Category: Risk Assessment and Introduction to Internal Control

Risk Assessment and Introduction to Internal Control

Risk Assessment and Introduction to Internal Control

City Start Dates Duration Cost Make a booking
Dubai, United Arab Emirates 04 May 2020 1 week £2,850 Click here
Dubai, United Arab Emirates 04 May 2020 2 weeks £4,850 Click here

This course is designed to give you a solid understanding of systems and control documentation at the significant process level. After an overview of the latest COSO guidance on the components and principles of effective internal control, this course 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.

Course Objectives

At the end of the course delegates will be able to:

  • 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
  • Internal Control for Smaller Entities

Course Outline

  • Internal Control
  • Identifying, Measuring and Managing Risk;
  • Risk Assessment;
  • 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.
  • The Auditing Standards Board and Internal Control
    • Learning Objectives
    • Auditing Standards Board – Beyond Internal Controls
      • Industry Controllers and the Audit Standards
    • Factors to Consider When Obtaining an Understanding of the Entity and Its Environment
    • Risk Assessment Procedures
    • Brainstorming
    • Inquiries
    • Analytical Procedures
      • Expectation Formulation
      • Identification, Investigation, and Evaluation
      • Possible Adjustments to Unadjusted Client Accounts
    • Observation and Inspection
    • Are Independent Auditors Part of the Entity’s Internal Control?
    • Summary
  • Internal Control Definitions and Concepts
    • Learning Objectives
    • Introduction
    • SOX Section 404
      • Auditing Standards Board’s Definition of Internal Control
    • COSO Framework
    • COSO Definition of Internal Control
    • Auditing Standard No. 5 – Levels of Controls
      • Entity-Level Controls
      • Account/Process Level of Controls
      • A Combined Model
    • Summary
  • The Control Environment – An In-Depth Review
    • Learning Objectives
    • Introduction
    • The Control Environment
      • Integrity and Ethical Values
      • Board of Directors
      • Management’s Philosophy and Operating Style
      • Organizational Structure
      • Financial Reporting Competencies
      • Authority and Responsibility
      • Human Resources
    • Entity-Level Controls
    • Controls over the Period-End Financial Reporting Process
      • Spreadsheets
      • Selection of Accounting Policies
    • General IT Controls
    • Summary
  • Risk Assessment and Fraud – An In-Depth Review
    • Learning Objectives
    • Introduction
    • Risk Assessment and Objectives
      • Risk Sources
    • COSO for Smaller Public Companies
    • Financial Reporting Objectives
    • Financial Reporting Risks
    • Fraud Risk
    • Risk Assessment – Application to Small and Midsized Entities
    • Examples of Risks of Misstatement of Financial Statements
      • Revenue Cycle Example – Flawed System Design – Errors
      • Expenditure Cycle – Flawed System Design – Errors
      • Cash Receipts Example – Flawed System Design – Misappropriation of Assets
      • Fraudulent Financial Reporting
    • Summary
  • Control Activities – An In-Depth Review
    • Learning Objectives
    • Introduction
    • Control Activities
      • Integration with Risk Assessment
      • Selection and Development of Control Activities
      • Policies and Procedures
      • Documentation Issues – Management
    • Information Technology
    • Input Controls
      • Examples of Input Controls
    • Processing Controls
      • Examples of Processing Controls
    • Output Controls
    • Other Attributes of IT Controls
    • Complexity of IT
      • Complex IT System Characteristics
      • Less Complex IT System Characteristics
    • End-User Computing
      • Description
      • Advantages
      • Three Forms
      • Acquisition and Use of Hardware – Risks
      • Acquisition and Use of Software – Risks and Controls
      • Application Development – Risks
      • Logical Access to Sensitive Data – Risks
      • Physical Security of Data and Systems – Risks and Responses
    • COSO – Internal Control – Integrated Framework Control Activities
      • Type of Control Activities
      • Integration with Risk Assessment
      • Controls over Information Systems
      • Entity-specific Controls
    • Documentation of Account/Transaction Level Controls
    • Application to Small and Midsized Entities
    • Summary
  • Information and Communication – An In-Depth Review
    • Learning Objectives
    • Introduction
    • Information and Communication
    • Financial Reporting Information
    • Internal Control Information
    • Internal Communication
    • External Communication
    • AU Section 314 – Information and Communication
      • Audit Requirements: Information and Communication
    • Automated and Manual Procedures
    • Communication
    • IT: Information and Communication
    • Information and Communication – Application to Small and Midsized Entities
    • Summary
  • Monitoring – An In-Depth Review
    • Learning Objectives
    • Introduction
    • Monitoring
    • Attributes of the Principle
    • Reporting Deficiencies
    • Monitoring – COSO, Integrated Framework
    • Ongoing Monitoring
    • Separate Evaluations
      • Documentation in a Separate Evaluation
      • How to Conduct a Separate Evaluation
      • Reporting Deficiencies in a Separate Evaluation
      • AS No. 5’s Categories of Deficiencies
    • Deficiencies that Are at Least Significant
    • Additional Control Deficiencies: AU Section 325A
    • Update to Standards on Communicating Internal Control Related Matters Identified in an Audit
    • Monitoring – AU Section 314
      • Audit Requirements and Monitoring
    • Monitoring – Application to Small and Midsized Entities
    • Summary
  • Documentation – Guidance and Tools
    • Learning Objectives
    • Introduction
    • Internal Control Questionnaires
      • Internal Control Questionnaires Issues
    • Narratives
    • Flowcharts
    • Control Matrices
      • Example
    • Other Internal Control Documentation Tools
    • Summary
    • Appendix – “Choose the Right Tools for Internal Control Reporting”
  • Illustrative Case
    • Learning Objective
    • Overview
    • Case
      • Narrative
      • Requirements
      • Solution to Case
  • Latest Developments
  • Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement

