Underst&ing/Creating Internal Control Systems (Part 2)

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.

Required Knowledge: An understanding of Internal Control concepts

Advanced Preparation: Complete part 1 of this series

Who Should Attend: Accounting and other business professionals that would like to have an understanding of internal controls for business entities.

Objective

• Distinguish key internal control concepts, including the four types of internal control: preventive, detective, deterrent and compensating
• Identify ways to create strong internal controls
• Identify reasons that control measures are required, such as to deter fraud or reduce operational inefficiencies
• Determine why the control environment is important as implementation efforts are ongoing
• Apply COSO Framework concepts to three segments of an organization's technology infrastructure that must be controlled.

Credit Types

Accounting: 4