Understanding Internal Control Contructs

Course Description

Organizations of all sizes often fail to successfully install needed foundational components of an internal control system. Whether large and small, entities must view policies, procedures and all controls in a wholistic manner in order to develop a system of controls that will keep the entity on its intended course. Moreover, those that design policies and procedures, benefit by knowing why control measures are necessary. This session sets forth internal control concepts and explains the importance of strong internal control policies. it provides an understanding of the interrelated nature of all controls created by any organization. 

Learning Objectives:

Once participants have completed this session they should be able to:

• Understand key internal control concepts, including the four types of internal control: preventive, detective, deterrent and compensating
• Explain how each control becomes a piece of an overall internal control structure
• Detail both organization wide measures as well as more segmented controls and how these must co-exist

Course Highlights:

This session is taught via the use of case studies adapted from real world examples. These studies effectively show participants successful entities that rely on their control structure to propel their prosperity as well as businesses that struggled or failed because proper controls were never instituted.

The topics discussed in this session include:

• Underlying concepts of internal control
• The importance of control measure interdependency 

Who Should Attend?

Accounting and other business professionals that would benefit with greater understanding of internal controls 

Area of Study:

Accounting

Level:

Intermediate

Credit:

4 hours

Prerequisites:

A basic understanding of Internal Control concepts