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P2 Financial Risks and Controls

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Module Description

Study Method: Training Center Location
Awarding Body: Chartered Institute of Internal Auditors (Face to Face)

This is the face to face version of this course module. It is also available as distance learning. Click here to switch to the distance learning version.

ALL DISTANCE LEARNING COURSES MUST BE BOOKED WITHIN A MINIMUM OF 10 WEEKS OF THE EXAM SESSION FOR WHICH STUDY IS REQUIRED

PASS RATE NOVEMBER 2012 EXAMS  - 90%
PASS RATE JUNE 2013 EXAMS             - 78%
PASS RATE NOVEMBER 2013 EXAMS  - 90%
PASS RATE JUNE 2014 EXAMS             - 92%
PASS RARE NOVEMBER 2014 EXAMS - 78%


The aim of this module is to enable students to recognise and understand the nature of risk associated with financial and accounting systems and the controls associated with them.

It will equip students with the skills necessary to comprehend financial processes and interpret accounting information. This will ensure that internal auditors can apply the evaluation and appraisal of accounting information to inform the audit process in identifying risks and providing assurance.

It will provide them with the terminology, concepts and theoretical points of reference used to describe and evaluate financial activity and planning that are essential for successful interaction with staff members at all levels.

It will also develop the numerical literacy and analytical skills that are needed for undertaking effective internal audits.

 

Those who have successfully completed the module will be able to:

  • identify the main risks and associated controls across the range of standard financial and accounting systems
  • understand the conditions and activities associated with financial systems that could lead to fraud or improper activities
  • appreciate the role of accounting controls within financial systems in preventing and detecting errors and fraud
  • complete basic accounting calculations
  • undertake sound analysis and present numerical information in the most effective manner for management decision making
  • understand the purpose of published financial statements and critically evaluate their usefulness and limitations
  • interpret the external financial reporting of organisations in the private, public and not-for-profit sectors
  • understand the methods of preparing management accounting information and the assumptions that have been made
  • apply accounting information during audit work
  • communicate at an acceptable level of financial literacy with financial managers within the organisation and with external auditors
  • understand and comment upon the differences between published financial statements and internal management information
  • demonstrate awareness of subjectivity in decision making by those preparing accounting information
  • engage confidently in discussion with financial and accounting professionals during audit work
  • critically evaluate financial and accounting information
  • understand and interpret key financial reports (including cash flow statements, balance sheets, income and expenditure statements, business cases, budget reports and costing statements)
  • independently conduct audit work in basic financial and accounting systems
  • present audit advice in written, numerical and graphical form

Module sessions

Date Month Location Price Enrol
19/09/2016 to 22/09/2016 September Cardiff £959

Revision sessions

Date Location Price Enrol
10/11/2016 to 10/11/2016 Cardiff £239

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Accredited By

CIPFA Accredited
leadership management wales
chartered management institute approved
institute of consulting approved
institute of consulting premier practice
macmillan
leadership management wales
institute of consulting approved

In Partnership With

institute of internal auditors

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Mark Barnes


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