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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 and recognize the various testing processes
Last updated/reviewed: October 17, 2018

Included In Certifications

This course is included in the following Certification Programs:

17 CoursesInternal Controls Certification

  1. Management Internal Control Essentials
  2. COSO 2013 Framework Requirements and Implementation Overview
  3. Applying the Standards for Internal Auditors in Line with Your Organization's Needs - Part One
  4. Applying the Standards for Internal Auditors in Line with Your Organization's Needs - Part Two: Managing Internal Audit and Nature of Work
  5. Applying the Standards for Internal Auditors in Line with Your Organization's Needs – Part Three: Executing the Audit Engagement
  6. Identifying and Implementing the Proper Balance of Internal Controls
  7. Proper Documentation Methods for Internal Audit and Internal Controls Processes
  8. Information Technology (IT) Risks in Emerging Business Environments
  9. Foundations for a Strong Internal Audit Department
  10. Keys to Managing an Effective Internal Audit Function
  11. Internal Audit: Keys to Building Effective Relationships with the Audit Committee
  12. Understanding Risk-Based Auditing
  13. Risk Based Auditing – Establishing a Methodology
  14. Risk Based Auditing – Applying the Methodology
  15. Segregation of Duties for Core Business Processes
  16. Keys To Maintaining Objectivity and Professional Skepticism
  17. When The Whistle Blows Part 2: Managing Whistleblower Hotlines

