Identifying the Proper Balance of Internal Controls
This course further explores the types of ICs, how they can be properly utilized.
Description
Internal Controls (IC) are in place for a reason. They help maintain the control environment and establish efficient and effective processes. They also serve as a mitigation technique for identifying when processes have changed and when procedures need to be adjusted. In today’s business world, all personnel must understand the concept of internal control, how they should be utilized and their benefits.
The purpose and value of internal controls are often misunderstood and misapplied by management. Internal controls should be viewed as a value-oriented activity that assists the organization in the effective execution of its objectives. Properly designed and executed controls are the key to ensuring this view.
This course explores the types of ICs, how they can be properly utilized and the cost benefit considerations for implementation.
Internal control is a process designed to provide reasonable assurance regarding the achievement of objectives in the following areas:
- Effectiveness and efficiency of operations
- Reliability of financial reporting
- Compliance with applicable laws and regulations
- Safeguarding assets
If you would like Continuing Education Credit (e.g. CPE, CE, CPD, etc.) for this course, it is available if you take this course on the Illumeo dot com platform under course title: Identifying and Implementing the Proper Balance of Internal Controls. Illumeo is certified to provide CPE in over two dozen different professional certifications covering finance, accounting, treasury, internal audit, HR, and more. However, in order to receive CPE credit the courses must be taken on an ‘approved-by-the-governing-body’ CPE platform, and for over two dozen corporate professional certifications, that is the Illumeo platform. Go to Illumeo dot com to learn more.
What You Will Learn!
- Explore basic concepts, myths and facts of Internal Controls (IC).
- Discover typical control types.
- Identify why controls fail.
- Identify a framework to develop the right balance of controls.
- Explore the differences between automated and manual controls and recognize the various testing processes.
Who Should Attend!
- Anyone interested in finance, accounting, or related fields.