Identifying The Proper Balance Of Internal Controls

This course further explores the types of ICs, how they can be properly utilized.

What you'll learn
Explore basic concepts, myths and facts of Internal Controls (IC).
Discover typical control types.
Identify why controls fail.
Identify a framework to develop the right balance of controls.
Explore the differences between automated and manual controls and recognize the various testing processes.
Requirements
No advanced preparation or prerequisites are needed for this course.
Description
Internal Controls (IC) are in place for a reason. They help maintain the control environment and establish efficient and effective processes. They also serve as a mitigation technique for identifying when processes have changed and when procedures need to be adjusted. In today’s business world, all personnel must understand the concept of internal control, how they should be utilized and their benefits. 
The purpose and value of internal controls are often misunderstood and misapplied by management. Internal controls should be viewed as a value-oriented activity that assists the organization in the effective execution of its objectives. Properly designed and executed controls are the key to ensuring this view.
This course explores the types of ICs, how they can be properly utilized and the cost benefit considerations for implementation.
Internal control is a process designed to provide reasonable assurance regarding the achievement of objectives in the following areas:
Effectiveness and efficiency of operationsReliability of financial reportingCompliance with applicable laws and regulationsSafeguarding assets If you would like Continuing Education Credit (e.g. CPE, CE, CPD, etc.) for this course, it is available if you take this course on the Illumeo dot com platform under course title: Identifying and Implementing the Proper Balance of Internal Controls. Illumeo is certified to provide CPE in over two dozen different professional certifications covering finance, accounting, treasury, internal audit, HR, and more. However, in order to receive CPE credit the courses must be taken on an ‘approved-by-the-governing-body’ CPE platform, and for over two dozen corporate professional certifications, that is the Illumeo platform. Go to Illumeo dot com to learn more.

Overview

Section 1: Introduction

Lecture 1 Introduction to Identifying and Implementing the Proper Balance of Internal

Lecture 2 Concepts, Myths and Facts of Internal Controls

Lecture 3 Risks vs Controls

Lecture 4 Typical Control Types

Lecture 5 Understanding Controls and Why They Fail

Lecture 6 Framework for Controls Identification

Lecture 7 Example

Lecture 8 Automated vs Manual Controls

Lecture 9 Automated Controls

Lecture 10 Automated Control Failures

Lecture 11 Evaluating Control Functions

Lecture 12 Testing Controls

Lecture 13 Preparing to Test Automated Controls

Lecture 14 Automation and Testing Impact

Lecture 15 IT Manual Controls

Lecture 16 How to Choose the Proper Control Type

Lecture 17 Manual or Automated

Lecture 18 Cost Vs. Benefit & Summary

Section 2: Supporting Materials

Lecture 19 Slides: Identifying and Implementing the Proper Balance of Internal Controls

Lecture 20 Identifying & Implementing Proper Balance of Internal Controls Glossary/Index

Section 3: Review and Test

Anyone interested in finance, accounting, or related fields.