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Live Webcast Replay

The Controllership Series - The Financial Close Process


Total Credits: 1.5 including 1 Accounting - Technical, .5 Auditing- Technical

Average Rating:
   8
Categories:
ACPEN Industry Institute |  Accounting and Auditing |  Personal Development
Speaker:
Lynn Fountain
Course Levels:
Basic
Duration:
1.5 Hours

Dates
Please Note: Programs with a ☾ insignia begin after 5pm or air on the weekend.


Description

A common challenge for the controller role is in closing the month-end and period-end books in preparation to issue financial statements. This duty requires precision, timing and efficiency.

In today’s digital world, many organizations have access to financial accounting software that will assist with the steps in the financial close. However, even with this aid it is critical the accountant understand the various steps for the close process and how they inter-relate to other accounting processes. This course gives you an insight into the inter-relationships between many processes that impact the financial close.

The closing process has traditionally been a slow one with many companies taking two weeks to close its subsidiary’s books and another two to three weeks to roll up and consolidated the results. With the introduction of technology much has been done to help accelerate that process with integrated enterprise resource planning systems and general ledger and consolidate software.

Within this segment we will discuss the elements of the financial close and also important concepts to assist the controller in accelerating their close timeline. This includes addressing all functional areas of the close including payroll, invoicing, payables, inventory, cash, and the general ledger. We will also discuss important concepts of ensuring your financial close is accurate by discussing bank reconciliations, overhead allocations, bad debt reserves, unpaid wages and accruals for vacation time, account reconciliations, deprecation and overall financial statement review.

Note: This course does not address utilizing technology in the financial close. Its focus is to understand the varied procedures involved in the financial close whether or not technology is utilized.
 

Basic Course Information

Learning Objectives
  • Analysis of business transactions
  • Creating journal entries
  • Post to Ledger Accounts
  • Prepare trial balance
  • Make adjusting entrie
  • Prepare adjusted trial balance
  • Prepare financial statements
  • Close accounts
  • Prepare post-closing trial balance

Major Subjects
  • Accounting
  • Finance
  • Financial Statements

Course Materials

Speaker

Lynn Fountain's Profile

Lynn Fountain Related Seminars and Products


Lynn Fountain has over 45 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.


Dates

Fri, Oct 18, 2024 - 11:00am to 12:22pm CDT
Sat, Oct 19, 2024 - 10:00am to 11:22am CDT
Fri, Nov 01, 2024 - 01:00pm to 02:22pm CDT
Wed, Nov 13, 2024 - 03:00pm to 04:22pm CST
Fri, Dec 06, 2024 - 09:00am to 10:22am CST
Mon, Dec 16, 2024 - 11:00am to 12:22pm CST
Thu, Jan 02, 2025 - 01:00pm to 02:22pm CST
Fri, Jan 17, 2025 - 03:00pm to 04:22pm CST
Thu, Feb 13, 2025 - 06:00pm to 07:22pm CST
Thu, Feb 27, 2025 - 11:00am to 12:22pm CST
Tue, Mar 04, 2025 - 01:00pm to 02:22pm CST
Mon, Mar 17, 2025 - 03:00pm to 04:22pm CDT
Fri, Apr 11, 2025 - 09:00am to 10:22am CDT
Thu, Apr 24, 2025 - 11:00am to 12:22pm CDT
Fri, May 02, 2025 - 01:00pm to 02:22pm CDT
Sat, May 10, 2025 - 10:00am to 11:22am CDT
Mon, May 12, 2025 - 03:00pm to 04:22pm CDT
Tue, Jun 10, 2025 - 06:00pm to 07:22pm CDT
Fri, Jun 27, 2025 - 11:00am to 12:22pm CDT
Sat, Feb 21, 2026 - 10:00am to 11:22am CST

Additional Info

Basic Course Information

Prerequisites None
Advanced Preparation None
Designed For Controllers, Accountants, Finance Professionals, Auditors
Original Recording Date 01/01/2024
Course Developer Lynn Fountain
Date Added to Catalog 02/14/2024
Yellow Book No

Additional Information

Complaint Resolution Policy

Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199). 


Official Registry Statement

Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org


Instructional Delivery Method

Group Internet Based


Course Registration Requirements

Online Registration


Refund/Cancellation Policy

Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer. 


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Overall:      4.4

Total Reviews: 8