Internal Controls: What Every Financial and Accounting Professional Needs to Know

Author: Lynn Fountain

Sarbanes-Oxley made it very clear that internal control is the responsibility of management – not the internal or external auditors. This requires every single individual within the organization, regardless of their role, to understand the concepts of internal controls and how they vary from day-to-day tasks of their job function.

COSO 2013 has turned the focus up on understanding internal control and embedding the proper processes into the organizations daily activities. COSO 2013 added key control aspects to mandate knowledge of business and regulatory changes as well as an increased focus on information technology and fraud. It is imperative that all professionals understand the roles and responsibilities incumbent upon them when it relates to internal control.

Publication Date: April 2025

Designed For
Controllers, Accountants, Auditors, Tax Professionals

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
• Advantages and Disadvantages
• IT Controls
• COSO Overview
• COSO 1992
• Educating Management
• Types of Controls
• Monitoring

Learning Objectives

• Recognize internal control focus
• Identify and state the definition and history of internal controls
• Recognize the advantages and disadvantages of internal control
• Explain COSO 1992 and COSO 2013
• Identify methods to educate management
• Recognize key monitoring methods

Level
Intermediate

Instructional Method
Self-Study

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

Program Prerequisites
Basic understanding of internal controls.

Advance Preparation
None