IIA1 - Fundamentals of Accounting and Finance


Not all Internal Auditors need necessarily be Financial Accountants. Nevertheless a grasp of the fundamentals of financial accounting is essential to round-out the non-financial auditor.

Management accounting provides data for planning, controlling and costing of products, services and customers.

Managerial finance involves decisions regarding choice of assets and liabilities so as to maximise the value of the firm.

This three-day module is intended for non-financial auditors who need to understand financial and management accounting concepts as well as managerial finance.

By the end of this module the attendee will be able to:

  • Understand the conceptual framework underlying financial accounting
  • Understand the role and contents of balance sheets, cash flows and income statements
  • Understand the various approaches to inventory valuation
  • Account appropriately for assets and liabilities
  • Conduct basic balance sheet analysis
  • Understand cost accounting fundamentals
  • Understand the role and contents of budgets and standards
  • Determine how costs behave
  • Allocate costs appropriately
  • Understand decision models
  • Analyse costs and evaluate cost management
  • Understand the financial environment
  • Demonstrate a grasp of the essential concepts
  • Rate of return
  • Time value of money
  • Share valuations
  • Understand the nature of financial forecasting
  • Understand working capital management
  • Analyse strategic long-term investments
  • Understand Cost of Capital, leverage and dividend policy


This course is designed to be of primary benefit to auditors who are not from a financial background but nevertheless need to understand the financial concepts. This course will provide invaluable benefit to candidates for CIA part 3.

To register, please send us your details on the:

  Registration Form  

mail to: info@rcascarino.com