INTRODUCTION TO INTERNAL CONTROLS

• Definition of internal controls
• Importance of internal controls
• Parties responsible for internal controls
• What Internal Controls Can and Cannot Do
• The 5 components of internal control
• Internal Control Categories
• Internal Control Procedures
• COSO Internal Control-Integrated Framework
• Governance, Risk, Compliance, Controls and Audit
• Compliance with policies, plans, procedures, laws, regulations & contracts

 FINANCIAL CONTROLS

• Controlling access to financial assets
• Controls on financial reporting
• Controls through budgets
• Controls through management reporting
• Implementing financial controls through policies and procedures
• Ensuring programs are met through internal financial controls

INFORMATION AND COMMUNICATION

• Internal Control to ensure reliability and integrity of information
• Types of information and communication
• Methods used to disseminate information
• Assessing information and communication
• Effective communication flow
• Information System Controls: Safeguarding Data
• Safeguarding data
• Access to communication systems
• Security reports
• Controlling access to building
• Controls on maintenance and repairs
• Safety and security controls
• Legal implications on some safety measures
• Required reporting in administration

• Types of fraud relating to assets
• Key risk areas of assets management
• Key control activities for relevant sub-processes:
• Asset requisition and acquisition
• Capitalization
• Safeguarding and accountability
• Transfer and disposal
• Developing an assets management controls checklist

IMPLEMENTING CONTROLS FOR THE BUSINESS

• Importance of Internal Controls in the Efficient Use of Resources
• Reporting in Business Cycles
• Approvals and Authorizations 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

 MANAGING INTERNAL CONTROL RISKS AND ISSUES

• Identifying Internal Control Risks and related Issues
• Investigating and Assessing Internal Control Risks and related Issues
• Monitoring Risks
• Different monitoring mechanisms
• Characteristics of effective monitoring
• Performing Risk Assessments and Risk Reviews
• Risk-Management Framework

ENHANCING COST CONTROL IN THE ORGANIZATION

• 10 most commonly implemented control activities
• Classification of control activities
• Characteristics of an effective internal control
• Design effectiveness vs. operating effectiveness of controls
• Assessing design and operating effectiveness
• Data analytics and data visualization

 BUDGETING AND COST CONTROL

• Why traditional budgeting doesn’t work
• How to build a Zero-Based Budget
• ZBB and ABC working together
• Understanding the true cost of products and services.
• 80% of profit comes from 20% of customers …and what to do about it.
• Beyond budgeting… using rolling forecasts instead