- NY Credits : 6.0
- TX Credits : 6.0
With internal control issues gaining attention in recent years, practitioners should be well versed in this area. This course discusses the important role internal control plays in achieving fair and accurate financial statements. It reviews the laws and regulations that focus on activities designed to meet objectives related to the accuracy of financial reporting. This program provides a review of the origins and development of the COSO internal control model. It has been updated to reflect recent revisions in the COSO internal control Framework, and will cover the definition, objectives, and elements of internal control. Current regulations require assessments by management and auditors on the design and operational effectiveness of controls. To assist practitioners with these requirements, this program will describe the five components of internal control, along with the seventeen principles, and accompanying points of focus, that relate to each of the components.
This basic level course is most beneficial to professionals new to this topic who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to this topic.
Upon successful completion of this course, the user should be able to:
identify the basic concepts of internal control,
identify the elements of internal control,
identify mitigation risk through control activities,
identify the principles relating to information and communication for internal control,
identify the principles of monitoring activities relating to internal control,
discuss the costs of internal control, and
discuss various benefits of good internal control.