Understanding Internal Controls

This training seeks to provide participants with the knowledge and requisite skills to understand and implement Risk Management and indeed Internal Controls framework. Attendees will learn the entirety of the risk management framework and its implementation, control environment and activities, how to perform an Internal Controls Risk Assessment, illustrative tools, relevant case, etc.

Methodology

• Instructor guided presentation
• Case studies
• Discussion session
• Scenario and Case study sessions

What to Expect

• Expert facilitation
• Souvenirs (classroom option)
• Tea break and Lunch (classroom option)
• Discussion session
• Practical Examples
• Certificate

Course Content

• Overview of the Internal Controls Frameworks
  • Identify key terms, definitions, and concepts of COSO’s Internal Control-Integrated Framework.
  • History of COSO Internal Controls Framework
  • Relationship among objectives, components, and the entity’s structure in achieving an effective system of internal control.
  • Roles and responsibilities within an organization related to internal control.
  • Limitations of internal control.
  • Illustrative Tools, Application Cases.
• Control Environment
  • Key concepts included in the Framework related to the control environment component of internal control (including principles and points of focus).
  • Apply the concepts of the Framework with regard to control environment to a variety of organizational examples in achieving operations, reporting, and compliance objectives.
• Risk Assessment
  • Risk: definition, types and nature
  • Key concepts included in the Framework related to the risk assessment component of internal control (including principles and points of focus).
  • Risk: definition, types and nature
  • Risk Identification and Prioritization
  • Risk profiling, risk scoring and risk register
  • Apply the concepts of the Framework with regard to risk assessment to a variety of organizational examples in achieving operations, reporting, and compliance objectives.
  • Addressing and managing Risk

• Control Activities
  • Key concepts included in the Framework related to the control activities component of internal control (including principles and points of focus)
  • Assessing Design and Implementation effectiveness of control activities
  • Apply the concepts of the Framework with regard to control activities to a variety of organizational examples in achieving operations, reporting, and compliance objectives. 

• Information and Communication
  • Key concepts included in the Framework related to the information and communication component of internal control (including principles and points of focus).
  • Apply the concepts of the Framework with regard to information and communication to a variety of organizational examples in achieving operations, reporting, and compliance objectives.
• Monitoring Activities
  • Recall key concepts included in the Framework related to the monitoring activities component of internal control (including principles and points of focus).
  • Apply the concepts of the Framework with regard to monitoring activities to a variety of organizational examples in achieving operations, reporting, and compliance objectives.
  • Illustrative Tools, Application Cases.
  • Review, Recap and Questions