Draft Education Programme

One of the main purposes of the Association is to provide training and educational programmes for its members.

Training method and costs

The training courses will be either instructor led, web-cast or e-learning.  The instructor led courses would be in the form of a workshop which can range from one to two days depending on the course.  The workshop size would be kept at a maximum of twenty to ensure that participants obtain individual attention. The cost of training will vary depending on the type of training method. 

Outline of the education programme

The Association will offer "core" courses which will be delivered at least twice a year.  Members will have the option of either taking the complete "core" course programme or specific components of that programme. These courses are described as 'core' courses since they form part of the essential training required by audit committee members and the board in general.

·         Description of core courses:

A.      Orientation Programme for new audit committee members

This training programme is designed as an introductory course for new members on audit committees and can be tailored for individual organizations.  The key learning objectives include:

Components of the course	Length of course
1.       What is the role of Audit Committee?	This programme would be between 3-4 hours
2.       What you need know about the organisation
3.       Understanding the Audit Committee Charter
4.       The mechanics of audit committee meetings
5.       Managing relationships with other stakeholders
6.       Introduction to financial reporting and investor relations

One of the main purposes of the Association is to provide training and educational programmes for its members.

• Understanding the expectations of being an audit committee member.
• Have an in-depth understanding of the organisation's business, background, etc
• The dynamics of audit committee meetings, including, frequency of meetings, preparation for the meetings, etc.
• The audit committee's role in the investor relations process and how can it manage its relationship directors, management, internal and external auditors.

B.      Financial Reporting and the regulatory environment

This training programme is designed to provide an understanding of international financial reporting standards and the changes in the regulatory environment.  It will be specifically tailored for financial and non-financial audit committee members.  The key learning objectives include:

Components of the course	Length of sessions
13.   What are international financial reporting standards?	2 hours
14.   An introduction to the framework of financial reporting	2.5 hours
15.   Financial statement preparation & presentation and Key IAS/IFRS	Various sessions ranging from 2.5 hours to 7.5 hours
16.   Bridging the Gap - Management Accounts and Financial Statements. Understanding financial statement assertions.	2.5 hours
17.   Question to ask of management on financial reporting	2.5 hours
18.   Updates on the regulatory environment - BASEL II, Sarbanes-Oxley, country specific regulations, etc	3 hours

Learning Objectives

·         Have a basic understanding of international financial reporting standards and the requirements for the preparation and presentation of financial statements.

·         Determine the completeness of financial statements.

·         Ask probing questions of management and internal audit on financial reporting matters.

·         Identify "red flags" on financial statements.

·         Have an update on changes in the regulatory environment

·         Understand the impact of regulations and significant accounting issues on financial statement reporting.

C.      Understanding the control environment and enterprise risk management

This training programme is designed to provide members with overview of the internal controls framework and developments in enterprise risk management

Components of the course	Length of sessions
19.   What is the control environment?	1.5 hours
20.   The role of internal audit	2.5 hours
21.   An introduction to the Internal controls framework	4.5 hours
22.   An introduction to enterprise risk management	4.5 hours

Learning Objectives

• Have a high level overview of the internal control framework and enterprise risk management and the role of internal audit
• Review the systems in place to monitor compliance with laws and regulations and to consider the impact on financial reporting
• Have an understanding for controls over management reporting

D.      Corporate Governance Principles

This training programme is designed as a comprehensive course on the recent corporate governance developments.

Components of the course	Length of sessions
23.   The Outlook for Corporate Governance	1 hours
24.   Code of ethics and conduct	2.5 hours
25.   Board of Directors' accountability	2.5 hours
26.   Self-assessment of the audit committee	1.5 hours

Learning Objectives

• Understand benchmarks of an effective and efficient audit committee
• Be current on developments in corporate governance procedures and practices

E.      Fraud

This training programme is designed as a comprehensive course on the role of the audit committee in fraud prevention and detection.

Components of the course	Length of sessions
27.   The definition and categories of fraud	2.5 hours
28.   The role of the Audit Committee in the awareness, prevention, detection and investigation of fraud	2.5 hours
29.   Whistle blowing procedures	2.5 hours

Learning Objectives

• Understand the various types of frauds with a focus on industry specific issues, for example training for fraud prevention for the banking industry
• The role of the audit committee
• Have an understanding of the guidelines have a whistle blowing network for the detection of fraud

F.      Yearly Updates

There will be an option for members to take the yearly updates to any of the core courses. This will be a short version of the course focusing on developments in the subject area.  T

·         Other courses

The Association will facilitate the workshops, lectures, technical alerts and web-casts on other topical issues.  It is proposed that during the year, the Association will host at least two other courses other than the "core" courses.