Internal Control Essentials for Financial Managers, Accountants, and Auditors (6101288A)

Many managers, supervisors and accountants in business, government or nonprofits are not able to identify their departmental policies and procedures that function as the primary controls against errors and fraud. Additionally, auditors performing field work may be confused about how to interpret and evaluate management's documentation of accounting processes and controls. Neither party may truly understand how their duties differ. This course gives you a solid understanding of systems and control documentation. After an overview of the latest COSO guidance on the components and principles of effective internal control, you'll be introduced to basic tools used to document an accounting process. You will learn to identify the risks of errors and fraud in the accounting system and the presence (or absence) of compensating controls. Finally, you will practice identifying key controls and control weaknesses.

• Interpret basic documentation of a significant accounting process.
• Identify the significant risks of fraud and errors.
• Locate the presence or absence of compensating controls.
• Identify key controls and control weaknesses.

• Fundamental components and principles of internal control from the COSO Integrated Framework and Small Business Tools reports
• Management responsibilities vs. auditor responsibilities for system documentation and detection of errors and fraud
• Common significant accounting processes
• Common fraud risks for major classes of transactions/significant processes and the controls to prevent or detect them
• Introduction to current tools and techniques used in internal control documentation
• Interpreting documentation of the accounting and control system
• Identifying those control or combination of controls to be considered as "key"
• Estimating the cost/benefit of remedying a control weakness

Managers, supervisors, accountants and others with duties critical to the system of internal control in business, government or nonprofits; members of SOX 404 internal control assessment teams; and auditors.

Experience with accounting processes and internal controls; familiarity with COSO internal control framework is helpful.