Our mission is the development of potentials in individuals and organizations in emerging economies. We believe that economies develop when entities within it are performing to their highest potential.

RELATIONSHIP

People matter to us. We are committed to understanding our clients so that we can serve them better. Our ultimate goal is to foster mutually beneficial longterm relationships with each of our clients that is built on trust.

KNOWLEDGE DISSEMINATION

Our faculty members are experts within their fields, and are supported by a network of dynamic back-office staff. We actively encourage collaboration and knowledge sharing, recognizing that winning ideas come from collaborative thinking. With the wealth of knowledge within our teams and our collaborative ethos, we create an atmosphere that is conducive to learning for all our delegates.

Call Me Back

Risk Assessment and Introduction to Internal Control

Risk Assessment and Introduction to Internal Control

City Start Dates Duration Cost Make a booking
Lagos, Nigeria 03 February 2020 1 week ₦210,000 Click here
Lagos, Nigeria 05 October 2020 1 week ₦210,000 Click here

This course is designed to give you a solid understanding of systems and control documentation at the significant process level. After an overview of the latest COSO guidance on the components and principles of effective internal control, this course 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.

Course Objectives

At the end of the course delegates will be able to:

  • 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
  • Internal Control for Smaller Entities

Course Outline

  • Internal Control
  • Identifying, Measuring and Managing Risk;
  • Risk Assessment;
  • 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.
  • The Auditing Standards Board and Internal Control
    • Learning Objectives
    • Auditing Standards Board – Beyond Internal Controls
      • Industry Controllers and the Audit Standards
    • Factors to Consider When Obtaining an Understanding of the Entity and Its Environment
    • Risk Assessment Procedures
    • Brainstorming
    • Inquiries
    • Analytical Procedures
      • Expectation Formulation
      • Identification, Investigation, and Evaluation
      • Possible Adjustments to Unadjusted Client Accounts
    • Observation and Inspection
    • Are Independent Auditors Part of the Entity’s Internal Control?
    • Summary
  • Internal Control Definitions and Concepts
    • Learning Objectives
    • Introduction
    • SOX Section 404
      • Auditing Standards Board’s Definition of Internal Control
    • COSO Framework
    • COSO Definition of Internal Control
    • Auditing Standard No. 5 – Levels of Controls
      • Entity-Level Controls
      • Account/Process Level of Controls
      • A Combined Model
    • Summary
  • The Control Environment – An In-Depth Review
    • Learning Objectives
    • Introduction
    • The Control Environment
      • Integrity and Ethical Values
      • Board of Directors
      • Management’s Philosophy and Operating Style
      • Organizational Structure
      • Financial Reporting Competencies
      • Authority and Responsibility
      • Human Resources
    • Entity-Level Controls
    • Controls over the Period-End Financial Reporting Process
      • Spreadsheets
      • Selection of Accounting Policies
    • General IT Controls
    • Summary
  • Risk Assessment and Fraud – An In-Depth Review
    • Learning Objectives
    • Introduction
    • Risk Assessment and Objectives
      • Risk Sources
    • COSO for Smaller Public Companies
    • Financial Reporting Objectives
    • Financial Reporting Risks
    • Fraud Risk
    • Risk Assessment – Application to Small and Midsized Entities
    • Examples of Risks of Misstatement of Financial Statements
      • Revenue Cycle Example – Flawed System Design – Errors
      • Expenditure Cycle – Flawed System Design – Errors
      • Cash Receipts Example – Flawed System Design – Misappropriation of Assets
      • Fraudulent Financial Reporting
    • Summary
  • Control Activities – An In-Depth Review
