Description:

Successful organizations, both large and small, must understand the importance of effective internal controls and be able to develop a system of controls that will keep the entity on its intended course. Moreover, those that design policies and procedures benefit by knowing why control measures are necessary. This session sets forth internal control concepts and explains the importance of strong internal control policies. The material highlights some of the reasons that measures are needed and it also provides an overview of control creation methods. Finally, it discusses ways to successfully implement the developed policies and procedures. Participants that take this course will gain a well-rounded understanding of internal control procedures of all types.

Learning Objectives:

After attending this session you will be able to...

• Distinguish key internal control concepts, including the four types of internal control: preventive, detective, deterrent and compensating
• Identify ways to create strong internal controls
• Identify reasons that control measures are required, such as to deter fraud or reduce operational inefficiencies
• Determine why the control environment is important as implementation efforts are ongoing
• Apply COSO Framework concepts to three segments of an organization's technology infrastructure that must be controlled.

Program Content:

The major topics covered in this course include:

• Underlying concepts of internal control
• Defining where and why controls, policies and procedures are needed
• Legacy control measures that are still important for businesses today
• Creating control measures that address the use and protection of technology

Who should attend: Accounting and other business professionals that would like to have an understanding of internal controls for business entities. 

Developed By: Taymes, LLC

Instructor: Karl Egantoff

CPE Credit: 4.0

Field of Study: Accounting (4.0 CPE)

Prerequisites: An understanding of internal control concepts

Advanced Preparation: Complete part 1 of this series

Format: QAS Self Study