Internal Controls

Become a compliance specialist, maintain strong internal controls for SOX or FCPA, prepare for internal & external audit

Last updated 2022-01-10 | 3.8

- Design
- implement and operate internal controls in single process or whole organization
- Align controls with actual risks
- Prepare internal control documentation at required level and format

What you'll learn

Design

implement and operate internal controls in single process or whole organization

Align controls with actual risks

Prepare internal control documentation at required level and format

Monitor and review controls

find deficiencies and improve controls environment

Know where and when to consider automation of monitoring

Utilize appropriate frameworks for internal controls over finance or IT processes

Be an equal partner in discussions with auditors and external reviewers about your control environment

* Requirements

* There are no special prerequisites to participate in this training.
* Basic knowledge of finance might be beneficial
* but as we are also covering internal controls in other areas like IT or operations
* so it’s not necessary.

Description

A strong internal control system is one of the best mitigation strategies for managing operational and financial risks. This course aims to provide you all necessary knowledge to create and maintain effective control environment. We will also cover how to efficiently review internal controls and identify opportunities for their improvements.

Manage Risks of Your Organization with Effective Internal Controls

Learn Internal Control Definition, Types, and Objectives
Understand Internal Control Components and Principals
Implement Efficient Internal Control Monitoring
Recognize and Remediate Control Deficiencies
Improve Your Control Environment.

Become Internal Control Compliance Specialist

Internal control concept exists from ancient times, but United States was the first country to introduce professional guidance on topic. Internal control started to become significant to auditors in the United States early in the twentieth century.

More recently topic of controls started to evolve to cover other areas than finance like information technology (COBIT), project management or quality management (ISO 9000). Additionally, importance of internal controls systems in organizations increased significantly with dedicated regulations as Sarbanes Oxley Act (SOX) or Foreign Corrupt Practice Act (FCPA) setting legal requirements for minimum coverage of internal controls. We will learn about finance and IT controls as well as frameworks and legal regulations.

Content and Overview

In over 6 hours of video including 27 lectures we will cover all you need to know to become comfortable working with and designing internal controls. Each of three sections contains article summarizing most important concepts from all lectures and short quiz where you can test your new knowledge. Additionally, some of the lectures contain Action Points that help you practice your new skills directly for your organization needs.

First you will learn all the necessary information like definitions, types, components as well as who has what responsibilities in area of internal controls. With basics covered course will teach you all necessary steps to implement controls and prepare sufficient documentation to satisfy requirements of various frameworks and legal regulations. Finally, you will learn how to monitor and review internal controls including usage of automation and how to handle deficiencies identified in those processes.

Upon completion, you should be able to not only perform controls and implement control activities like a compliance specialist, but also work efficiently and effectively with any auditors or external reviewers of your controls.

Who this course is for:

Anyone who wants to understand role of internal controls in modern organizations
Finance, IT or operation professionals who are participants or design processes in their organizations
Owners of startups and small businesses who want to mitigate their operational risks
Specialists from any organizations who interact with internal or external auditors
Management from large corporations obliged to comply with SOX or FCPA regulations

Course content

4 sections • 30 lectures

Introduction 1 lectures

Course Overview Preview 03:59

This lecture provides very short introduction, quick look at full training agenda, and few words about the trainer.

Definition, Responsibility, and Impact of Internal Controls 10 lectures

Control Definition Preview 06:12

This lesson contains definition of internal controls, learn their components and tell you about relation to official regulations. At the end of this lesson you should be able to properly identify and describe controls in various organizations.

Different Types and Examples of Internal Controls Preview 10:14

This lecture contains presentation of different types of internal controls, discussed differences between preventive and detective controls as well as division of internal controls based on type of control activities.

Control Objectives Preview 08:11

This lecture presents objectives of internal controls according to two different approaches from COSO Internal Controls framework.

Control Components and Principals part 1 Preview 19:22

In this lecture we expand further on five components of internal controls from COSO definition and discuss in greater detail principals for

Control Environment
Risk Assessment

Control Components and Principals part 2 Preview 17:51

In this lecture we expand further on five components of internal controls from COSO definition and discuss in greater detail principals for

Control Activities
Information and Communication
Monitoring Activitie

Why Do We Need Internal Controls Preview 12:54

This lecture explains actual benefits of having sound and thorough internal control environment for organization, management, employees and investors.

