This course is an extension of our original course on Internal Control Essentials for Management. In the past two to three years, Internal Controls have seen massive challenges and changes due to economic uncertainty, business evolution, the pandemic, work from home processes and technology. All of these issues require professionals to re-evaluate their Internal Controls and determine what the future of internal controls appears to be for their organization.
This course provides a high-level review of our initial course on management internal control essentials and place a focus on how the current operating environment impacts how organizations should view their controls structures. We, then take a detailed look at the future of Internal Controls and how organizations should begin to prepare for the shift in focus.
Learning Objectives
- Explore the Internal Control purpose and history.
- Recognize the focus on internal controls.
- Identify the advantages/disadvantages of Internal Control.
- Discover the COSO overview.
- Identify the future of Internal Controls.
- 1. Auditing Financial Statements Part III: Internal Controls and Fraud Controls
- 2. PP&E Accounting (ASC 360)
- 3. The Principled Professional: Applying the AICPA Code of Professional Conduct in Business
- 4. IFRS for Small and Medium-Sized Entities Compared to Full IFRS
- 5. Sarbanes-Oxley (SOX) - Assessing Data Impact
- 6. Financial Statement Audit in Accordance with GAAS - General Standards
- 7. Transaction Analysis, T-Accounts, Debits and Credits, and Trial Balances
- 8. Hedge Fund Accounting: Investors Allocation Accounting for Hedge Funds
- 9. SAS 134-141: The New Auditor’s Report
- 10. 2021 U.S. GAAP Update for Public and Nonpublic Business Entities
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Prerequisites
No advanced preparation or prerequisites are required for this course.