This training course is designed to give you a solid understanding of systems and control documentation at the significant process level. It will introduce you to basic tools used to document an accounting process. You will then be able 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.

Learning Objectives:

• 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;
• demonstrate a sound understanding of the entity and its environment as regards the Risks of Material Misstatement

Course Outline

• Internal Control Definitions and Concepts
• The Control Environment - An In-Depth Review
• Risk Assessment and Fraud - An In-Depth Review
• Identifying, Measuring and Managing Risk
• The Auditing Standards Board and Internal Control
• Control Activities - An In-Depth Review
• Information and Communication - An In-Depth Review
• Monitoring - An In-Depth Review
• Documentation - Guidance and Tools
• Illustrative Case
• Latest Developments
• Building An Environment that Supports Business Controls
• Assessing the Effectiveness of Controls in A Business
• Control Reporting Metrics and Defect Management System
• Corporate Governance Practices