Until recently, a percentage of organizations discounted the risk related to external fraud attempts. Most were only concerned with protecting physical assets such as inventory or fixed assets. However, because of the many highly publicized corporate hacking events, such as the ones that affected the Colonial Pipeline and JBS Meats, more attention is being paid to external fraud risk of all types. In this session, we look at what is included in a definition of external fraud and then delve into specific control issues that can give rise to increased risk. We then discuss measures that organizations can employ to help reduce exposure to external attacks. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this session you will be able to...
- Distinguish key internal control concepts, including the four types of internal control: preventive, detective, deterrent and compensating
- Identify ways to create strong internal controls
- Identify reasons that control measures are required, such as to deter fraud or reduce operational inefficiencies
- Determine why the control environment is important as implementation efforts are ongoing
- Apply COSO Framework concepts to three segments of an organization's technology infrastructure that must be controlled.
Major Topics
The major topics covered in this course include:
- Underlying concepts of internal control
- The importance of control measure interdependency
