Controller Series: Establishing, Maximizing and Communicating Internal Controls

Overview

Internal controls are often misunderstood by our coworkers as "things that get in the way." But a good system of internal controls will support getting work done the right way and protect against the ultimate failure - fraud. This session will review the intent and practical application of the COSO framework for maximum efficiency and protection.

Prerequisites

Experience in financial management of a company.

Objectives

• Distinguish the five elements of internal controls
• Apply the principles of internal controls
• Identify the necessary ingredients of an effective system

Highlights

How do you define internal controls?
Three objectives of internal controls
The COSO Cube
Elements of a Successful System
Key Takeaways