FOCUSED Training
"The only thing worse than training staff and losing them is not training staff and keeping them." Zig Ziglar
In this climate of change, accounting and audit professionals need to be properly equipped through high quality training. This is important to ensure:
• compliance with the new standards,
• clients are advised appropriately on the implications of the changes and the choices they make; and
• work performed is cost effective
FocusROI provides high quality "In-house" training sessions that provides flexibility in content and can generally be attended by all levels of staff and even client personnel.
FocusROI courses are presented by highly qualified trainers with excellent communication skills. In particular, Stuart Hartley and Marcus Guenther spend a considerable amount of their time each year developing and presenting training courses. They consistently receive excellent course evaluations which are usually in the range of 85-95%.
Courses can be for as little as an hour, a half day or one, two, or even three days. If you prefer that someone in your firm take the time to prepare and present the course, we can also provide the training materials and instructor notes.
A sampling of courses currently available (in house) includes the following:
Accounting
• Accounting Standards for Private Enterprises
• International Financial Reporting Standards
(Introduction, basics and how to implement)
• Not for Profit Accounting Standards
Assurance
• Canadian Auditing Standards (or ISAs)
• Use of the C-PEM (or ISA) audit forms
• Reviews and compilations
• Quality control
ASPE
In 2011, private enterprises will be required to change their financial reporting framework from Canadian generally accepted accounting principles (Canadian GAAP) to either International Financial Reporting Standards (IFRS) or the all Canadian Accounting standards for Private Enterprises (ASPE). Most Canadian private entities will likely adopt ASPE.
Accounting Standards for Private Enterprises NEW! |
½ or 1 day | Intermediate |
In this course we cover the major changes embedded in the new ASPE, requirements for the changeover period, accounting policy choices available to the client and what has to be disclosed. You'll come away from the course with an understanding of the changes and practical ways to apply new standards. |
Course modules include: |
IFRS
In 2011, all publicly accountable enterprises (PAEs) will have to prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) for both interim and annual financial statements. Elements of an entities changeover plan and the effects IFRS will have on their financial statements and operations are required disclosures in the MD&A.
Understanding IFRS financial statements NEW! |
½ or 1 day | Intermediate |
Many practitioners may not be required to prepare financial statements using IFRS but still need to read and analyze an IFRS financial statement. In this course we will identify what to areas and disclosures to look for in identifying differences may exist between the original Canadian GAAP and IFRS. You'll come away from this course with a practical understanding of the impact of IFRS on publically accountable entities. |
Course modules include: |
IFRS – The Basics |
1 day | Intermediate |
Converting to IFRS represents a fundamental change in accounting for PAEs and may require significant time and resources to address. This course provides an overview of key changes between original Canadian GAAP and IFRS. It also addresses the transition requirements, choices to be made on accounting policies, and how to plan for the changeover. You'll come away from this course with a basic understanding of what IFRS is all about. |
Course modules include: |
IFRS – Implementation |
1-3 days | Intermediate |
These courses consist of modules that can be packaged to address the IFRSs relevant to your entity or practice. We have numerous IFRS training modules that address virtually every IFRS standard. In addition, these courses address not only the changes required in financial reporting but also the choices available on accounting policies, disclosures required in the MD&A and likely impacts on accounting systems and the financial reporting process in general. You'll come away from this course with an understanding of specific implementation issues. |
Course modules include: |
Not-for-Profit Accounting Standards
Not for profit entities will also be required to change their financial reporting framework although the timing and nature of the change has yet to be determined. Larger not-for-profit organizations may choose to apply IFRSs or the Public Sector standards (designed by PSAB for government agencies) but smaller ones may choose to use the standards for private enterprises with some specific additions.
In March 2010, the AcSB issued an Exposure Draft, "Accounting Standards for Not-for-Profit Organizations," which addressed the future direction for setting standards for the not-for-profit sector and the timing of the changeover from the existing standards in Part V of the Handbook.
When the new standards have been issued we will prepare a suitable course. We expect the course to be available in the latter part of 2011.
Not for Profit organizations - accounting Yet to be developed |
½ or 1 day | Intermediate |
In this course we will address the major changes in the not for profit standards and address the implications of different underlying financial reporting frameworks. |
Course modules include: |
Audit / Review
Canadian Auditing Standards (or ISAs)
The international auditing standards (which Canada has adopted) have been clarified and some revised. Although many of the audit concepts will be familiar, the use of audit objectives, the audit approach and the more extensive mandatory requirements add up to significant change. CAS 200.19 requires the following:
"The auditor shall have an understanding of the entire text of a CAS, including its application and other explanatory material, to understand its objectives and to apply its requirements properly."
The effective date for implementation of the new CASs is for periods ending on or after December 14, 2010.
CAS's – What has changed New! |
1 day | Intermediate |
This course addresses the major changes in the new Canadian auditing standards, implications for how the audit is to be performed and guidance on practical implementation within your firm. You'll come away from this course with an understanding of the major changes in auditing standards and a basic understanding on what will be required to implement them. |
Course modules include: |
CAS's – Implementation using C-PEM New! |
1-2 days | Basic |
This course explains how to perform a cost effective audit using the all new C-PEM materials. It highlights the key requirements in conducting a risk based audit, the changes contained in the new Canadian auditing standards and the C-PEM response. You'll come away knowing how to perform an efficient and cost effective audit. |
Course modules include: |
Standards for Review and Compilation Engagements
This is the one area of assurance services that has not changed very much in the last few years. That could change in 2011. In the fall of 2010, IFAC are planning to issue an exposure draft that will outline new requirements for both review and compilation engagements.
Review engagements |
½ to 1 day | Basic |
This course provides an introduction/refresher on the standards relating to review engagements. It addresses many of the frequently asked questions in practice and the common findings of practice inspectors. The course focuses on how to plan an engagement and when to use professional judgment in determining plausibility. It will also address the quality control requirements contained in CSQC1 and the likely changes to review/compilation standards in the future. You'll come away knowing how to perform and document effective review engagements. |
Course modules include: |
Compilation engagements |
½ day | Basic |
This course provides an introduction/refresher on the standards relating to compilation engagements. It addresses many of the frequently asked questions in practice and common findings of practice inspectors. The course will also address likely changes to compilation standards in the future. You'll come away with an understanding of the standards and how they are typically applied in practice. |
Course modules include: |
Quality Assurance
Work of superior quality not only builds respect for our profession in the eyes of the public and regulators, but also attracts the highest calibre of client and staff.
Firms are now required to design and implement a system of quality control. The goal is to ensure the firm and its personnel comply with professional standards and that reports issued by the firm are appropriate in the circumstances.
Quality Assurance |
½ day | Basic |
This course provides a refresher on the quality control requirements and some practical ideas on developing a cost effective system of quality control. The course will address the tailoring of the quality control manual, monitoring quality and common findings of practice inspectors. You'll come away with an understanding of how quality control can be used to improve the effectiveness of your practice and help maintain the highest calibre of clients and staff. |
Course modules include: |
Typical "in house" training costs
Our rates for presenting (in person) training courses start from:
• $600 (plus instructor travel costs) for a standard one hour presentation for up to 30 people and $10 per person thereafter
• $1,200 (plus instructor travel costs) for a standard half day presentation for up to 20 people and $25 per person thereafter.
• $1,950 (plus instructor travel costs) for a standard full day presentation for up to 20 people and $50 per person thereafter.
• $3,600 (plus instructor travel costs) for a standard two day presentation for up to 20 people and $60 per person thereafter.
• $250 (half day) to $400 (full day) for a ready to print file of training materials
Where tailored course content (such as for a specific group/subject) is required we would be pleased to provide a quote which will be based on an estimate of time required.
Costs of training materials (without instructor)
Our rates for providing ready to use training materials, (including instructor notes) start from $699 for a half day course and $1,200 for a full day course.
Please email us for a free quotation on your training needs at info@focusroi.com