Identifying and Implementing the Proper Balance of Internal Controls (Completed)

With the recent economic turmoil the world has undergone due to COVID-19, many companies are asking:
• Are our internal controls really needed?
• Are our internal controls too strict?
• Can we do without certain internal controls?
• What’s the worst that can happen if we ignore certain control processes?

Internal Controls (IC) are in place for a reason. They help maintain the control environment and establish efficient and effective processes. They also serve as a mitigation technique for identifying when processes have changed and when procedures need to be adjusted. In today’s business world, all personnel must understand the concept of internal control, how they should be utilized and their benefits.

The purpose and value of internal controls are often misunderstood and misapplied by management. Internal controls should be viewed as a value-oriented activity that assists the organization in the effective execution of its objectives. Properly designed and executed controls are the key to ensuring this view.

Internal control is a process designed to provide reasonable assurance regarding the achievement of objectives in the following areas:
• Effectiveness and efficiency of operations
• Reliability of financial reporting
• Compliance with applicable laws and regulations
• Safeguarding assets

Who Should Attend
CFO’s, Chief Accounting Officers, Directors of Finance, Legal and Compliance Professionals, all Accounting and Finance professionals, auditors.

Topics Covered

• Effectiveness and efficiency of operations
• Reliability of financial reporting
• Compliance with applicable laws and regulations
• Safeguarding assets

Learning Objectives

• Identify basic concepts, myths and facts of Internal Controls
• Recognize "why" internal controls MUST be a focus area even during economic strife
• Recognize and apply typical control types
• Identify why controls fail
• Identify a framework to develop the right balance of controls
• Differentiate between automated and manual controls and recognize the various testing processes

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None