Internal Controls - Business Process Improvements

Overview:

(Formerly titled Internal Controls - Creating Value through Business Process Improvements and Effective Controls)

Internal controls are an important tool to create success within a small to medium sized company. Those in the financial function should always refresh their knowledge in internal controls to continue to provide value by improving your company’s controls through improved processes.

This is a hands-on course provides new, and experienced, financial leaders an opportunity to update their knowledge of internal controls using the COSO Framework.  The course also includes exploration of LEAN management concepts that can be applied to the development of internal controls, the COBIT framework for IT controls, and a brief look at how to detect and prevent fraud. 

This course provides an overview of the main concepts of internal control and its components, focusing on the COSO framework. It outlines common internal control deficiencies in a small to medium sized company and look at potential solutions through examples and discussions. Participants will identify key controls to address some of the main risks, as well as the importance of addressing segregation of duties. This course looks at the effect that technology has had on internal controls in small to medium sized companies and provides an overview on how to monitor whether the internal controls in your organization are effective.

Course Content:

In this course, you will gain knowledge about the following topics:

• Importance of Internal controls and main risks
• Importance of internal controls
• Management’s responsibility for internal controls
• Identification of main risk areas
• Effective Process and Lean concepts impact on Internal Controls
• Why discuss process and LEAN in relation to internal controls?
• LEAN and SIX Sigma basics (brief overview)
• How can we apply some LEAN concepts to Internal Controls
• The COSO Internal Control Framework
• Control environment
• Risk assessment
• Information systems
• Control activities
• Monitoring
• Technology and IT Governance
• COSO attributes of quality information
• ISACA COBIT Framework for IT Control
• General IT Control key concepts
• Access and authorization controls
• Cloud computing and e-commerce risks
• Fraud
• COSO’s five fraud risk management principles
• Types of fraud
• The Fraud Triangle
• Detecting and preventing employee fraud and fraudulent reporting
• Documentation and Monitoring
• Types of documentation
• Consequences of non-compliance
• Monitoring

Learning Objectives:

Upon completing this course, you should be able to:

• Recognize the relevant concepts of the COSO framework and how it relates to your company
• Identify key controls to address some of the main risks in each component of the framework
• Identify the importance of addressing segregation of duties, management override and potential for fraud
• Understand the effect that technology may have on the development of strong controls and how technology can promote or hinder effective internal controls in a small to medium sized company
• Understand the importance of documentation and monitoring of internal controls.
• Develop an action plan for improvement in internal controls throughout the organization

Who Will Benefit: 

Those who occupy roles in the financial management function of the organization, its risk management, or its governance.

The course is oriented to all levels; those beginning their careers in the management of the finance function, new controllers and directors of finance, and seasoned professionals looking to update or refresh their knowledge of internal controls.

This course is oriented towards SME organizations, but the material is of benefit to all organization types including not-for-profit organizations.