial reporting with project management
  11.  Audit of inventory
  12.  Audit of WIP and contracts
  13.  Summary - a work plan for developing your audit or your reporting system

VENUE

Solent Hotel, Whiteley, Fareham

DISTRICT

Southern

Course fee
with 25 place
Flexiticket

£99.00 +VAT

Speakers

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