Finance & Accounting

Financial Statement Review and Internal Controls

This course focuses on the critical skills needed to effectively review financial statements and assess internal controls within an organisation. Participants will learn to identify discrepancies, evaluate financial health, and ensure compliance with regulatory standards, enhancing their decision-making capabilities.

5 days Classroom or live online English

Smart Horizon Certified - Global Leadership Consultants

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Download the full standard outline: why attend, methodology, objectives, audience, competencies, the daily outline and current plans.

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Why attend

From knowledge to real-world impact.

Financial statement discrepancies can lead to significant financial losses, regulatory penalties, and reputational damage. Professionals responsible for financial oversight must be equipped to identify and address these issues promptly. This course empowers participants to scrutinise financial statements critically, ensuring accuracy and compliance with applicable standards. Participants will engage in practical exercises that simulate real-world scenarios, enabling them to assess financial health and internal controls effectively. By mastering these skills, they will enhance their ability to make informed decisions that protect their organisation's financial integrity, improve stakeholder trust, and support strategic objectives.

Internal controls are essential for safeguarding assets and ensuring reliable financial reporting. Participants will learn to evaluate the effectiveness of existing controls and identify areas for improvement. This knowledge is crucial for mitigating risks associated with fraud, misreporting, and operational inefficiencies. Through hands-on workshops, participants will practice developing robust internal control frameworks tailored to their organisations' specific needs. They will also learn to communicate findings and recommendations effectively to stakeholders, ensuring that necessary changes are implemented. By the end of the course, participants will be well-prepared to contribute to their organisation's financial oversight, compliance efforts, and risk management strategies.

Workplace challenges

Professional Problems This Course Is Designed to Solve

The programme explores practical approaches to the following challenges. Results depend on how the learning is applied in your organisation.

Difficulty translating subject knowledge into practical workplace decisions.
Inconsistent approaches to the activities covered in the course outline.
Lack of a structured plan for applying and reviewing new skills.

Course methodology

How you will learn.

The course employs a blend of case studies, interactive workshops, and practical simulations to enhance learning. Participants will engage in detailed financial statement analyses, using real-world examples to identify errors and assess internal controls. They will collaborate in group discussions to deepen their understanding of complex concepts and share insights from their own experiences. Outputs will include comprehensive review reports, control assessment matrices, risk assessment plans, and presentations, demonstrating their understanding and application of the concepts taught. This hands-on approach ensures that participants can apply their learning directly to their professional roles, enhancing their effectiveness in financial oversight and compliance.

Course objectives

What you'll take away.

By the end of this course, participants will be able to:

Analyse financial statements to identify discrepancies and anomalies in reporting.
Evaluate the effectiveness of internal controls in financial reporting processes.
Diagnose potential risks associated with inadequate internal controls and reporting.
Construct a financial review report summarising findings and actionable recommendations.
Justify the need for specific internal control improvements based on analytical findings.
Prioritise areas for immediate attention in financial statement reviews and control assessments.
Develop a risk assessment plan that identifies key financial reporting risks.
Communicate financial review findings effectively to stakeholders and management.

Target audience

Who should attend.

This course is suitable for:

Financial analysts responsible for reviewing financial statements and ensuring accuracy.
Internal auditors assessing compliance and control effectiveness in financial reporting.
Accountants involved in financial reporting, analysis, and compliance.
Compliance officers ensuring adherence to regulatory standards and internal policies.

Target competencies

Capabilities you will build.

Participants will develop competencies in:

Critical analysis of financial data and statements for accuracy.
Risk assessment related to financial reporting and internal controls.
Development of internal control frameworks tailored to organisational needs.
Effective communication of financial findings and recommendations to stakeholders.
Implementation of best practices in financial oversight and compliance.
Strategic prioritisation of financial review tasks based on risk and importance.

Course outline

Your learning journey.

A focused, practical outline with time to explore, apply and reflect.

Day 1Foundations of Financial Statements

Applied activity: Participants will review a set of fictional financial statements to identify discrepancies and discuss their implications. They will apply analytical techniques to assess the financial health of the organisation and recommend corrective actions based on their findings.

Output: A discrepancy report highlighting identified issues, their potential impact, and recommended corrective actions.

09:00–09:54Understanding the components of financial statements: balance sheet, income statement, cash flow statement.
09:54–10:48Key accounting principles and standards affecting financial reporting.
10:48–11:00Identifying common discrepancies in financial statements and their implications for decision-making.
11:00–11:30Coffee break
11:30–12:12Identifying common discrepancies in financial statements and their implications for decision-making. (continued)
12:12–13:06The role of financial statements in organisational strategy and performance evaluation.
13:06–14:00Introduction to internal controls and their importance in safeguarding financial integrity.