Consequences of Lack or Badly Designed Controls Preview 13:53

This lecture presents on example what are the consequences of badly designed controls. Explains Fraud Triangle and discuss results of inadequate controls in Segregation of Duties, Proper Authorization, Documents and Records. At the end of lecture we also cover what can jeopardize internal controls?

Responsibility for Internal Controls Preview 16:43

In this lecture we will talk about who is responsible for internal controls within and outside of organizations and what are their precise responsiblities.

Section 2 Summary Notes And Practice Assignment Preview 11:07

Definition, Responsibility, and Impact of Internal Controls

Test your knowledge from Section 2

Implementation and Documentation of Internal Controls 12 lectures

Creating and Maintaining Internal Controls System Preview 12:32

This lecture demonstrates one of the few methods for internal controls implementation -eight-step process to develop Internal Controls System compliant with Sarbanes-Oxley (SOX) guidelines

Risk Definition, Identification, and Analysis Preview 14:40

In this lesson we discuss risk definition and first steps of risk management process related to identification, analysis, and evaluation of risk.

Risk Treatment, Monitoring and Balance Preview 12:26

During this lecture we talk further about the next steps of the process risk treatment and monitoring. We also discuss what factors affect risk assessment and how to achieve balance in relation between risk and control.

Control Activities Preview 16:38

This lecture will make you familiar with various types of control activities

Approvals, Authorizations, and Verifications (Preventive).
Reconciliations (Detective).
Reviews of Performance (Detective).
Security of Assets (Preventive and Detective).
Segregation of Duties (Preventive).
Controls over Information Systems (Preventive and Detective).

How To Document Internal Controls Preview 18:55

During lecture we discuss in greater detail various methods and levels of documentation for internal controls.

Flowcharts
Narrative Descriptions
Internal Control Questionnaires
Risk and Control Matrices
Policy and Procedure Manuals
Sound Documentation

We also cover level of detailed and suggested content of documentation as well as look at structure of Risk And Control Matrix.

Costs and Benefits Preview 18:44

In this lesson we cover the topic of cost associated with implementation of internal controls, show you how to perform sample cost / benefit analysis and while covering that touch the topic of automated internal controls as well as their costs and benefits.

Internal Controls Frameworks Part 1 Preview 18:56

In this lesson we have short overview of many different available Internal Control frameworks and go into greater detail of framework called COCO Criterial of Control by CiCa Canadian Institute of Chartered Accountants

Internal Controls Frameworks Part 2 Preview 17:39

During lecture we dive deep into second example of framework dedicated for controls over Information Technology and provided by ISACA - COBIT. We also have overview over suggested implementation method for this framework.

Internal Controls Regulations Part 1 Preview 11:33

In this lecture we cover first of two discussed reguilation Sarbanes-Oxley Act (SOX). Specifically we discuss responsiblities of Public Companies Accounting Oversight Board, Corporations and External Auditors set by this act.

Internal Controls Regulations Part 2 Preview 11:52

Second lecture presents another regulation Foreign Corrupt Practices Act of 1977 (FCPA). Additionally to overview we discuss specific internal controls supporting compliance with FCPA regulations in many organizations.

Section 3 Summary Notes Preview 20:15

Implementation and Documentation of Internal Controls

Test your knowledge from Section 3

Monitoring and Reviewing Internal Controls 7 lectures

Effective Internal Controls Preview 17:41

During this lecture we discuss what does it mean to have effective Internal Controls – what factors are deciding about controls effectiveness and recommendations in this area from COSO Internal Control Framework.

How To Monitor Internal Controls Preview 14:34

Lecture covers very important topic regarding monitoring of Internal Controls trying to answer question how to monito internal controls and how to make sure your monitoring process is efficient.

Automation of Internal Controls Monitoring Preview 19:15

In this lesson, we discuss use of tools to facilitate the process and integrating the automated monitoring of controls with other automated monitoring processes for increased efficiency and effectiveness.

What is Internal Audit Preview 15:41

During this lecture we make you familiar with Internal Audit and their role in internal controls environment

Internal Controls Deficiencies Preview 14:54

With this lecture we go more into the details of Internal Control deficiencies and talk about their identification, classification severity as well as talk through three of most common deficiencies: