Internal Control – Compliance, Operational And Financial

Category: Internal Control – Compliance, Operational And Financial

Course Description

Course objectives

  • Implement controls in the accounting processes.
  • Assign functions and roles within the accounting department to maximize controls while optimizing performance.
  • Assist in designing corporate business cycles to achieve better controls.
  • Achieve segregation of duties and internal controls in the accounting department and related functions.
  • Increase reliability on processes and decrease the likelihood of fraud through the organization.
  • Comply with external reporting requirements by governmental and semi-governmental authorities.
  • Develop operational policies and procedures in accordance with internal control requirement.
  • Design and maintain financial controls.

Course Outline

  • Compliance Requirements through Internal Controls
  • Compliance Requirements for Oversight Boards
  • Examples of Compliance Requirements
  • Other Considerations: Fraud Prevention and Customer Satisfaction
  • Controls in Purchase and Payment Cycle
  • Controls in Inventory and Costing Cycle
  • Controls in HR and Payroll Cycle
  • Controls in Sales and Collection Cycle
  • Controls in Fixed Assets Life Cycle
  • The Human Element Role in Controls
  • Technology Role in Implementing Controls
  • Segregation of Duties in Business Cycles
  • Required Reporting in Business Cycles
  • Approvals and Authorization in Business Cycles
  • Risks to Corporation in Lack of Control in the Cycle
  • Costs of Controls and Controlling Costs in Business Cycles
  • Controlling Assets and Inventory Movements within the Company
  • Preventing Fraud through Proper Controls
  • Safeguarding Data
  • Access to Communication Systems
  • Security Reports
  • Controlling Access to Financial Assets
  • Controls on Financial Reporting
  • Controls through Budgets
  • Controls through Management Reporting
  • Reflecting Financial Controls in Policies and Procedures
  • Controlling Access to Building
  • Controls on Maintenance and Repairs
  • Safety and Security Controls
  • Legal Implications on Some Safety Measures
  • Required Reporting in Administration
  • Financial Reporting Requirements
  • Reporting to Labor Related Authorities
  • Social Security Administration Reporting Requirements