Sarbanes-Oxley made it very clear that internal control is the responsibility of management – not the internal or external auditors. This requires every single individual within the organization, regardless of their role, to understand the concepts of internal controls and how they vary from the day-to-day tasks of their job function.
COSO 2013 has turned the focus up on understanding internal control and embedding the proper processes into the organization's daily activities. COSO 2013 has added key control aspects to mandate knowledge of business and regulatory changes as well as an increased focus on information technology and its controls. It is imperative that all professionals understand the roles and responsibilities incumbent upon them when it relates to internal control.
It is also imperative that management learn and accept their critical role as it relates to the management and monitoring of internal controls.
Learning Objectives
- Explore The Internal Control Focus
- Explore the definition and history of Internal Control
- Recognize the advantages and disadvantages of Internal Control
- Explore an overview of COSO 1992 and COSO 2013
- Identify Methods to Educate Management.
- Recognize Key Monitoring Methods
Included In Certifications
This course is included in the following Expert Certifications:
17 CoursesInternal Controls Certification
- Internal Controls: What Every Financial and Accounting Professional Needs to Know
- COSO 2013 Framework Requirements and Implementation Overview
- Applying the Standards for Internal Auditors in Line with Your Organization's Needs - Part One
- Applying the Standards for Internal Auditors in Line with Your Organization's Needs - Part Two: Managing Internal Audit and Nature of Work
- Applying the Standards for Internal Auditors in Line with Your Organization's Needs – Part Three: Executing the Audit Engagement
- Identifying and Implementing the Proper Balance of Internal Controls
- Proper Documentation Methods for Internal Audit and Internal Controls Processes
- Information Technology (IT) Risks in Emerging Business Environments
- Foundations for a Strong Internal Audit Department
- Keys to Managing an Effective Internal Audit Function
- Internal Audit: Keys to Building Effective Relationships with the Audit Committee
- Understanding Risk-Based Auditing
- Risk Based Auditing – Establishing a Methodology
- Risk Based Auditing – Applying the Methodology
- Segregation of Duties for Core Business Processes
- Keys To Maintaining Objectivity and Professional Skepticism
- When The Whistle Blows Part 2: Managing Whistleblower Hotlines
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Prerequisites
No Advanced Preparation or Prerequisites are needed for this course.