68 Reviews (332 ratings)Reviews

5
Anonymous Author
Identifying and Implementing the Proper Balance of Internal Controls is a very helpful course! It provides insight into the different types of controls, benefits and disadvantages of all of them, how to implement them, and emphasizes the overall importance of internal controls. They are key in today's business world.
5
Member's Profile
Мне бы хотелось видеть данный курс в расширенном виде. При этом его необходимо сопроводить множеством примеров. Голая теория без примеров усваивается довольно трудно
4
Anonymous Author
This course is informative, and the presenter speaks with the maturity of a healthy amount of work experience. I personally found this course to have an over-abundance of information to digest in one session. Other courses by this presenter were more cohesive and followed a nature discussion path.
5
Member's Profile
The material was presented well. I appreciate the variety of examples and different scenarios provided. The questions about the control environment are thought provoking and I intend to implement this method of stopping and asking questions in my current position.
5
Anonymous Author
I found this to be a very easy to understand and fairly comprehensive review of internal controls and how to balance controls and risk. The presenter was clear and easy to understand. I also really appreciated the ability to work at my own speed. Wonderful course!
4
Anonymous Author
The course is good. The manner that the concepts are presented with a real life examples are helpful. The topics are well organized. The instructor is very engaging. This course is applicable to all levels and working in any department within any organization.
4
Member's Profile
This is a good course that outlines the benefits of having good internal controls in place. A good course for those that may not appreciate the need for these processes to be in place.
5
Member's Profile
I like Ms.Fountain’s approach to explaining the subjects she presents. This is the third course I have completed. The teaching approach is direct, well-explained and insightful,
5
Member's Profile
Good overview of internal controls and considerations that should be made when setting them...i look forward to applying lessons learned in the workplace!
4
Anonymous Author
Good starter on internal controls and how they help companies maintain balance cost/benefit of internal controls and operational effectiveness.
5
Anonymous Author
This course covered a lot of material. Some of the more complex subjects needed more lecturing notes. Overall it is a very good lesson.
4
Anonymous Author
This course is a great beginning level webinar that does well at identifying controls and risks that are involved with the controls.
4
Anonymous Author
Useful information and a great refresher on the importance and usefulness of internal controls across all levels of an organization.
5
Member's Profile
Have been a SOX auditor for awhile, but this course had a couple of new perspectives for me. Although it was longer, I enjoyed it.
5
Member's Profile
Still many management believe "Myths of internal controls". That's very interesting point. The course is basic but good to follow !
5
Member's Profile
The instructor was very knowledgeable. Course provides a good overview of internal controls. Good examples helped to add context.
5
Member's Profile
New staff auditors or entry level risk management employees would benefit, as well as front-line control owners in the business.
5
Anonymous Author
Nicely laid out. Bite-sized modules, given by an experienced individual who lived through the initial implementation of SOX.
5
Member's Profile
nothing to add - aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
3
Member's Profile
The course was information packed with a good balance of examples. Management personnel would benefit from this course.
5
Member's Profile
We have been recently been taking a deep dive into our internal control processes and this lecture was very helpful!
5
Member's Profile
A good course, but parts of it tended to be a bit dry. Overall, a good introduction or review of internal controls.
5
Member's Profile
The seminar was concise and informative. Covered all relative ares of internal controls. Great refresher course!
5
Anonymous Author
Good set of information about controls and differences among them. Information presented in easily understandable.
4
Member's Profile
Interesting introduction. Helpful and easy to understand information; useful and relevant for any company/employee
5
Member's Profile
Interesting course. Pretty basic information about the importance of internal controls. The slides were very good.
5
Member's Profile
This was a great course in internal control with lots of details about automated and manual controls. Thank you.
4
Member's Profile
Great course on understanding and implementing internal controls. If you need a quick review take this course.
5
Member's Profile
I felt this was a high-level overview course and appropriate for me as a new internal auditor out of college.
4
Anonymous Author
This course was a good overview of what internal controls are and how to implement it across a business.
5
Member's Profile
nice primer for introduction of internal controls to your organization. recommend this for managers.
5
Anonymous Author
Very easy to understand and course provide a great overview with lots of examples. Highly recommend!
5
Member's Profile
Great overview covering all aspects of internal controls. I especially liked the examples provided.
4
Anonymous Author
Strong course overall and with good reminders about the foundations of the control environment.
5
Member's Profile
Good summary of internal controls as a refresher for those who have knowledge on the subject.
5
Anonymous Author
Course provides very detailed explanations and examples on the different types of controls.
4
Member's Profile
This training provided a good basis and reminder for internal controls at a conceptual level.
5
Anonymous Author
Biggest takeaway was all the information in connection with automated vs manual controls.
5
Member's Profile
This course was well organized and well presented with helpful examples where appropriate.
5
Anonymous Author
Good overview, helpful to keep some of these items in mind when talking with management.
5
Member's Profile
I like all of Lynn Fountain's classes. She has solid examples to back up every example.
5
Member's Profile
This speaker was very clear and concise in how she broke down each area of the training.
5
Member's Profile
Great course. Great examples. Balanced explanation. Not too detailed not too short.
5
Member's Profile
Enjoyed the course but the structure of some questions in final exam were confusing.
4
Anonymous Author
Good thought process on how to gain balance on the right number and type of controls.
4
Anonymous Author
Most interesting part of the course is about choosing appropriate set of controls.
4
Anonymous Author
Good overview of how to design internal controls - would recommend for beginners.
4
Member's Profile
I think it provided a good understanding of controls and how to balance controls
4
Member's Profile
Presentation well laid out. Understandable with the right amount of content.
4
Member's Profile
An effictive course.... very good information....and easy to understand....
5
Member's Profile
Well laid out and easy to follow. Very applicable to real world companies
4
Member's Profile
Good course for someone who has never been exposed to internal controls.
5
Anonymous Author
This course gives you a good understanding of implementing controls.
5
Member's Profile
Outstanding overview of considerations in internal control design.
5
Anonymous Author
Helpful course on a series of topics relevant to all businesses.
5
Anonymous Author
Fun and Easy, another great interesting topic. Lets get CPE done!
4
Member's Profile
Good conversation on which types of controls to focus on and why.
5
Member's Profile
Easy to follow along with good explanations of course concepts.
4
Member's Profile
Great review on internal controls, their types and purpose.
3
Member's Profile
good enough for me to get my cpes for my cia and cpa licenses
4
Member's Profile
Good review of internal controls; this was a good refresher
5
Member's Profile
interesting subject, well distributed , good instructor
5
Member's Profile
Great course on IC's. Pretty comprehensive and thorpough.
4
Member's Profile
Detailed insight into automated and manual conytrol
3
Member's Profile
clear, concise explanations
4
Member's Profile
Great Presentation
4
Anonymous Author
Very educational.
4
Anonymous Author
Great course

Prerequisites

Course Complexity: Intermediate

No Advanced Preparation or Prerequisites are needed for this course. 

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION and OVERVIEW
  8:03Introduction to Identifying and Implementing the Proper Balance of Internal Controls
  10:23Concepts, Myths and Facts of Internal Controls
  9:20Risks vs Controls
  10:19Typical Control Types
  5:11Understanding Controls and Why They Fail
  7:03Framework for Controls Identification
  10:38Example
AUTOMATED CONTROLS
  3:16Automated vs Manual Controls
  5:24Automated Controls
  5:35Automated Control Failures
  2:17Evaluating Control Functions
  2:31Testing Controls
  4:52Preparing to Test Automated Controls
  4:00Automation and Testing Impact
MANUAL CONTROLS
  6:50IT Manual Controls
  3:05How to Choose the Proper Control Type
  2:52Manual or Automated
CONCLUSION
  5:56Cost Vs. Benefit & Summary
Continuous Play
  1:47:36Identifying and Implementing the Proper Balance of Internal Controls
SUPPORTING MATERIALS
  PDFSlides: Identifying and Implementing the Proper Balance of Internal Controls
  PDFIdentifying and Implementing the Proper Balance of Internal Controls Glossary/Index
REVIEW and TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM