Best-in-Class Internal Controls: Best Practices for Finance Professionals

Overview

Strong internal controls are the foundation of financial integrity and operational efficiency. In this interactive two-hour session, finance professionals will explore best-in-class internal control frameworks and leading practices to mitigate risks, enhance compliance, and improve organizational performance. Participants will gain insights into designing, implementing, and monitoring internal controls that align with regulatory expectations and industry standards. This course will provide real-world examples and practical strategies to strengthen controls in key financial processes, ensuring a culture of accountability and transparency.

Prerequisites

Basic knowledge of internal controls and financial processes

Objectives

• Identify key principles of effective internal controls and risk management
• Evaluate best practices for implementing internal controls in financial operations
• Assess internal control frameworks, including COSO and other industry standards
• Develop strategies to enhance monitoring, documentation, and reporting of controls

Highlights

• Define and explore the basic concepts, myths and facts of internal controls
• Examine typical control types
• Identify why controls fail
• Identify a framework to develop the right balance of internal controls
• Discuss Internal Controls in the Digital Age
• Examine the variances and considerations of automated vs. manual controls
• Evaluate the concept of IT controls