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Internal Control

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Course Description

This CPE course is included in the 50+ hours of CGMA Strategic Management Accounting . It can also be purchased individually or as a part of Governance and Risk Management This CPE course covers internal control systems, which are defined as systems for management to control certain risks and therefore help businesses achieve their objectives. It first introduces the Turnbull Report, which covers the importance of internal control and risk management in organizations. While the report is a UK report it can still be applied to all companies. It then examines the Committee of Sponsoring Organizations (COSO) model of internal control consisting of five integrated components which are characterized by 17 principles. The course goes on to identify examples of organizational control and address the classification of controls into three broad categories (financial, non-financial quantitative, and non-financial qualitative controls). It finally investigates the process used to develop an adequate control system, and provides case studies based on real-world events. Topics Discussed: The control environment Internal control Purposes of internal control: the achievement of an entity's objectives, effectiveness and efficiency of operations Identifying and evaluating control weaknesses Identifying and evaluating compliance failures Operational features of control systems, including embedding in organisations operations, responsiveness to evolving risks and timely reporting to management The pervasive nature of internal control and the need for employee training Costs and benefits of maintaining the internal control system

Learning Objectives

Identify control weaknesses and compliance failures Identify controls to identify, assess and manage risks Recognize the costs and benefits of maintaining the internal control system

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Learning Format 1.5 Hours
Self-Study / On-Demand

Credit Type(s)
Business Mgmt & Org

Knowledge Level
Intermediate