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News & Knowledge

IFRS and BEAN Audit Training Offer

MSI Global Alliance, in collaboration with our Global Connect partners at DFK and AGN, has engaged training provider W.Consulting to provide IFRS and audit training for member firms.

Both training programmes are free of charge to members and provided online through a desktop application to licensed users.

MSI has acquired 40 licenses and each member firm will be allocated up to 2 licences on a first-come, first-served basis. Licences will be issued based on each email address and distributed to members registering in due course.

What’s on offer?

W.Consulting will provide two web-based learning applications that we believe could provide member firms with excellent value for money training for their staff. These are the IFRS Desktop Application and BEAN Audit Application. All training is provided in English language only.

Why would this be of interest to you?

The applications provide your firm with an opportunity to offer your staff not only a valuable IFRS/Audit resource centre, but access to just-in-time learning for every member of your team for a very cost-effective investment. In addition, the program gives professional staff access to CPD hours at no additional cost.

Fees and Billing

There is no charge for members, but availability is limited to 40 subscribers on a first-come, first-served basis.

What do you need to do to participate?

Member firms wishing to subscribe to either of the training programmes should use the sign up form below. You will then receive an email with the licence and the relevant link to download the training application that you signed up for.

Please note: The training will involve downloading and installing software on individual PC’s, so depending on your IT permissions in your firm, this may require intervention from your IT staff.

About the applications

The Fundamentals IFRS Application is a desktop application designed to deliver the latest developments in International Financial Reporting Standards. The application addresses various level of training, from beginner/intermediate to advanced users. The application delivers on this in the following ways:

    • Headlines – giving you the latest news in financial reporting. In addition, there is a news bulletin produced to give you a quick overview of the latest developments in IFRS.
    • Fundamentals – A comprehensive package of over 45 e-learning modules on IFRS covering all the fundamental principles in the standards.
    • Live Virtual CPD Workshops – These sessions are live workshops where participants will work though case studies and have discussions with the facilitator. These workshops are aimed at a level above the Fundamentals e-learning, being focusing more on the practical application of the standards than the theory.
    • Webinars – Monthly webinars on latest developments as well as application issues. The library includes past webinars for future reference.
    • IFRS Standards Library – One of the big enhancements introduced in 2016 was the inclusion of the IFRS standards in the application. The application provides a searchable database of the core IFRS standards for all users. This will work offline allowing access to these when users are not connected. In addition, it will give instant access to the standards where this is required.
    • Microsoft Office Learning: Over 30 training videos with workbooks and examples to increase user’s knowledge of Microsoft Excel.
    • IFRS Quickies – Videos on the latest developments.

Watch a short explanatory video about the IFRS Fundamentals >>

View the document on the IFRS Training Application (pdf) >>

 

The BEAN Audit Training has been developed to address two specific needs:

  1. IMPROVED PRACTICAL UNDERSTANDING: Our qualitative studies have shown that trainees entering firms are lacking any practical understanding of the application of the auditing process from start to finish.
  2. REDUCE COSTS: There is a need to minimize face-to-face training costs and to merge it with a cost effective, high quality digital training solution that can be available to everyone, anywhere in the world.
    BEAN meets the above needs by delivering a digital learning experience – a fully simulated audit.

BEAN delivers on this in the following ways:

  • BEAN is a desktop application that can be accessed both on-line and off line in one simple click.
  • The learning is delivered through a Digital Learning Platform that takes trainees through the audit of a manufacturing company called Candy Limited.
  • Modules are interactive and take learners through examples of what they will see in practice.
  • Each module includes a test and tracks a learner’s progress through the simulation allowing an organization to monitor their progress.
  • BEAN links the relevant IFRS standards to the section being audited, and includes e-learning modules on those relevant IFRS standards where required.
  • The platform contains a game. This is to keep our young audience involved and interested
  • Constant feedback is needed from learners to ensure that BEAN remains at the forefront of digital learning. We have included a feedback forum for our users to let us know how we can improve and makes the learning better.

Watch a short video about the BEAN Audit Training >>

 

About W. Consulting

W. Consulting is an independent financial reporting advisory and professional skills training firm. They have a team of JSE-accredited IFRS Advisors that assists companies in researching emerging financial reporting issues and the formulation of accounting opinions on complex transactions. Their multidisciplinary team of specialists have broad experience in assisting listed companies, multinationals and large, state-owned enterprises with their financial reporting, and they are recognised leaders in financial reporting training and are a training partner to numerous professional institutes with respect to their Continuing Professional Development (CPD) initiatives across the globe.

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Important disclaimers
Both applications will be made available as both a desktop application and via a learning management application. Global Connect and W.consulting make no warranty or representation that these programs will run on all IT systems used globally, but will endeavour to the best of our ability to assist your member firms with the installation thereof.
Help desk
W.consulting provides an IT help desk for members firms who require assistance with the installation or operation of the applications. This runs from 7:30 GMT to 15:30 GMT every day – except for holidays. W.consulting will endeavour to ensure that member firms are able to install and use the applications, but cannot guarantee that the applications will work in every IT environment.
Restriction of Use and Liability
The application is made available to all Global Connect Member firms on a first-come first-served basis. It should be noted that the ultimate responsibility for the appropriate application of IFRS or ISAs rests with the Board of Directors and management of the preparers of financial statements under IFRS; or application by the relevant professionals of the applicable IFRS/ISAs. Our commentary should merely be used as a source of information in assisting with those duties.
The opinions expressed are those of the staff of W.consulting and do not constitute official views of W.consulting. No party may rely upon the accounting/auditing opinions or commentary expressed on the applications any purpose whatsoever. MSI Global Alliance and W.consulting, their directors, employees and agents shall not be liable to anyone in respect of any reliance placed on information received from or views expressed on the applications. Should you wish to obtain an official view on a specific issue or structure, please contact W.consulting and we will be happy to assist you once the specific facts and circumstances of your query have been fully understood.
The liability of Global Connect and W. Consulting, their directors, employees and agents to Global Connect Member Firms and their clients for any loss, damages, claims, costs or expenses arising out of any negligence in the provision of services in terms of our engagement shall be limited to the fees charged for the relevant engagement.
Any legal proceedings arising from or in connection with the engagement (or any variation or addition thereto) must be formally communicated within two years from the date when the party bringing the proceedings becomes aware of, or ought reasonably to become aware of, the facts which give rise to the liability alleged and in any event not later than three years after any alleged breach of contract, negligence or other act or omission.
The programs are issued subject to the EULAs included in the applications. All users will be subject to these disclaimers. All IFRS standards are licensed from the IFRS Foundation; and the ISAs are licensed from IFAC.
Electronic Communication
During the engagement we may communicate with you electronically. The electronic transmission of information cannot be guaranteed to be secure or error free. Such information could be intercepted, corrupted, lost, destroyed, arrive late or be incomplete or be otherwise adversely affected or unsafe to use.
Accordingly Global Connect and W.Consulting, their directors, employees and agents shall not have any liability to you on any basis, whether from contract or indirect (including negligence) or otherwise, in respect of any error of information arising from or in connection with the electronic communication of information to you and your reliance on such information including (but not limited to) the acts or misrepresentations that are criminal, dishonest or fraudulent on the part of Global Connect or W.Consulting, their directors, employees and agents.
If the communication relates to a matter of significance on which you wish to rely and you are concerned about the possible effects of electronic transmission, you should request a hard copy of such transmission from us. If you wish us to password protect all or certain documents transmitted, you should discuss this with us and we will make appropriate arrangements.