    • Learning Objectives
    • Introduction
    • Control Activities
      • Integration with Risk Assessment
      • Selection and Development of Control Activities
      • Policies and Procedures
      • Documentation Issues – Management
    • Information Technology
    • Input Controls
      • Examples of Input Controls
    • Processing Controls
      • Examples of Processing Controls
    • Output Controls
    • Other Attributes of IT Controls
    • Complexity of IT
      • Complex IT System Characteristics
      • Less Complex IT System Characteristics
    • End-User Computing
      • Description
      • Advantages
      • Three Forms
      • Acquisition and Use of Hardware – Risks
      • Acquisition and Use of Software – Risks and Controls
      • Application Development – Risks
      • Logical Access to Sensitive Data – Risks
      • Physical Security of Data and Systems – Risks and Responses
    • COSO – Internal Control – Integrated Framework Control Activities
      • Type of Control Activities
      • Integration with Risk Assessment
      • Controls over Information Systems
      • Entity-specific Controls
    • Documentation of Account/Transaction Level Controls
    • Application to Small and Midsized Entities
    • Summary
  • Information and Communication – An In-Depth Review
    • Learning Objectives
    • Introduction
    • Information and Communication
    • Financial Reporting Information
    • Internal Control Information
    • Internal Communication
    • External Communication
    • AU Section 314 – Information and Communication
      • Audit Requirements: Information and Communication
    • Automated and Manual Procedures
    • Communication
    • IT: Information and Communication
    • Information and Communication – Application to Small and Midsized Entities
    • Summary
  • Monitoring – An In-Depth Review
    • Learning Objectives
    • Introduction
    • Monitoring
    • Attributes of the Principle
    • Reporting Deficiencies
    • Monitoring – COSO, Integrated Framework
    • Ongoing Monitoring
    • Separate Evaluations
      • Documentation in a Separate Evaluation
      • How to Conduct a Separate Evaluation
      • Reporting Deficiencies in a Separate Evaluation
      • AS No. 5’s Categories of Deficiencies
    • Deficiencies that Are at Least Significant
    • Additional Control Deficiencies: AU Section 325A
    • Update to Standards on Communicating Internal Control Related Matters Identified in an Audit
    • Monitoring – AU Section 314
      • Audit Requirements and Monitoring
    • Monitoring – Application to Small and Midsized Entities
    • Summary
  • Documentation – Guidance and Tools
    • Learning Objectives
    • Introduction
    • Internal Control Questionnaires
      • Internal Control Questionnaires Issues
    • Narratives
    • Flowcharts
    • Control Matrices
      • Example
    • Other Internal Control Documentation Tools
    • Summary
    • Appendix – “Choose the Right Tools for Internal Control Reporting”
  • Illustrative Case
    • Learning Objective
    • Overview
    • Case
      • Narrative
      • Requirements
      • Solution to Case
  • Latest Developments
  • Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement

Our mission is the development of potentials in individuals and organizations in emerging economies. We believe that economies develop when entities within it are performing to their highest potential.

RELATIONSHIP

People matter to us. We are committed to understanding our clients so that we can serve them better. Our ultimate goal is to foster mutually beneficial longterm relationships with each of our clients that is built on trust.

KNOWLEDGE DISSEMINATION

Our faculty members are experts within their fields, and are supported by a network of dynamic back-office staff. We actively encourage collaboration and knowledge sharing, recognizing that winning ideas come from collaborative thinking. With the wealth of knowledge within our teams and our collaborative ethos, we create an atmosphere that is conducive to learning for all our delegates.

Call Me Back