The Controllership Series - Financial Statement Preparation

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Instructor

Lynn
Fountain

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Lynn Fountain

Bio

Lynn Fountain, CGMA, CRMA, MBA
Overland Park, Kansas

Lynn Fountain has over 35 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. 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 and she has held two Chief Audit Executive positions for international companies. She currently is engaged in her own consulting and training practice and has trained internationally. Ms. Fountain is a discussion leader for the AICPA for numerous classes as well as conducting her own various training courses. Topics include fraud and forensic courses for both profit and not-for profit, internal controls for large and small entities, COSO 2013, ethics, and risk management and various leadership courses.

Ms. Fountain is the author of three separate technical books released in 2015. The first book entitled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations” was published by the Institute of Internal Auditors Research Foundation and released in April 2015. She will be a featured presenter at the Institute of Internal Auditors International convention in July 2016 conducting a half-day training on her book, “Raise The Red Flag”. Her second book “Leading The Internal Audit Function” was released in October 2015 by Taylor & Francis Publications. This book serves as the initial launch for a series of leading practice internal audit and information technology publications. In addition, her third book “Ethics and the Internal Auditor’s Dilemma” was released winter of 2016.

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate.

www.lynnfountain.net
fountainlynn1@gmail.com

One of the important roles of any member of the financial team. Including the controller, may be involvement in the preparation of the company’s financial statements. Even if that responsibility falls within the office of the CFO, the controller and other finance personnel must understand how their transitions recorded impact the financial statements. Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity.
Relevant financial information is presented in a structured manner and in a form which is easy to understand. They typically include four basic financial statements accompanied by a management discussion and analysis:

A balance sheet or statement of financial position reports on a company's assets, liabilities and owners’ equity at a given point in time.
An income statement may have varying names including profit and loss report (P&L report), statement of comprehensive income, or statement of revenue & expenses. These report on a company's income, expenses, and profits over a stated period. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period.
A statement of changes in equity or “statement of equity” also called “statement of retained earnings” reports on the changes in equity of the company over a stated period.
A cash flow statement reports on a company's cash flow, particularly its operating, investing and financing activities over a stated period.

A balance sheet represents a single point in time, where the income statement, the statement of changes in equity, and the cash flow statement each represent activities over a stated period. For large corporations, these statements may be complex and may include an extensive set of footnotes to the financial statements, management discussion and analysis and supplementary information. The notes typically describe each item on the balance sheet, income statement and cash flow statement in further detail. Notes to financial statements are considered an integral part of the financial statements.

Learning Objectives

Discover and understand the purpose of the Financial Statement
Explore how to prepare a Balance Sheet, Income Statement, statement of Stockholder Equity, and Statement of Cash Flow
Discover and understand basic analytic ratios for the Balance Sheet, Income Statement and Statement of Cash Flow
Recognize and understand the components of notes to the Financial Statement
Identify the need for and uses of supplemental information to the Financial Statement

Major Topics

Accounting
Finance
Financial Statement Preparation

CPE Credits Available

2.6 CPE

1.6: Accounting
1: Auditing

Things to Know About This Course

Course Level

Basic

Professional Area of Focus

Accounting

Advanced Preparation

None

Intended Audience

Controllers, Accountants, CFO, Finance Professionals, Operational Professionals, Auditors

Provider

ACPEN