Course I (Practical Accounts Preparation)

Objective

To show students how to prepare a working paper file, ready for review by their manager. An example client is used throughout the course, and the students prepare the various sections of the file from the client’s information. The complete file is reviewed during the second week by a manager from the firm and feedback obtained.

An introduction is also given to very basic auditing issues, mainly looking at stocktaking procedures.

The students will also be given an introduction to other topics that will affect them, such as VAT, PAYE, corporation tax, and money laundering.

 Day   Morning session    Afternoon session
 1 Introduction, explanation of case study, recap of double entry Prepare opening trial balance, incomplete record trial balance, start working paper file
 2 Analysis of bank receipts and payments Posting to TB, points for manager, bank reconciliation, petty cash
 3 Analysis of sales daybook, debtors control, sales ledger Purchase daybook, creditors control, purchase ledger
 4 VAT control & VAT returns Fixed assets
 5 Introduction to stock take audit Stock take case study
 6 PAYE and wages Prepayments, accruals, stock & other journals, P&L schedules
 7 Extending the trial balance, drafting the accounts  Introduction to computerised records, posting the TB and adjustments
 8 More work on computerised records Introduction to corporation tax
 9 Introduction to analytical review (AR case study) Completion of working paper file
 10 Manager Review Introduction to Anti-Money Laundering
Practical Workshop
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