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Taking this course will provide an overview of the essential elements of internal and systems controls. Special consideration is given to understanding risk, internal control frameworks, corporate governance, legal requirements, the role of external and internal auditing, and systems controls.

Topics include: 

  • Risks and Internal Controls
  • Internal Control Framework
  • Types of Internal Controls
  • Governance and the Board of Directors
  • Legal Compliance
  • Role of External Auditors
  • Role of Internal Auditors
  • Systems Controls
  • Security Measures

The content covered in this course provides a pathway to developing your analytical and critical-thinking skills and closing skills gaps in a variety of relevant topics. 

Learning Objectives

  • Explore risk and how internal controls can mitigate risk, and recognize the concepts of inherent risk, control risk and detection risk.
  • Identify the five components of the Committee of Sponsoring Organization's (COSO) internal control model.
  • Identify the Board of Directors role related to company operations and the shareholders.
  • Explore the internal control portions of the Foreign Corrupt Practices Act (FCPA) and the Sarbanes-Oxley (SOX) Act.
  • Recognize the role of the Public Company Accounting Oversight Board (PCAOB) in providing guidance in auditing internal controls.
  • Explore the internal audit function and identify its scope.
  • Identify and recognize the internal control breakdowns and related risks that the internal audit function should report to management and the Board of Directors.
  • Identify and recognize the use of physical controls, logical controls, transaction controls, storage controls, and systems development controls.
  • Discover threats to information systems and ways to mitigate information security threats.
  • Explore the objective of a disaster recovery plan.
  • Explore business continuity planning.
Last updated/reviewed: November 18, 2019

32 Reviews (149 ratings)Reviews

5
Anonymous Author
I took this as a refresher and it was very good. Glad that this was packaged in such an easy to follow set of modules.
4
Member's Profile
This course is very in-depth regarding auditing responsibilities. Lots of good information here!
4
Anonymous Author
Mr.Tom taught the course very vivid and detailed, and he cited many examples to explained the concepts, and what's more, he requested the quizs in the Intermediate courses so that we could test our grasp of the knowledge of the course. Thanks for his innovation about the course.
5
Anonymous Author
Great course over Internal Controls in support to Financial Reporting. I was able to take away the key areas where external auditors must focus and the key reasons why. I would recommend this course to any entry level staff position.
4
Anonymous Author
The instructor is very good. He is very knowledgable of the subject matter. There’s a lot of valuable information and the presentation is very well organized. The materials used are also helpful and are outlined very well.
5
Anonymous Author
The information presented will be helpful in communicating with my team members and in discussions with internal and external audit. I was able to take away theories and terms that relate to my current responsibilities.
5
Anonymous Author
If you are looking to establish internal controls in your company or even update/ modify your existing internal controls, this is a great course to use as a tool in understanding what is needed and required.
5
Anonymous Author
Tom Coghland's presentation was very thorough. He touched on a lot of important topics and I highly recommend this class to both CMA and CPA candidates.
5
Anonymous Author
This is a good course about Internal Controls. It is laid out well and covers a lot of ground. The instructor is very clear and easy to follow.
4
Anonymous Author
Course material was very helpful. Instructor followed the material written on the slides very closely. Good overview of internal controls.
5
Anonymous Author
The course is well organized. The topics are covered in a constructive way and supported by the examples provided by the presented.
4
Anonymous Author
Course covers the basics on internal controls from various perspectives, including management, internal audit and external audit.
4
Member's Profile
Good refresher course on internal controls, FCPA, and SOX ... did not have many systems controls questions in the test though.
5
Anonymous Author
This course covered a lot from both the finance and IT side of auditing. Really helpful! I recommend for new auditors.
5
Anonymous Author
The instructor was very effective in presenting the course work. The time allotted for the course was appropriate.
4
Anonymous Author
Good overview of basic oversight functions. Test includes the same question twice - appears to be an oversight.
5
Anonymous Author
Very detailed class to help with understanding and information regarding internal control and other issues
5
Member's Profile
I liked the layout of the course and the review questions throughout. I feel like this was a good review.
5
Member's Profile
This was an interesting refresher course. I look forward to more classes from this instructor.
5
Member's Profile
Materials are easy to follow and I liked having the review questions after each topic.
4
Member's Profile
Good comprehensive review of types of internal controls and system considerations.
4
Anonymous Author
In-depth internal controls - who sets standards and alot of legal info
4
Anonymous Author
Really good overview of internal systems and controls and governance.
5
Member's Profile
good overview. there are two of the same questions in the final exam.
5
Anonymous Author
The course was well laid out and easy to follow. The time flew by.
5
Anonymous Author
Very well done. The presenter explains the course material well.
5
Member's Profile
Lots of detail, very good refresher course. Found it engaging.
4
Anonymous Author
The course was good, the last question was repeated 2x though
3
Anonymous Author
well thought out and acceptable for cpe review purposes
4
Anonymous Author
Great for those new to the concept of internal control
5
Member's Profile
Informative without overkill. Enjoyed this course.
5
Member's Profile
A large amount of information very well presented.

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course. However, it is recommended to take the other courses in the series prior to completing this one.

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
  9:00Introduction to Internal and System Controls Overview
  quizREVIEW QUESTIONS: Risk and Internal Control
  15:102 Internal Control Framework
  quizREVIEW QUESTIONS: Internal Control Framework
  14:533 Types of Internal Controls
  quizREVIEW QUESTIONS: Types of Internal Controls
  10:114 Governance and the Board of Directors
  quizREVIEW QUESTIONS: Governance and the Board of Directors
  14:205 Legal Compliance
  quizREVIEW QUESTIONS: Legal Compliance
  13:406 Role of External Auditors
  12:197 Role of Internal Auditors
  12:568 Systems Controls
  quizREVIEW QUESTIONS: Systems Controls
  20:099 Security Measures and Wrap Up
  quizREVIEW QUESTIONS: Security Measures
CONTINUOUS PLAY
  2:02:38Internal and System Controls Overview
SUPPORTING MATERIALS
  ZIPSlides: Internal and System Controls Overview
  PDFInternal and System Controls Overview Glossary/Index
REVIEW AND TEST
 examFINAL EXAM