This month's exclusive Accountancy Daily CPD module focuses on cashflow reporting and forecasting by reminding businesses that even in times of crisis 'cash is king', also looking at the nine ICAEW principles for financial professionals on how to adapt cashflow processes, analysis and forecasting during the coronavirus crisis
On 16 April 2020 the Institute of Chartered Accountants in England and Wales (ICAEW) issued Nine principles for finance professionals – adapting cash flow processes, analysis and forecasting, as part of a series of online leaflets providing guidance for accountants during the coronavirus crisis.
These have been drafted carefully to apply to any size of business. Well-managed businesses will already be following these principles: the clear emphasis is on:
- people taking personal responsibility for the stewardship of cash flow
- this being part of a business’s routine, with extra emphasis on cash flow issues because of the crisis.
Completing this module on cashflow reporting and forecasting in the current coronavirus crisis will enable you to:
- Emphasise that 'cash is still king' and why cash is still so vital to the success of a business;
- Explain the principles behind cashflow reporting and forecasting so that businesses, as far as possible, know where they have been, where they are and where they are going to be; and
- Explain the vital role of auditors, not only in advising on cash management but also in helping to detect and prevent fraud - which so often involves cash.
This CPD module takes 20 minutes to complete and is followed by a short quiz to ensure thorough learning. There are also detailed course notes to ensure a full learning experience. Any CPD learning is also automatically added to Your CPD Tracker.
The CPD course lecturer is David Duvall, tax writer at Croner-i.
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