With internal control issues gaining attention in recent years, practitioners should be well versed in this area. This course discusses the important role internal control plays in achieving fair and accurate financial statements. It reviews the laws and regulations that focus on activities designed to meet objectives related to the accuracy of financial reporting.
Current regulations require assessments by management and auditors on the design and operational effectiveness of controls. To assist practitioners with these requirements, this program will describe the five components of internal control, along with the principles, and accompanying points of focus, that relate to each of the components.
The course is designed to provide a complete overview of the internal control system of an organization and provide insights on the internal audit process. At the end of the training/workshop, the participants should be able to:
- identify the basic concepts of internal control,
- identify the elements of internal control,
- identify mitigation risk through control activities,
- identify the principles relating to information and communication for internal control,
- identify the principles of monitoring activities relating to internal control,
- discuss the costs of internal control, and
- discuss various benefits of good internal control.
- understand the basic principles of internal auditing and its role in the internal control framework of the organization;
- learn the principles of effective internal audits, achievable internal audit objective and the internal auditing approaches and procedures
Course can also be held virtual