Course Description

Internal controls are applied within an organization to satisfy objectives related to operations, compliance, and financial reporting. This course will provide practical analysis and tips for how a reporting entity can manage financial reporting risk in an effective and efficient way.

Major Topics: 

• Revamped 2013 COSO Internal Control – Integrated Framework
• Designing an adequate ‘umbrella’ of internal controls over financial reporting to prevent, or detect and correct, material misstatement due to fraud or error
• Specific internal control considerations and sample documentation for smaller entities

Learning Objectives

• Identify the evolution of internal controls through the decades
• Recognize the revamped 2013 COSO Internal Control – Integrated Framework, including how the various components and principles interrelate to form a strong system of internal control over reliable financial reporting
• Discover special considerations for internal controls in a smaller-entity environment

Prerequisites

• Basic experience working with internal controls.