course | Certificate in Financial Control

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 the 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 the building
• Controls on maintenance and repairs
• Safety and security controls
• Legal implications of some safety measures
• Required reporting in administration
   

• Types of fraud relating to assets
• Key risk areas of asset management
• Key control activities for relevant sub-processes:
• Asset requisition and acquisition
• Capitalization
• Safeguarding and accountability
• Transfer and disposal
• Developing an asset 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 the purchase and payment cycle
• Controls in the inventory and costing cycle
• Controls in the HR and payroll cycle
• Controls in the sales and collection cycle
• Controls in the 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
The 

• 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 are 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