Course Outline
 

Course Title

  

Taxation, Control and Auditing Considerations for Derivatives

Course Category

    Online
Target Audience  

Internal auditors, inspectors, financial controllers, back-office staff, accountants, compliance officers, treasurers and financial control staff, internal auditors

Continuing Education

  

3 MX CE Credits

Prerequistes

   Course 502: Generally Accepted Accounting Principles
Objectives   This course provides an introduction to the basic issues involved in the taxation, control and audit of derivatives. Upon completion of this course, you should be able to:
·1 Contrast tax-based and accounting-based recognition rules for derivatives securities.
·2 Determine when it is appropriate to request the assistance of a tax specialist.
·3 Discover the threats to a proper control of derivatives activities in an organization.
·4 Describe some basic components of a strong internal control system surrounding the use of derivatives.
·5 Understand and apply some key auditing rules for derivatives.
Exercises are suggested as you are progressing throughout this course to allow you to assess your level of understanding of a particular subject.
Subject by level  

Topics   Section 1: Taxation considerations
Type of Revenue:
- Business Income Losses
- Capital Gains or Losses
- Capital Gains (losses) vs. Business Income (losses)
- Speculation vs. Hedging
- Hedging and Taxation
- Timing Recognition of Income

Section 2: Internal Controls
- Internal Control: A Definition
- Components of an Internal Control System
- Control Environment Component
- Assess Risk Component
- Other Components

Section 3: Auditing Derivatives
-  Planning the Audit:
    
Duration   This online course is equivalent to an in-class course with a duration of 3 hours. Online courses are self-paced, and the time necessary to complete each course will vary with each student
Time to comple the course   Six months (user account can be deactivated after this period)
Date   Available now
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