Understanding and Creating an Internal Control System

Description

Successful organizations, both large and small, must understand the importance of effective internal controls and be able to develop a system of controls that will keep the entity on its intended course. Moreover, those that design policies and procedures benefit by knowing why control measures are necessary. This session sets forth internal control concepts and explains the importance of strong internal control policies. The material highlights some of the reasons that measures are needed and it also provides an overview of control creation methods. Finally, it discusses ways to successfully implement the developed policies and procedures. Participants that take this course will gain a well-rounded understanding of internal control procedures of all types.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Objective

After attending this session you will be able to...Distinguish key internal control concepts, including the four types of internal control: preventive, detective, deterrent and compensatingIdentify ways to create strong internal controlsIdentify reasons that control measures are required, such as to deter fraud or reduce operational inefficienciesDetermine why the control environment is important as implementation efforts are ongoingApply COSO Framework concepts to three segments of an organization's technology infrastructure that must be controlled.

Credit Types

Accounting: 8