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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: November 10, 2019

Included In Certifications

This course is included in the following Certification Programs:

19 CoursesInternal Controls Certification

  1. Management Internal Control Essentials
  2. COSO 2013 Overview
  3. Internal Audit Standards Overview
  4. Internal Audit Standards - Managing Internal Audit Work
  5. Internal Audit Standards - Executing the Audit Engagement
  6. Identifying and Implementing the Proper Balance of Internal Controls
  7. Documentation Methods For Internal Control Processes
  8. Information Technology (IT) Risks in Emerging Business Environments
  9. Foundations for a Strong Internal Audit Department
  10. Internal Audit: Keys to Managing an Effective Function
  11. Internal Audit Effective Relations 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. Professional Skepticism - Keys to Maintaining
  17. Whistleblower Hotlines - Effective Management
  18. Tools for Internal Control Certificate
  19. Lessons of an Auditor- Tools for Internal Control Certificate

15 CoursesNot-For-Profit and Small Business Entities Certification

  1. Introduction to Accounting For Not-for-Profit Entities
  2. Accounting for Not-for-Profit Entities
  3. Identifying and Implementing the Proper Balance of Internal Controls
  4. Segregation of Duties for Core Business Processes
  5. Bookkeeping: Journals, Subsidiary Ledgers and General Ledger
  6. Bookkeeping: Payroll And Expenses
  7. Bookkeeping: Accounts Payable/Accounts Receivable And Receipts
  8. Effectively Managing and Controlling Travel and Entertainment (T&E) Expenses
  9. Management Internal Control Essentials
  10. Financial Statement Essentials for Not-for-Profits
  11. Not-for-Profit Financial Statements Part 2
  12. Not for Profit Financials - Focus on Net Assets
  13. Cyber Risk in Small-Medium Entities
  14. Fraud in Small-Medium Entities
  15. Not-For-Profit Accountability and Responsibility

