Overview
There is simply no denying that a sufficiently designed and effectively operating system of internal controls over reliable financial reporting is more important than ever. The primary objective of this course is to give participants "hands-on" practice in designing, evaluating, and communicating conclusions related to design and operating effectiveness of internal controls over reliable financial reporting and other risks for nonprofit environments.
Objectives
- Describe critical concepts promulgated by COSO’s internal control and enterprise-wide risk management
- Explain best practices for designing, implementing and monitoring internal controls over reliable financial reporting
- Apply exercises and case studies to reinforce fundamental theory through "real-life" scenarios that both internal and external accounting personnel performing internal control-related activities in the nonprofit industry
Highlights
- Recognizing the importance of each of the key components of a sound system of internal controls over financial reporting, regardless of a nonprofit entity's nature, size or complexity
- Understanding the critical role of information technology (IT) general and application controls to reliable financial reporting, even in less-complex IT environments
- Exercise in documenting an understanding of the design of internal controls for common classes of transactions for nonprofit entities
- Identifying and evaluating the sufficiency of key controls to satisfy control objectives
- Understanding the importance of verifying whether an understanding of the design of internal controls has actually been "implemented", and how to exactly go about doing that
