Building Security/Efficiency via Internal Control (Part 1)

Description

A well-designed internal controls system can and will drive all entity objectives. Too many times control creators focus too much on security. It is important to properly balance protection-based measures with those designed to enhance efficiency. This session works to illustrate the power of a strong and well supported control system. It also discusses steps to take in order to establish such a system. This material is becoming more and more beneficial as companies strive to address many new business challenges such as evolving markets, the rapid rate of change in the business world and the notable increase in governmental and industry-based regulation. Those that desire a balanced and workplace enhancing control system should strongly consider this session.

Required Knowledge: An understanding of internal control concepts

Advanced Preparation: None

Who Should Attend: Accounting and other business professionals that wish to know more about controls that drive all entity objectives.

Objective

• Identify the components of a control system
• Identify the ways that risk affects all business activities
• Use concepts such as risk appetite and risk tolerance to properly create controls
• Apply the concepts set forth in the COSO framework that relate to the control environment
• Choose the necessary steps to increase the quality of control development activities

Credit Types

Accounting: 4