Many organizations are successful as they create a system of internal controls, however some fail to properly implement the measures that are established. Moreover, entities regularly neglect the important process of testing, monitoring and updating control procedures, which weakens the entire internal control structure. This session provides an overview of control creation methods and discusses ways to successfully implement policies and procedures. Additionally, it includes an array of control maintenance checklists that participants can take and adapt to their organization as they work to improve policies and procedures. Finally, it provides an understanding of the need for dynamic, fluid controls that adapt to changes in business tools and methods. Participants that take this course will have a strengthened ability to implement and maintain an internal control system.<?xml:namespace prefix="o" />
Learning Objectives
Once participants have completed this session they should be able to: Understand key internal control concepts, including the four types of internal control: preventive, detective, deterrent and compensating Explain how they would create strong internal controls List reasons that control measures are required such as to deter fraud or reduce operational inefficiencies. Explain the importance of the control environment as implementation efforts are ongoing List three segments of an organizations technology infrastructure that must be controlled
Major Topics
This session is taught via the use of case studies adapted from real world examples. These studies effectively show participants successful entities that rely on their control structure to propel their prosperity as well as businesses that struggled or failed because proper controls were never instituted. The topics discussed in this session 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
