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 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: October 2022
Designed For
Accountants, Finance professionals, CFOs, CEOs, Legal professionals, Compliance professionals,
Internal, and External Auditors
Topics Covered
- Explore the internal control focus
- Explore the definition and history of internal control
- Recognize advantages/ disadvantages of internal control
- Explore an overview of COSO 1992 and COSO 2013
- Examine types of controls
- Identify methods to educate management
- Recognize key monitoring methods
- The future of internal controls
Learning Objectives
- Recognize internal control focus
- Identify and explore the definition and history of internal controls
- Recognize the advantages and disadvantages of internal control
- Identify COSO 1992 and COSO 2013
- Identify methods to educate management
- Recognize key monitoring methods
- Identify the year the AICPA first formally defined the term internal control
- Identify the SOX Section that requires public companies' annual reports to include the company's own assessment of ICFR, and an auditor's attestation
- Identify an example of a principle related to the monitoring internal control component
- Identify the internal control designed to keep errors or irregularities from occurring in the first place
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Lynn Fountain
Lynn Fountain has over 38 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She is a highly sought-after trainer and international speaker. In addition, Ms. Fountain has assisted numerous companies with enterprise risk management frameworks, internal audit processes and financial accounting. She also serves as a discussion leader for the AICPA for numerous classes finance, accounting and risk management topics.
Ms. Fountain is the author of three separate technical books. Her first book released in 2015 by the Institute of Internal Auditors Foundation is entitled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. Her second book “Leading the Internal Audit Function” was released in October 2015 by Taylor & Francis Publications. This book serves as the initial launch for a series of leading practice internal audit and information technology publications. Her third book “Ethics and the Internal Auditor’s Dilemma” was released in December 2016.
Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.