Establishing and Improving Internal Controls
An internal control system includes processes for planning, organizing, directing, controlling and reporting on company operations, and will help you in achieving your short-term and long-term objectives. Establishing an effective internal control system in your company will lead to efficient operations, reliability in financial reporting, and compliance with all applicable laws and regulations, specifically the Sarbanes-Oxley Act of 2002. In order to implement effective internal controls in your company, you must learn to plan, evaluate and test your controls to ensure that they are being utilized efficiently. This training will allow you to monitor, correct and report your internal controls over financial reporting is vital in order to safeguard company assets from waste, loss, unauthorized use and misappropriation. Establishin
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Establishing and Improving Internal Controls
DAY ONE: Establish, Assess and Manage Internal Controls
Module 1: Learn the Key Aspects of a Control System and the Control Environment
• Establish effective internal controls that will lead to effective and efficient operations
• Ensure reliability in your financial reporting and compliance with all applicable laws and regulations, specifically Sarbanes®Oxley
• Understand the organizational change needed within your company
Module 2: Understand How to Plan, Evaluate, and Test the Internal Control System
• Understand the key processes, controls and the IT infrastructure
• Test key controls and compensating controls
• Identify and assess the control gaps in your system
Module 3: Identify and Assess the Risks of Internal Control and Determine the Causes of Material Weaknesses
• Identify risks and relationships inside and outside the agency
• Account for previous findings when identifying risk
• Maximize your knowledge of potential weaknesses while creating corrective measures
DAY TWO:Correcting and Reporting Internal Controls
Module 4: Correct Internal Control Deficiencies
• Learn how to monitor, correct and record deficiencies in your program
• Understand the elements of an effective corrective action plan
• Correct internal control deficiencies over financial reporting making
Module 5: Reporting Internal Control: Analyze and Monitor the Effectiveness of the Internal Control System
• Understand how to analyze and monitor the effectiveness of your control system
• Evaluate material weaknesses to make conclusions
• Examine the role of management in determining deficiencies
Module 6: Evaluate New Internal Control Challenges and Solutions
• Evaluate the difficulty in coordinating internal control assessments with the financial statement audit
• Orchestrate your internal controls with your strategic planning and budgeting initiatives
• Examine the role of new software solutions in implementing effective internal controls
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