Internal controls – Industry sector
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One of the more overlooked concepts in accounting, internal controls, ensures the integrity and reliability of accounting processes while protecting against fraud and corruption. Accordingly, this seminar overviews the main concepts of internal controls and the associated components, focusing on the COSO framework. Specifically, the seminar will present common internal control deficiencies specifically related to internal controls over financial reporting in a small-to-medium sized company and examine potential solutions through mainly discussion and some exercises. Participants will identify key controls in the financial statement reporting process to address some of the main risks as well as discover the importance of addressing segregation of duties. Furthermore, the seminar will explore the effect of technology on internal controls in small-to-medium sized companies and discuss how to monitor the internal controls in participants’ own organizations.
ObjectivesBy the end of this training activity, participants will be able to:
- recognize the relevant concepts of the COSO framework and how it relates to their company;
- identify key controls to address some of the main risks in each component of the framework related to controls over financial reporting;
- identify the importance of addressing segregation of duties, management override and potential for fraud;
- understand the effect that technology may have on the development of strong controls and how technology can promote or hinder effective internal controls in a small- to medium-sized company;
- understand the importance of documentation and monitoring of internal controls;
- develop an action plan for improvement in internal controls including addressing the importance of internal controls throughout the organization.
- Importance of internal controls over financial reporting
- Management responsibility for internal controls
- Identification of main risk areas and risk assessment in financial reporting
- Control environment
- Risk assessment
- Information systems and technology
- General IT controls
- Control activities
- Fraud types
- Components of the fraud triangle
- Professional skepticism
- Use of service providers
- Potential problems
- Documentation and monitoring
- Types of documentation
- Consequences for non-compliance
Although most accounting professionals will gain value from this seminar, the session mainly benefits CPAs in industry with some knowledge of internal controls.