Segregation of duties, Documentation and other essentials for Management of Internal Controls

Learning Objectives

• To explore The Internal Control Focus
• To explore the definition and history of Internal Control
• To recognize the advantages and disadvantages of Internal Control
• To explore an overview of COSO 1992 and COSO 2013
• To identify Methods to Educate Management.
• To recognize Key Monitoring Methods

Course Description

The effects of the many corporate scandals over the past twenty years has 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. 

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

Key Topics:

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

Who Should Attend:

This CPE webinar on internal controls is suitable for: 

• Accountants
• Finance Personnel
• CFO
• Controller
• Board Members
• Management
• Risk and Legal Professionals
• Internal Auditors
• Compliance Professionals
• Process Improvement Professionals

Overview

• SOD Basics

  5 mins
• SOD Receipting Fumnction

  51 mins
• Control Mechanisms

  83 mins
• Governing Body

  113 mins
• Documentation Types

  142 mins
• Steps to Documentation

  171 mins
• Internal Control Focus

  220 mins
• Educating Management

  251 mins