- NY Credits : 6.0
- TX Credits : 6.0
Internal Controls - Theory and Practice
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.
Upon successful completion of Internal Controls - Theory and Practice, the user should be able to:
identify the basic concepts of internal control,
identify the five components of internal control and explain their relationship to objectives,
discuss the role of principles in the COSO Framework and their relationship to components,
identify four principles of risk assessment in a system of internal control,
discuss how the establishment and alignment of objectives relate to risk assessment,
identify the control activities principles related to internal control,
identify the principles relating to information and communication for internal control,
describe the differences in communication that result from communicating internally versus externally,
identify the principles of monitoring activities relating to internal control, and
differentiate between monitoring and control activities.