Understanding and Creating an Internal Control Structure

Description

Successful organizations must understand the importance of effective internal controls, be able to develop a complete system and know why these measures are necessary. Explore internal control concepts and know the importance of strong policies.

Course materials highlight some of the reasons that measures are needed and receive an overview of control creation methods. Gain a well-rounded understanding of internal control procedures of all types.

Note: All case studies associated with this session are available for download for a period of 30 days after the session is taught.

Highlights

• Underlying concepts of internal control.
• Defining where and why controls, policies and procedures are needed.
• Legacy control measures that are still important for businesses today.
• Creating control measures that address the use and protection of technology.

Objectives

• Recognize key internal control concepts, including the four types of internal control: preventive, detective, deterrent and compensating.
• Explain how they would create strong internal controls.
• List reasons that control measures are required such as to deter fraud or reduce operational inefficiencies.
• Explain the importance of the control environment in all aspects the internal control system.
• List three segments of an organizations technology infrastructure that must be controlled.

Designed For

Accounting, business and financial professionals.