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Internal Controls

‐ Aug 6, 2013 3:10pm

Credits: None available.


Managers, supervisors, and accountants in business, government, or nonprofits are unable to identify their departmental policies and procedures that function as the primary controls against errors and fraud.

Additionally, auditors performing field work may be confused about how to interpret and evaluate management's documentation of accounting processes and controls. Neither party may truly understand how their duties differ. This course gives you a solid understanding of systems and control documentation. After an overview of the latest COSO guidance on the components and principles of effective internal control, you are introduced to basic tools used to document an effective accounting process. Identify the risks of errors and fraud in the accounting system, the key controls and weaknesses of compensating controls.

Learning Objectives:

This course explores valuable examples that illustrate how to interpret basic documentation of significant accounting processes and detect the risks of fraud and errors.

Topics Discussed:

  • Fundamental Components and Principles of Internal Control Integrated Framework and Small Business Tools Reports
  • Management Responsibilities vs. Auditor Responsibilities
  • Common Significant Accounting Processes
  • Fraud Risks for Major Classes of Transactions
  • Tools and Techniques Used for Internal Control Documentation
  • Estimating the Cost and Benefit of Remedying a Control Weakness
  • The Seventeen Principles Underlying Each Component of Internal Control



  • 0.00 - Auditing

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