Understanding/Creating Internal Control Systems (Part 2)

Overview

This course will be available for 90 days from your date of purchase.

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.

Prerequisites

An understanding of Internal Control concepts

Objectives

• 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.

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