Internal Controls: Guidelines, Concepts and Implementation

This course provides an understanding of internal controls, focusing on the guidelines, concepts, and implementation strategies essential for effective organizational governance and risk management. Participants will explore the fundamental principles of internal controls, the regulatory framework, best practices for designing and implementing robust control systems, and know how to measure risk likelihood and its potential impact.

Contents:

Defining Internal Controls

• Understanding the objectives of sound internal controls
• Establishing which control framework is right for your organization
• Meeting the objectives that internal controls must satisfy

Creating the Internal Control Structure

• Understanding the components of Internal Controls
• Hard controls vs Soft Controls
• Creating the control environment
• Monitoring the control framework

Risk Assessment and Considerations

• Establishing strategic objectives
• Defining, Measuring, Evaluating Risk
• Risk-Management strategies

Establishing Internal Accounting Controls

• Internal accounting control categories
• Strategies for preventing fraud in your cycles
• Financial audits

Managing Control Activities to Minimize Risks

• Reviewing operational auditing
• Prevention vs detection control types
• How to create an operational audit program
• The steps to creating an individual audit program

Monitoring and Reporting on Internal Controls

• Creating and implementing a testing system
• Manual vs technology-based monitoring
• Elements of effective internal controls reports
• How to create reports

For Whom: 

All Internal Auditors in both the Public and Private Sectors.

Training Methodology

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.