- NY Credits : 4.0
- TX Credits : 4.0
Monitoring Internal Control
This program seeks to convey the importance of an effective monitoring system for an entity's system of internal control. The program will break down the four key elements of establishing an internal control baseline and provide useful tools to build a proper foundation for effective monitoring. We will look at how to prioritize risk and evaluate the different types of information monitoring provides and close the program with a discussion of how to address and report the results of the monitoring process.
Upon successful completion of Monitoring Internal Control, the user should be able to:
identify the purpose of monitoring internal control effectiveness,
recognize the four key elements of establishing an internal control monitoring baseline,
identify the purpose and impact of Internal Control Over Financial Reporting Guidance for Smaller Companies,
recognize the structure of internal control systems,
recognize the four steps used by evaluators to design their monitoring activity,
identify controls and information,
recognize the three attributes related to monitoring from COSO's guidance for smaller companies, and
identify the concept of applying prioritization and communication of results.