Best Practices in Internal Control and Risk Management

Risk is an inevitable part of success and all organizations need to have adequate buffers to protect them from risks and achieve their objectives. The need for internal control and risk management which will help safeguard the interests of stakeholders and employees is more acute now. It will also help to smoke out irregularities or fraud that may lead to loss of organizational reputation and business. Learn about the elements of a strong internal controls system, alongside with an analysis of all the main areas of the risk management process, leading to the correct implementation of internal control system. By attending this workshop, participants will understand:

• Understand the main objective, concepts of internal control and various aspects of risk management
• Learn about the roles and responsibilities of various players in internal control and risk management systems
• Learn to develop effective internal control and risk management systems and help your organization grow

Content

Roles and Responsibilities in Internal Control

• Background to Internal Control
• Corporate Governance, Responsibility and Sources
• Roles of Staff, Broad of Directors, and Internal Audit Committee

Internal Controls Environment

• Objectives of Internal Controls
• Internal Control Activities
• Control Precisions
• Fraud and Internal Controls
• Limitations of Internal Controls

Internal Controls Monitoring and Evaluation

• Internal Controls Walkthroughs
• Internal Controls and Process Improvement
• Continues Control Monitoring
• Implementation of Best Practices

Internal Controls and the External Audit

• Risk Analysis Summary
• Controls Risk Assessment
• Fraud Risk Assessment
• Control Activities Design and Implementation
• System Description
• Controls over Significant Risk

Risk Management and Risk Based Audit

• Risk Based Audit Standards
• Audit Programme and Defining Procedures
• Planning and Matrix
• Risk Management and Control Environment
• Dynamic Nature of Risk Assessment
• Risk Avoidance and Retention
• Attitudes of Risk
• Risk Minimization – Risk Pooling

For Whom: Internal Auditors, External Auditors, Accountants, Financial Executives, Heads of Departments, Directors, and Others involved in the preparation for the audit processes or conducting of audit procedure.