Internal Control: Compliance, Operational and Financial Training
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Internal Control: Compliance, Operational and Financial Training Course
Introduction:
Internal controls play a crucial role in the corporate environment as part of the Governance, Risk, and Compliance (GRC) framework. These controls are essential for managing and mitigating risks effectively. This course provides a comprehensive introduction to corporate governance and Enterprise Risk Management (ERM), followed by an in-depth exploration of risk responses available to management.
The course further examines controls at the board and senior management levels, delving into various business and reporting cycles. Participants will gain insights into controls within the purchase and payment cycle, HR and payroll cycle, inventory and production cycle, long-term assets life cycle, and collection cycle.
Additionally, the course covers information systems control, administrative and safety controls, financial reporting controls, physical controls, and external reporting controls. Participants are encouraged to collaborate with management in implementing appropriate measures and controls to address specific risks.
By attending this course, participants will develop a solid understanding of internal controls and their significance in managing risks within organizations. They will be equipped with the knowledge and tools to identify and implement effective control mechanisms across different business processes. By sharing their insights with management, participants can contribute to the establishment of robust control frameworks that enhance risk management practices.
This course offers a valuable opportunity for professionals to strengthen their expertise in internal controls and make meaningful contributions to their organizations' risk management efforts. With its practical focus and comprehensive coverage, the course enables participants to apply best practices and implement controls that align with their organization's specific needs.
Course Objectives:
At the end of this Internal Control: Compliance, Operational and Financial Training Course, participants will be able to:
- Define the GRC system and devise controls that are appropriate for the risks at hand
- Implement segregation of duties and internal controls in the accounting department and business cycles
- Safeguard information technology systems and data centers
- Design and maintain financial controls
- Comply with financial and other external reporting requirements
- 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. And Comply with external reporting requirements by governmental and semi-governmental authorities.
- Develop operational policies and procedures in accordance with internal control requirement and design and maintain financial controls.
Who Should Attend?
This Internal Control: Compliance, Operational and Financial Training Course Ideal for:
- All Professionals in the field of finance and accounting,
- The accountants at all levels seeking to enhance practical finance and accounting knowledge,
- The certified financial and accounting personnel especially accounting managers and controllers.
Course Outlines:
Introduction to corporate Control environment
- Introduction to GRC: government risk and Compliance
- Introduction to EMR
- GRC system: Government Risk and Control
- Risk response and related internal controls
- Purpose of the internal control
- Compliance requirements through internal controls
Implementing Controls in Business Cycles
- 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
Information System Controls
- Safeguarding Data
- Access to Communication Systems
- Security Reports
- Financial Controls
- Controlling Access to Financial Assets
- Controls on Financial Reporting
- Controls through Budgets
- Controls through Management Reporting
- Reflecting Financial Controls in Policies and Procedures
Administrative Controls
- Controlling Access to Building
- Controls on Maintenance and Repairs
- Safety and Security Controls
- Legal Implications on Some Safety Measures
- Required Reporting in Administration
External Reporting
- Financial Reporting Requirements
- Reporting to Labor Related Authorities
- Social Security Administration Reporting Requirements