Introduction

Internal control is an important requirement for effective corporate governance. The internal auditor is at the front line in evaluating management’s internal control, assessing the accuracy of financial information and ensuring compliance with laws and regulations. Learn how to perform these important duties and comply with the professional auditing standards.

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 on 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.

• Overview of Internal Control

  • · Myths about Auditing
  • · What is Internal Auditing?
  • · What is Internal Control?
  • · How can Auditors Manage Risk?
  • · Accounting vs Auditing

Implementing Controls in Business Cycles

• Controls in Purchase and Payment Cycle
• Controls in Inventory and Costing Cycle
• Controls in HR and Payroll Cycle
• Controls in 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

Planning the Audit and Assessing Audit Risk

• · Internal Control “Life Cycle”
• · Internal control “Risk Assessment”
• · Money in and Money out
• · Planning the Individual Audit
• · Audit Procedures

Conducting the Audit

• · Document the Exception and Findings
• · Documents in the Audit Reporting Process
• · Audit Exit Meeting
• · Building Report

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