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Training for Business Professionals
Who Should Attend?
Accounting and other business professionals that would like to have an understanding of internal controls for business entities
Area of Study:
A basic understanding of Internal Control Concepts
Successful organizations, both large and small, must understand the importance of effect internal controls and be able to develop a system of control measures that will keep the entity on its intended course. Moreover, those that design policies and procedures, benefit by knowing why these measures are necessary. This session sets forth internal control concepts and explains the importance of strong internal control policies. The material highlights some of the reasons that measures are needed and it provides an overview of control creation methods. Participants that take this course will gain a well-rounded understanding of internal control procedures of all types.
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
- Explain how they would create strong internal controls
- List reasons that control measures are required such as to deter fraud or reduce operational inefficiencies.
- Explain the importance of the control environment in all aspects the internal control system
- List three segments of an organizations technology infrastructure that must be controlled
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
- Defining where and why controls, policies and procedures are needed
- Legacy control measures that are still important for businesses today
- Creating control measures that address the use and protection of technology
Understanding and Creating an Internal Control Structure