Understanding Internal Control Constructs

Description

Organizations of all sizes often fail to successfully install needed foundational components of an internal control system. Whether large or small, entities must view policies, procedures, and all controls in a wholistic manner in order 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. It provides an understanding of the interrelated nature of all controls created by any organization. 

Required Knowledge: A basic understanding of Internal Control concepts

Advanced Preparation: None

Who Should Attend: Accounting and other business professionals that would benefit with greater understanding of internal control.

Objective

• Distinguish key internal control concepts, including the four types of internal control: preventive, detective, deterrent and compensating
• Determine how each control becomes a piece of an overall internal control structure
• Identify both organization-wide measures as well as more segmented controls and how these must co-exist

Credit Types

Accounting: 4