PROGRAM OVERVIEW

Effective control systems are critical to mitigating a business’s risk. During the session, auditors and non-auditors will gain a basic understanding of internal controls and learn how to identify needed controls based on business objectives and risks

LEARNING OUTCOME
This 2-day seminar will provide participants with an introduction to assessing risks and designing controls to fit the risks. Internal audit professionals will develop a foundation of internal control design based on a risk assessment to ensure they can identify and analyze controls in the course of an audit or consulting project

PROGRAM CONTENT

Internal Control
– Perspectives, myths, and realties on internal control
– COSO definition and key concepts
– Components of internal control
– Internal control components and principles
– Limitations of internal control
– Roles and responsibilities

Identifying Internal Controls
– Control categories
– Control tools
– Identifying controls
– Redesign fundamentals
– Preventive controls
– Detective controls

Designing Controls
– Internal auditors and control design skills
– Designing controls during normal activities
– The risk assessment thought process
– Defining objectives
– Control frameworks and objectives
– Risk identification and assessment
– Ten universal business risks
– Working inventory of risks
– Improving risk identification
– Evaluation matrix for assessing risk
– Separation of duties
– Traditional vs. current controls
– Designing cost-effective controls

Evaluating Controls
– Tools for evaluating control designs
– Tools for evaluating controls
– Advantages of the risk/control matrix

Control Self-Assessment (CSA)
– CSA workshops and sample approach
– CSA workshop techniques
– CSA results reporting

WHO SHOULD ATTEND?

Auditors and non-auditors with less than 2 years of experience.

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  • PRIVATE
  • 10 Days
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