Internal Control: Compliance, Operational and Financial


Course Objectives

By the end of the course, participants will be able to:

 
  • Define the GRC system
  • Devise controls that are appropriate for the risks at hand
  • Implement segregation of duties and internal controls in the accounting department and business cycles
  • Safeguard information technology systems and data centers
  • Design and maintain financial controls
  • Comply with financial and other external reporting requirements
Course Outline
  • The corporate control environment
    • Corporate Governance
    • Governance, Risk, Compliance, Controls and Audit
    • COSO Internal Controls Framework
    • COSO ERM Framework
    • Internal control objectives
    • COSO 17 principles for internal controls
    • Control Environment
    • Risk Assessment
    • Control Activities
    • Information and Communication
    • Monitoring Activities
    • COSO on Control Monitoring advantages
    • Definition of Control
    • Controls at BOD Level
    • 4 control objectives on a transaction level
    • Reason Model for Error Trajectory
    • Nature of Control
    • Control Deficiencies
  • Implementing controls in business cycles
    • Characteristics of effective controls
    • The control process
    • Reporting in Business Cycles
    • Approvals and Authorizations in Business Cycles
    • Controls in purchase and payment cycle
    • Controls in inventory and costing cycle
    • Controls in HR and payroll cycle
    • Controls in sales and collection cycle
    • Controls in fixed assets life cycle
  • Admin controls for IT and facility
    • Safeguarding data
    • Access to communication systems
    • Security reports
    • Controlling access to building
    • Controls on maintenance and repairs
    • Safety and security controls
    • Legal implications on some safety measures
    • Required reporting in administration
  • Financial controls
    • Controlling access to financial assets
    • Controls on financial reporting
    • Controls through budgets
    • Controls through management reporting
    • Implementing financial controls through policies and procedures
  • External reporting
    • Centralization or Decentralization of Reporting
    • Financial reporting requirements
    • Reporting to labor related authorities

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