Internal Control: Compliance, Operational and Financial

Course overview

Course outline

1. 1Day 1: 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
2. 2Day 2: 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
3. 3Day 3: 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
4. 4Day 4: 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
5. 5Day 5: External reporting

   • Centralization or Decentralization of Reporting
   • Financial reporting requirements
   • Reporting to labor related authorities