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Management Internal Control Essentials 2 Credits

Management Internal Control Essentials 2 Credits

  • Rating

    4.6
  • Published on

    February, 2024
  • Subject Area

    Auditing

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Nov 08, 12:00 PM ET

Learning Objective

  • To discuss the legislative foundations and regulatory requirements surrounding internal controls, with a focus on the Sarbanes-Oxley Act (SOX) and its implications for organizational management.
  • To examine the development of frameworks such as COSO in 1992 and its subsequent update in 2013.
  • To recognize the advantages and disadvantages of internal controls, gaining insights into their role in promoting efficient operations, preventing financial irregularities, and addressing potential challenges in their implementation.
  • To grasp the significance of proactive measures, including education, communication, accountability, and cooperation, in embedding sound internal controls throughout the organization.

Course Overview

Internal Controls (IC) are often misconceived by management as a mere set of forms, checklists, and templates mandated by auditors. However, this narrow view fails to recognize the profound impact that robust Internal Controls can have on an organization.

The webinar by Lynn Fountain provides a comprehensive overview of internal controls (IC) and their significance in organizational management. It delves into the legislative background, highlighting the responsibilities outlined in the Sarbanes-Oxley Act (SOX) and the increased scrutiny on internal control attestations. 

The importance of educating management on individual responsibilities for control processes is emphasized throughout the webinar. This online CPE Course advocates for a holistic understanding of internal controls, involving everyone in the organization. It explores the historical evolution of IC practices, dating back to ancient times, and the development of frameworks such as COSO in 1992 and its subsequent update in 2013.  It urges a shift from mere sign-offs to a comprehensive understanding of each participant's role in maintaining effective internal controls. 

Major Topics covered:

  • Internal control focus 
  • IC definition, history, advantages, and disadvantages 
  • COSO overview: COSO 1992 & COSO 2013 
  • Methods to educate management 
  • Setting the stage 
  • Key monitoring methods

Join this CPE Auditing Course to explore why managers must perceive Internal Controls, not merely as compliance measures but also as strategic tools capable of creating ultimate organizational value.

  • 2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 2 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
  • 2 CPE Credit of Internal control concepts and types of controls for Certified Internal Auditors (CIA)
  • 2 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
  • 2 CPE Credit of Auditing for Certified Management Accountants (CMA)
  • 2 CPE Credit of Auditing for Chartered Global Management Accountants (CGMA)
  • 2 CPE Credit of Internal Audit function for Certification in Risk Management Assurance (CRMA)
  • 2 CPD Credit of Auditing for Certified Financial Forensics (CFF)
  • 2 CPE Credit of Internal Controls for Certified Government Financial Manager (CGFM)
  • 2 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
  • 2 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
  • 2 CPE Credit of Internal Controls for Certified Internal Controls Auditor (CICA)
  • 2 CPE Credit of Auditing for Iowa Licensed Public Accountant (IA-LPA)
  • 2 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
  • 2 CPE Credit of Internal Controls for Certified Controls Specialist (CCS)
  • 2 CPE Credit of Auditing for Maine Licensed Public Accountant (ME-LPA)
  • 2 CPE Credit of Auditing for Delaware Licensed Public Accountant (DE-LPA)

  • 1.5 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 1.5 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
  • 1.5 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
  • 1.5 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
  • 1.5 CPE Credit of Auditing for Certified Management Accountants (CMA)
  • 1.5 CPE Credit of Auditing for Chartered Global Management Accountants (CGMA)
  • 1.5 CPE Credit of Internal Audit function for Certification in Risk Management Assurance (CRMA)
  • 1.5 CPD Credit of Auditing for Certified Financial Forensics (CFF)
  • 1.5 CPE Credit of Auditing for Certified Government Financial Manager (CGFM)
  • 1.5 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
  • 1.5 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
  • 1.5 CPE Credit of Auditing for Certified Internal Controls Auditor (CICA)
  • 1.5 CPE Credit of Auditing for Iowa Licensed Public Accountant (IA-LPA)
  • 1.5 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
  • 1.5 CPE Credit of Auditing for Certified Controls Specialist (CCS)
  • 1.5 CPE Credit of Auditing for Maine Licensed Public Accountant (ME-LPA)
  • 1.5 CPE Credit of Auditing for Delaware Licensed Public Accountant (DE-LPA)

Additional Information

Credits

2

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

Advance Your Career with Lynn Fountain's CE/CPE/CPD Webinars
Lynn Fountain , CRMA

Owner, Lynn Fountain Consulting and Training

  • 4.5
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Lynn Fountain has over 39 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 has successfully executed on several consulting assignments spanning areas of accounting, risk, ERM and internal audit.  She is a highly sought-after trainer and international speaker and has produced hundreds of courses delivered through seminars, conferences and on-demand training.  She is the author of three separate technical books.  

  • Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”.
  • Leading the Internal Audit Function
  • Ethics and the Internal Auditor’s Dilemma

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials. 


On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Ratings and Review

4.6

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DN

Dawoud Nasraty, CPA (US)

Excellent course and presenter - I really appreciated the discussion of effective internal controls in an organization and the evolution of their importance.

LG

Leslie Glore, CPA (US)

Great class. Very thorough overview. As a CFO of a small business, I do not use SOX but I have been diligent in trying to maintain IC as much as possible.

Inclusions
  • Multiple Credits
    Multiple Credits

    Earn continuing education credits with flexibility. Choose from live webinars, on-demand courses, e-books, or podcasts to fit your learning style and schedule.

  • Certifications & Reporting
    Certifications & Reporting

    We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days - fastest in the industry.

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