Introduction to Corporate Compliance and Internal Control Framework

• What is corporate compliance and how does internal control play a role?
• Overview of the Internal Control Framework: COSO Framework, ISO 9001, etc.
• The key components of an internal control system (control environment, risk assessment, control activities, information & communication, monitoring)
• Interactive Activity: Group discussion on the role of internal control in achieving business objectives

The COSO Internal Control Framework

• Introduction to the Committee of Sponsoring Organizations (COSO) framework
• Key principles of the COSO framework: Control Environment, Risk Assessment, Control Activities, Information & Communication, and Monitoring
• How the COSO framework helps manage risks and ensure compliance
•  Case Study: Analyze a company’s internal control system using the COSO framework

Establishing a Control Environment

•       The role of management in creating a strong control environment
•       How to define roles and responsibilities for internal controls
•       Setting the tone at the top: How leadership influences control culture
•       Workshop: Develop a control environment plan for your team/department

Risk Assessment and Management

•       The importance of conducting a risk assessment to identify potential compliance and operational risks
•       Methods for evaluating risk impact and likelihood
•       How to prioritize risks and mitigate them through internal controls
•       Interactive Exercise: Conduct a risk assessment of a key process or operation in your organization

Control Activities – Designing Effective Controls

•       Types of control activities: Preventive, detective, and corrective controls
•       The relationship between policies, procedures, and control activities
•       How to design key controls in operational, financial, and compliance processes
•       Workshop: Create a set of control activities for a critical business process in your organization

Information and Communication in Internal Control

•       The role of information and communication in internal control systems
•       How to ensure information is accurate, timely, and relevant to stakeholders
•       Communication strategies for ensuring staff understand internal controls and compliance requirements
•       Activity: Develop an information and communication plan for internal controls in your department

Monitoring Internal Controls – Continuous Improvement

•       Methods for monitoring internal controls: Ongoing vs. periodic monitoring
•       The role of internal audits in assessing control effectiveness
•       Establishing feedback loops for continuous control improvements
•       Interactive Activity: Develop a monitoring strategy to assess the effectiveness of controls in your area of responsibility

Evaluating and Testing Internal Controls

•       Steps for evaluating internal control effectiveness
•       Techniques for testing controls: Control self-assessments, audit procedures, and walkthroughs
•       How to address control deficiencies and implement corrective actions
•       Workshop: Design an internal control testing plan for a business process

Addressing Internal Control Deficiencies

•       Common causes of internal control deficiencies.
•       Steps for identifying and documenting control weaknesses
•       Developing a corrective action plan to address deficiencies
•       Role-Playing: Simulate a scenario where you identify a control deficiency and develop a corrective action plan

Aligning Internal Controls with Organizational Goals

•       How to align internal controls with organizational objectives and risk management frameworks
•       The role of internal controls in supporting business growth, efficiency, and compliance
•       How to communicate the value of internal controls to stakeholders
•       Interactive Exercise: Develop an internal control alignment strategy for your department or team, linking it to broader organizational goals