Effective Forecasting - An Auditor’s Guide

Introduction

More and more we have to forecast, more and more spreadsheets are used but does forecasting get any better?

This virtual classroom session reviews the importance of forecasting within a business plan and as a precursor to budgeting including a review of forecasting methods that will help you focus on what is best for you.

The session is aimed at those involved in and responsible for business plans, forecasts and budgets, to those modelling business plans and those that wish to understand and improve their businesses or clients planning processes.

It will also be of benefit to anyone reviewing business plans and the underlying forecasts enabling you to ensure:

• That the methodology of the forecasting model has been considered and is appropriate
• That the most appropriate forecasting technique(s) are being used
• That you can say a forecast is soundly based and likely to be reliable
• That you have an integrated planning and budgeting process
• That there is appropriate evidence to say that an entity is likely to be a going concern!

What You Will Learn

This live and interactive course will cover the following:

• Challenging at the outset the business model thus the viability of the entity/project - we live in rapidly changing and demanding times.
• Understand that planning, forecasting, budgeting and reporting should be integrated
• Identify how forecasting should fit in with corporate 'visions' and objectives
• Consider what forecast can mean and the need for clear definition
• List methods of forecasting - identifying the pros and cons
• Identify what may be true forecasting techniques
• Being aware of both your and colleagues biases
• Describe techniques that can be used to improve forecasts
• Is the business /project solvent NOW - at the start
• Is your business model viable/- sustainable and will it remain so?
• Spotting the red flags - avoid wasting time on lost causes
• The FRC stresses the importance for auditors to make sound, evidenced professional judgements - some sensible points to bear in mind.

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.