Successful organizations, both large and small, must understand the importance of effect 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
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
