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.
-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)
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
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
Access to communication systems
Controlling access to building
Controls on maintenance and repairs
Safety and security controls
Legal implications of some safety measures
Required reporting in administration
Controlling Access to Financial Assets
Controls on Financial Reporting
Controls through Budgets
Controls through Management Reporting
Reflecting Financial Controls in Policies and Procedures
Controlling Access to Building
Controls on Maintenance and Repairs
Safety and Security Controls
Legal Implications of Some Safety Measures
Required Reporting in Administration
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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