126 Reviews (524 ratings)Reviews

4
Anonymous Author
Great introduction course that covers all the main areas to get started. I would recommend this.
5
Member's Profile
This course provided great information regarding assessing and implementing a good balance of internal controls. It helped clarify what to assess, what to consider, and how to identify what an appropriate level of risks and controls might be for an organization depending on the organization's attitude toward risk. Lynn makes these concepts very easy to understand. I highly recommend this course and am looking forward to her other courses.
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
Anonymous Author
I liked how this course provided an in depth analysis on controls, including the corresponding types and risks. The instructor also reviews various examples, including automated vs manual controls and their pros and cons. Solid course for journeying into the world of internal controls.
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.
5
Anonymous Author
The is a very informative course. The way in which the concepts are presented is helpful and it is easy to understand. The instructor was engaging and was able to keep this interesting. This course could be useful across many levels of an organization.
5
Anonymous Author
There is a lot of great information in this presentation to give a great on different types on controls within companies. People who discuss controls can describe them overly complex. This presentation provides the proper level of details.
5
Anonymous Author
Great concise course over automated vs. manual controls. I was able to increase my understanding on how to properly identify automated or manual controls and the best way to go about testing them. I would recommend this course.
5
Anonymous Author
The instructor provided a great initial overview of the difference between automated vs. manual. I think more in-depth detail around the cost vs. benefit would be helpful in determining the best course of action my company.
5
Anonymous Author
Interesting module with outstanding presentation, as usual from Lynn. Would be useful, in my opinion, to whoever is responsible for establishment and implementation of internal controls in organization. Highly recommended.
5
Anonymous Author
Great course on internal controls that combs over the basics perfectly for a refresher course. Topics covered that were helpful included manual vs automatic controls and detective vs preventive controls.
4
Anonymous Author
Provides a great overview of IC's, the different types of IC's, explains why controls can fail, depicts a control balance framework, and explains the differences between the various types of controls.
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
Anonymous Author
This is a veryhelpful course that looks at the different types of controls and the benefits and downfalls of each. The material is presented well and delivered by a strong presenter.
5
Member's Profile
Great course on Internal controls. Providing many practical information on internal control, pitfalls of using internal control and self-considering method to avoid these pitfalls.
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
Anonymous Author
Great class, that covered the process of internal control from beginning to end. I also appreciate the inclusion of IT controls that aren't discussed as much in other facets.
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
A good reminder of the need for strong internal controls. I could especially identify with the example of payroll controls that was used as an example.
5
Anonymous Author
Lynn delivers material in a way that always seems to make sense to me. The examples and dialogue, along with the slides make for a great presentation.
5
Member's Profile
Recommended. Another fine Internal Control course that does a deep dive with lots of experienced and competent mentoring. Thank you Lynn. Larry
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
Excellent treatment of the importance of internal controls in organizations. Presenter provides many interesting examples throughout the course.
5
Anonymous Author
Good course, logical information with an emphasis of the importance of internal controls and each employee's role in those controls for success.
5
Member's Profile
This was a great course, very informative and presented nicely. I've learned a great deal and look forward to taking more courses with Lynn.
5
Anonymous Author
try comprehensive instruction on internal controls. Real life examples of failure in different companies was great supporting illustration.
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.
5
Anonymous Author
This a great course on learning more about the background of internal controls and the balance of apply controls to a business process.
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
I enjoyed this course thoroughly and feel as though I've learned a great deal of information in regard to internal controls.
5
Anonymous Author
Another great session by Ms. Fountain! The material was relevant and well presented; the examples - clear and to the point.
5
Anonymous Author
the course was very thorough and met the objectives. I really appreciated the real world examples of controls gone wrong.
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
Anonymous Author
I really liked this review. Covers both automated and manual controls. The instructor knows how to convey the message.
4
Anonymous Author
The speaker discussed a depth overview ICS Many examples are provided to give you a better understanding of these ICS
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
This training session really helped me understand the differences and various uses of automated vs. manual 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
Very good information and informative. Exam questions were a bit trickier with the "not" statement added in...
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
Member's Profile
I found this course on internal controls to be very helpful in understanding the different options available.
5
Member's Profile
Great course that enable me to dive in identifying and implementing the proper balance of internal controls.
5
Member's Profile
Provided great tools and insight to implement appropriate controls for the finance department where I work.
5
Anonymous Author
Miss Fountain is a good instructor. Her courses have been really good and filled with great information.
4
Anonymous Author
The course flow was well thought out and the information was valuable to understanding internal controls.
4
Anonymous Author
This course was a good overview of what internal controls are and how to implement it across a business.
4
Anonymous Author
Good presentation and discussion on the cost-benefit analysis of differing internal control structures.
5
Member's Profile
This course has good materials on identifying and implementing the proper balance of internal controls.
5
Member's Profile
Good wording, nice examples are taken, many pictures are used in the slides, better understandable....
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.
5
Member's Profile
Great detailed course. Lynn explains things so well and really gets you to understand the material.
4
Anonymous Author
Great course for distinguishing the usage of Automated vs Manual Controls and the benefits of each.
5
Anonymous Author
Nice review of internal control. Source materials are robust and meet the course objectives well.
5
Anonymous Author
Very easy to digest course, with great real world examples, presented by an engaging instructor.
5
Anonymous Author
This is an excellent primer on the need to balance internal controls and I recommend it. Thanks!
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.
4
Member's Profile
This course provided useful insight into controls. Several items I have not seen previously.
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
Anonymous Author
great overview of Internal controls that is very helpful for small growing organizations.
5
Anonymous Author
Good reminder to be proactive and not overly rely on technology when developing controls.
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
Anonymous Author
great summary of manual vs IT controls and the importance of putting controls in place
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.
5
Anonymous Author
This lesson was well-developed and easy to comprehend. Perfect foundation refresher.
5
Anonymous Author
this course was great and really helped better my understanding on internal 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
5
Anonymous Author
Good Internal Control overview with examples, basic concepts, myths and facts.
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....
4
Member's Profile
Good class - covered a lot of ground clearly. Was balanced and informative.
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
Excellent content and instruction - very succinct and practical course.
5
Member's Profile
Good course, relevant examples, nice speaking voice, I learned a lot,
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.
4
Anonymous Author
This course was really easy to understand and used many examples.
5
Anonymous Author
This course helped reaffirm my understanding of control frameworks.
5
Anonymous Author
Great control primer and examples around manual, automated IT etc.
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.
4
Anonymous Author
great course, easy to follow and understand.....................
4
Anonymous Author
The course was informative and presented in a meaningful manner.
5
Member's Profile
Easy to follow along with good explanations of course concepts.
5
Member's Profile
Very thorough. Thank you very much for a well thought out CPE.
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
5
Anonymous Author
great content and very helpful, will recommend. Thank you.
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