Accounting Errors: Detection and Correction According to International Standards
Introduction :
Accounting errors pose serious risks to financial reporting accuracy and can lead to misguided business decisions. This training course is designed to help participants identify, detect, and correct accounting errors in accordance with international accounting standards. The course emphasizes internal controls, analytical tools, and best practices to enhance the integrity of financial data. Participants will explore real-world case studies and develop practical skills in correcting common accounting errors, applying international standards, and preparing accurate financial reports. Tailored for professionals in accounting and auditing, this course will provide the knowledge and tools needed to prevent errors and ensure compliance with global standards. By mastering these skills, participants will improve the efficiency and reliability of financial operations in their organizations.
Objectives :
- Understand common types of accounting errors and their causes.
- Apply analytical methods to detect accounting mistakes.
- Correct errors in compliance with international standards.
- Strengthen internal controls to minimize accounting risks.
- Analyze the financial impact of accounting errors.
- Recognize the role of auditing in error detection and correction.
- Develop skills for preparing accurate financial reports.
- Improve accounting systems for greater transparency and accuracy.
Target Audience :
- Professional accountants in public and private sectors.
- Internal and external auditors.
- Finance and audit department managers.
- Financial and accounting consultants.
- Financial reporting and analysis officers.
- Professionals in audit and accounting departments.
- Individuals seeking to enhance their knowledge of international accounting standards.
Content Outlines :
Module One – Types of Accounting Errors
- Calculation errors in daily transactions
- Posting errors in journal entries
- Estimation and classification errors
- Omissions in financial records
- Errors due to data misinterpretation
- Distinguishing between unintentional errors and fraud
Module Two – Methods of Detecting Errors
- Horizontal and vertical financial analysis
- Using performance indicators to detect discrepancies
- Auditing daily journal entries
- Reviewing accounts payable and receivable
- Analyzing bank reconciliations and adjustments
- Employing technical and analytical tools
Module Three – Accounting Treatment of Errors
- Restating previous financial periods
- Preparing correcting journal entries
- Adjusting financial statements
- Considering tax implications of corrections
- Documenting error corrections properly
- Adhering to recognized accounting standards
Module Four – Relevant International Standards
- IAS 8 Accounting Standard
- Distinction between policy changes and errors
- Transparency and disclosure in reporting
- Reporting under IFRS framework
- Impact of standards on financial disclosures
- Requirements for retrospective or immediate correction
Module Five – Practical Applications and Assessment
- Real-life case studies in error detection
- Analyzing inaccurate accounting data
- Simulating corrective journal entries
- Skills assessments for correction techniques
- Hands-on training using audit tools
- Final review of diverse accounting scenarios