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Internal Control: Compliance, Operational and Financial

Internal Control: Compliance, Operational and Financial

Internal Control: Compliance, Operational and Financial are an interesting topic in the corporate environment. They are part of the Governance, Risk, and Compliance (GRC) system which relies on these controls to ensure that risks are under check. This course starts with an introduction to corporate governance and Enterprise Risk Management (ERM) and goes into the details of risk responses available to management. The Internal Control: Compliance, Operational and Financial course then tackles controls at board and senior management level and looks into the business and reporting cycles.

We also cover controls in the purchase and payment cycle, HR and payroll cycle, inventory and production cycle, long-term assets life cycle and collection cycle. In addition, the course discusses information systems control, administrative and safety controls, financial reporting controls, physical controls and external reporting controls. Participants are encouraged to share with management the proper measures and controls for the risks at hand.

Course Objectives:

-Implement controls in the accounting processes.

-Assign functions and roles within the accounting department to maximize controls while optimizing performance.

-Assist in designing corporate business cycles to achieve better controls.

-Achieve segregation of duties and internal controls in the accounting department and related functions.

-Increase reliability of processes and decrease the likelihood of fraud through the organization.

-Comply with external reporting requirements by governmental and semi-governmental authorities.

-Develop operational policies and procedures in accordance with internal control requirement.

-Design and maintain financial controls.

You might be interested in another Risk and Compliance programs as a next step.


The course is based on presentations and examples by the instructor. Participants will also be required to present the results of case studies and exercises.

By the end of the course, participants will be able to:

-Define the GRC system

-Devise controls that are appropriate for the risks at hand

-Implement segregation of duties and internal controls in the accounting department and business cycles

-Safeguard information technology systems and data centers

-Design and maintain financial controls

-Comply with financial and other external reporting requirements


Participants who fully attend this course and complete the test on the last day will receive a Strategic Axis Professional Certificate (SAPC). SAPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.

This course is credited by GARP – Global Association of Risk Professionals (GARP)


Module 1: Introduction to Corporate Control Environment

Introduction to GRC: governance, risk, and compliance

Introduction to ERM

GRC system: governance, risk, and controls

Risk response and related internal controls

Purpose of internal controls

Compliance requirements for internal controls

Compliance requirements for oversight boards

Examples of compliance requirements

Other considerations: fraud prevention and customer satisfaction

The human element role in controls

Technology role in implementing controls

Segregation of duties in business cycles

Required reporting in business cycles

Approvals and authorization in business cycles

Risks to corporation in lack of control in the cycle

Costs of controls and controlling costs in business cycles

Controlling assets and inventory movements within the company

Preventing fraud through proper controls

Module 2: Implementing Controls in Business Cycles

Controls on Purchase and Payment Cycle

Controls in Inventory and Costing Cycle

Controls in HR and Payroll Cycle

Controls on Sales and Collection Cycle

Controls in Fixed Assets Life Cycle

The Human Element Role in Controls

Technology Role in Implementing Controls

Segregation of Duties in Business Cycles

Required Reporting in Business Cycles

Approvals and Authorization in Business Cycles

Risks to Corporation in Lack of Control in the Cycle

Costs of Controls and Controlling Costs in Business Cycles

Controlling Assets and Inventory Movements within the Company

Preventing Fraud through Proper Controls

Module 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 of some safety measures

Required reporting in administration

Module 4: Financial Controls

Controlling Access to Financial Assets

Controls on Financial Reporting

Controls through Budgets

Controls through Management Reporting

Reflecting Financial Controls in Policies and Procedures

Module 5: Administrative Controls

Controlling Access to Building

Controls on Maintenance and Repairs

Safety and Security Controls

Legal Implications of Some Safety Measures

Required Reporting in Administration

Module 6: External Reporting

Financial Reporting Requirements

Reporting to Labor-Related Authorities

Social Security Administration Reporting Requirements

Centralization or Decentralization of Reporting

Financial Reporting Requirements

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