- NY Credits : 9.0
- TX Credits : 9.0
Internal Control Over Governmental Financial Reporting
Internal control over financial reporting is just as important in governmental financial reporting as it is in commercial financial reporting. This program provides a review of the major aspects surrounding internal controls over financial reporting for governmental entities. It has been updated to reflect revisions in the COSO Internal Control Framework published in May 2013. This program will emphasize the risks in governmental reports, including which types of transactions are risky and the most common problems. It will also describe the controls that affect financial reporting and why management should monitor controls. Finally, it will cover the audit committee's role in financial reporting.
Upon successful completion of Internal Control Over Governmental Financial Reporting, the user should be able to:
determine how the governmental environment affects risk assessments for governmental financial reporting;
identify the incentives that may contribute to fraudulent financial reporting;
recognize how the COSO Internal Control Framework relates to controls over financial reporting;
identify compensating controls;
evaluate key financial indicators;
identify critical links between budget planning and annual financial reporting;
identify changes in risks as organizational dynamics shift;
identify the applicability of GASB guidance for specific types of transactions;
recognize external economic and demographic factors that impact government financial risks; and
recognize the audit committee's role in fraud deterrence.