Over the past several years, the concepts of internal controls have undergone a change. They are still as important as ever but with all the new technology and work habits, it is even more critical that individuals have a strong understanding of controls and how to identify and use them.
Internal Controls (IC) are in place for a reason. They help maintain the control environment and establish efficient and effective processes. They also serve as a mitigation technique for identifying when processes have changed and when procedures need to be adjusted. In today’s business world, all personnel must understand the concept of internal control, how they should be utilized and their benefits.
The purpose and value of internal controls are often misunderstood and misapplied by management. Internal controls should be viewed as a value-oriented activity that assists the organization in the effective execution of its objectives. Properly designed and executed controls are the key to ensuring this view.
A previous course “The Manager’s Responsibility for Internal Control," addressed these concepts at a higher level. This course further explores the types of ICs, how they can be properly utilized and the cost benefit considerations for implementation.
Internal control is a process designed to provide reasonable assurance regarding the achievement of objectives in the following areas:
- Effectiveness and efficiency of operations
- Reliability of financial reporting
- Compliance with applicable laws and regulations
- Safeguarding assets
Learning Objectives
- Explore basic concepts, myths and facts of Internal Controls (IC).
- Discover typical control types.
- Identify why controls fail.
- Identify a framework to develop the right balance of controls.
- Explore the differences between automated and manual controls.
Included In Certifications
This course is included in the following Certification Programs:
15 CoursesNot-For-Profit and Small Business Entities Certification
- Introduction to Not-for-Profit Entities
- Introduction to Accounting for Not-For-Profit Entities
- Identifying and Implementing the Proper Balance of Internal Controls
- Segregation of Duties for Core Business Processes
- Bookkeeping: Journals, Subsidiary Ledgers and General Ledger
- Bookkeeping: Payroll And Expenses
- Bookkeeping: Accounts Payable/Accounts Receivable And Receipts
- Effectively Managing and Controlling Travel and Entertainment (T&E) Expenses
- Management Internal Control Essentials
- Financial Statement Essentials for Not-for-Profits
- Not-for-Profit Financial Statements Part 2
- Not for Profit Financials - Focus on Net Assets
- Cyber Risk in Small-Medium Entities
- Fraud in Small-Medium Entities
- Not-For-Profit Accountability and Responsibility
15 CoursesManagement Oversight, Analysis and Internal Controls Certification
- Management Internal Control Essentials
- Comprehensive Examination of COSO 2013: Components and Principles
- Keys to an Effective Code of Conduct
- Fraud Risk Assessments
- Enterprise Risk Management 101
- Identifying and Implementing the Proper Balance of Internal Controls
- Information Technology (IT) Controls in Emerging Business Environments
- Analyzing Financial Ratios - Solvency, Liquidity and Debt
- Analyzing Financial Ratios - Leverage
- Effectively Managing and Controlling Travel and Entertainment (T&E) Expenses
- Keys to Understanding Conflicts of Interest
- Documentation Methods For Internal Control Processes
- Segregation of Duties for Core Business Processes
- Professional Skepticism - Keys to Maintaining
- Whistleblower Hotlines - Effective Management
32 CoursesInternal Controls and Internal Audit Certification
- Internal Audit Standards Overview
- Managing the Internal Audit Function in Line with GIAS - Part 1
- Managing the Internal Audit Function in Line with GIAS – Part 2
- Managing the Internal Audit Function in Line with GIAS – Part 3
- Executing the Internal Audit Engagement in Line with GIAS – Part 1
- Executing the Internal Audit Engagement in Line with GIAS – Part 2
- Identifying and Implementing the Proper Balance of Internal Controls
- Documentation Methods For Internal Control Processes
- Segregation of Duties for Core Business Processes
- Foundations for a Strong Internal Audit Department
- Internal Audit Management - Top Skills
- Internal Audit: Keys to Managing an Effective Function
- Understanding Risk-Based Auditing
- Risk Based Auditing – Establishing a Methodology
- Risk Based Auditing – Applying the Methodology
- Cyber Risk Frameworks And Concepts
- Information Technology (IT) Controls in Emerging Business Environments
- Fraud Risk Assessments
- Professional Skepticism - Keys to Maintaining
- Introduction to Forensic Accounting
- The Fraud Triangle
- Internal Audit Effective Relations with the Audit Committee
- COSO 2013 Overview
- COSO 2013 - Operational Execution
- Internal Audit Emerging Risks for 2021 and Beyond - Part 1
- Internal Audit Emerging Risks for 2021 and Beyond - Part 2
- Internal Audit Emerging Risks for 2021 and Beyond - Part 3
- Internal Audit Emerging Risks for 2021 and Beyond - Part 4
- Internal Audit Challenges During Times of COVID
- Global Internal Audit Standards (GIAS) - Overview and Contrast to 2017 International Professional Practices Framework
- Tools for Internal Control Certificate
- Lessons of an Auditor- Tools for Internal Control Certificate
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Prerequisites
No Advanced Preparation or Prerequisites are needed for this course.