Organizations of all sizes often fail to install the needed foundational components of an internal control system successfully. Whether large or small, entities must view policies, procedures, and all controls holistically to develop a system of rules 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. In addition, it provides an understanding of the interrelated nature of all controls created by any organization.
- Understand key internal control concepts, including the four types of internal control: preventive, detective, deterrent and compensating
- Explain how each control becomes a piece of an overall internal control structure
- Detail both organization-wide measures as well as more segmented controls and how these must co-exist
- Underlying concepts of internal control
- The importance of control measure interdependency