Internal Controls: What Every Financial and Accounting Professional Needs to Know (Currently Unavailable)

Author: Lynn Fountain

In today’s world of efficiency, effectiveness and transparency, it is imperative that professionals understand their responsibility for internal controls. The Sarbanes-Oxley legislation was passed in 2002 and now 16 years later, it is as important as ever for those in the workforce to understand the concept of internal controls and how they impact their individual role. This requires every single individual within the organization, regardless of their role, to understand the concepts and how they vary from the day-to-day tasks of their job function.

When COSO 2013 was released, it turned up the focus up on understanding internal control and embedding the proper processes into the organization's daily activities. The framework added key control aspects to mandate knowledge of business and regulatory changes as well as an increased focus on information technology and its controls. It is imperative that all professionals understand the roles and responsibilities incumbent upon them when it relates to internal control.

It is also imperative that management learn and accept their critical role as it relates to the management and monitoring of internal controls.

Publication Date: September 2018

Designed For
Accountants, Finance professionals, CFOs, CEOs, Legal professionals, Compliance professionals, Internal, and External Auditors

Topics Covered

• Background of internal controls and their evolution in today's technical world
• Important role of an internal control framework such as COSO 2013
• Key aspects to understanding how internal controls impact professional roles
• Internal Control Focus
• IC definition and history
• IC advantages/disadvantages
• COSO Overview: COSO 1992 & 2013
• Methods to educate management
• Setting the stage
• Key monitoring methods
• Internal controls for SOX 302 and 404 sign”off processes

Learning Objectives

• Recognize and apply internal control focus
• Identify and explore the definition and history of internal controls
• Recognize the advantages and disadvantages of internal control
• Differentiate and describe COSO 1992 and COSO 2013
• Identify methods to educate management
• Recognize key monitoring methods
• Describe the Three Lines of Defense
• Identify "points of focus"
• Recognize how corrective control applies

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None