Identifying and Implementing the Proper Balance of Internal Controls

Over the past several years, the concepts of internal controls have undergone a change. They are still as important as ever but with all the new technology and work habits, it is even more critical that individuals have a strong understanding of controls and how to identify and use them. 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.

Who Should Attend
Controllers, Accountants, Auditors, Tax Professionals

Topics Covered

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

Learning Objectives

• Explore basic concepts, myths and facts of Internal Controls (IC)
• Discover typical control types
• Identify why controls fail
• Identify why controls fail
• Identify a framework to develop the right balance of controls
• Explore the differences between automated and manual controls

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (1 hour), Business Management & Organization (1 hour)

Program Prerequisites
Understanding of ASC Topic 606 – Contracts with Customers

Advance Preparation
None