Day 2Evaluating Internal Controls

Applied activity: In small groups, participants will evaluate a fictional company's internal control system, identifying weaknesses and recommending improvements based on the COSO framework. They will present their findings to the class for discussion and feedback.

Output: A control assessment matrix detailing identified weaknesses, suggested enhancements, and a summary of group discussions.

09:00–09:54Defining internal controls and their objectives in financial reporting and compliance.
09:54–10:48Assessing the design and implementation of internal controls in various processes.
10:48–11:00Understanding the COSO framework for internal control evaluation and application.
11:00–11:30Coffee break
11:30–12:12Understanding the COSO framework for internal control evaluation and application. (continued)
12:12–13:06Identifying weaknesses in existing internal controls through practical exercises and case studies.
13:06–14:00Techniques for testing the effectiveness of internal controls and documenting findings.

Day 3Risk Assessment in Financial Reporting

Applied activity: Participants will conduct a risk assessment of a fictional organisation's financial reporting processes, identifying key risks and proposing mitigation strategies. They will work in teams to develop a comprehensive risk assessment plan that addresses identified vulnerabilities.

Output: A risk assessment report outlining identified risks, their potential impact, and recommended actions for mitigation.

09:00–09:54Identifying risks associated with financial reporting and internal controls in practice.
09:54–10:48Evaluating the impact of identified risks on financial statements and organisational performance.
10:48–11:00Developing risk mitigation strategies for financial reporting and compliance.
11:00–11:30Coffee break
11:30–12:12Developing risk mitigation strategies for financial reporting and compliance. (continued)
12:12–13:06Understanding fraud risks and their implications for financial integrity and reporting accuracy.
13:06–14:00Creating a risk assessment plan for financial oversight and reporting.

Day 4Conducting Financial Reviews

Applied activity: Participants will perform a comprehensive review of a fictional company's financial statements, documenting their findings and preparing a presentation for stakeholders. They will simulate a review meeting to discuss their findings and recommendations with peers.

Output: A financial review presentation summarising findings, recommendations, and a proposed action plan for stakeholders.

09:00–09:54Establishing a systematic approach to financial statement reviews and documentation processes.
09:54–10:48Utilising analytical procedures to enhance review effectiveness and accuracy in reporting.
10:48–11:00Communicating findings from financial reviews to stakeholders and management effectively.
11:00–11:30Coffee break
11:30–12:12Communicating findings from financial reviews to stakeholders and management effectively. (continued)
12:12–13:06Documenting the review process and findings for compliance and future reference.
13:06–14:00Best practices for ongoing financial monitoring and review in organisations.

Day 5Integrating Controls and Financial Oversight

Applied activity: In teams, participants will develop an integrated financial oversight plan for a fictional organisation, incorporating financial statement review and internal control improvements. They will present their plan to the class for feedback and discussion, focusing on implementation strategies.

Output: An integrated financial oversight plan that includes analysis, control assessments, and improvement strategies, along with presentation materials.

09:00–09:54Combining financial statement analysis with internal control assessments for comprehensive oversight.
09:54–10:48Developing an integrated financial oversight framework that includes key controls and reporting processes.
10:48–11:00Creating a continuous improvement plan for financial reporting and internal controls.
11:00–11:30Coffee break
11:30–12:12Creating a continuous improvement plan for financial reporting and internal controls. (continued)
12:12–13:06Utilising technology to enhance financial oversight and control processes effectively.
13:06–14:00Case studies of effective financial oversight practices and lessons learned.

The timings provided are estimates and may vary depending on the number of participants and the discussions taking place during the sessions. They are indicative only and do not constitute a binding commitment.

Dates & venues

Find a session that works for you.

Confirmed dates accept registration requests. Tentative dates are enquiry only.

Good to know

A few things to know.

How is the course delivered?

Our classroom programmes combine facilitated discussion, case studies, exercises and reflection. The precise format will be confirmed before enrolment.

Can you deliver this programme for our team?

Yes, you can enquire about a tailored programme. Share your goals, group size and preferred dates with our learning team.

Will I receive a certificate?

Participants who complete the programme receive a Smart Horizon certificate of attendance. Smart Horizon programmes are not externally accredited and do not award a professional qualification, licence or designation. Where a course title or outline refers to a professional certification (for example, AACE International's Certified Cost Professional), the programme supports learning and preparation only; the credential itself is awarded solely by the relevant professional body under its own application and examination requirements.

What should I confirm before booking travel?

Please confirm the session, exact venue, accessibility arrangements, fees and any visa requirements with the team before arranging travel. Tentative dates are not confirmed sessions.

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