This seminar will provide valuable information on basic internal control and audit concepts. The program will help train financial professionals and management personnel who need to understand audit concepts and how to develop and implement an effective internal control structure.
Seminar attendees will gain insight into the following issues, and will learn how to develop and implement effective internal controls:
- What is an internal control?
- The internal control framework with a focus on COSO
- Reporting on internal control in the financial statements
- Overview on fraud
- Computer system controls and risks
- Internal accounting control and financial audits
- Update on Sarbanes-Oxley Act, specifically Section 404
8:30 a.m. - 10:00 a.m.
I. The Internal Control Framework
A. Definition Of Internal Control And Its Evolution Over The Years
B. Components Of Internal Control
C. Factors Of Internal Control
D. The Control Environment
E. Discussion Of COSO And Other Frameworks
10:00 a.m. - 10:10 a.m.
10:10 a.m. - 11:00 a.m.
A. Types Of Fraud
B. Case Examples
C. Preventive Techniques And Ways To Identify Fraud
11:00 a.m. - 12:00 p.m.
III. Cost/Risk Analysis
A. Setting Objectives
B. Measuring Risks
C. Evaluating The Means By Which Objectives Are Achieved
12:00 p.m. - 1:00 p.m.
Lunch (On Your Own)
1:00 p.m. - 2:30 p.m.
IV. Computer System Control And Risks
A. Establishing A Secure Computer Environment
B. Monitoring And Evaluating The Effectiveness Of Your General And Application Controls
C. Tools Available Within Your System
2:30 p.m. - 2:40 p.m.
2:40 p.m. - 3:40 p.m.
V. Internal Accounting Control And Financial Audits
A. Accounting Cycles
B. Evaluating The Accounting Cycles
C. Role Of Your Independent Auditor
D. Impact Of PCAOB
3:40 p.m. - 4:30 p.m.
VI. Reporting On Internal Control In The Financial Statements
A. Requirements Of The Sarbanes-Oxley Act
B. Elements Of A Report On Internal Control