Internal Controls - Design, Implementation And Monitoring

Become a compliance specialist, maintain strong internal controls for SOX or FCPA, prepare for internal & external audit

What you'll learn
Design, implement and operate internal controls in single process or whole organization
Align controls with actual risks
Prepare internal control documentation at required level and format
Monitor and review controls, find deficiencies and improve controls environment
Know where and when to consider automation of monitoring
Utilize appropriate frameworks for internal controls over finance or IT processes
Be an equal partner in discussions with auditors and external reviewers about your control environment
Requirements
There are no special prerequisites to participate in this training.
Basic knowledge of finance might be beneficial, but as we are also covering internal controls in other areas like IT or operations, so it’s not necessary.
Description
A strong internal control system is one of the best mitigation strategies for managing operational and financial risks. This course aims to provide you all necessary knowledge to create and maintain effective control environment. We will also cover how to efficiently review internal controls and identify opportunities for their improvements.
 


Manage Risks of Your Organization with Effective Internal Controls
Learn Internal Control Definition, Types, and ObjectivesUnderstand Internal Control Components and Principals

Implement Efficient Internal Control Monitoring

Recognize and Remediate Control Deficiencies

Improve Your Control Environment.


 


Become Internal Control Compliance Specialist
Internal control concept exists from ancient times, but United States was the first country to introduce professional guidance on topic. Internal control started to become significant to auditors in the United States early in the twentieth century. 
More recently topic of controls started to evolve to cover other areas than finance like information technology (COBIT), project management or quality management (ISO 9000). Additionally, importance of internal controls systems in organizations increased significantly with dedicated regulations as Sarbanes Oxley Act (SOX) or Foreign Corrupt Practice Act (FCPA) setting legal requirements for minimum coverage of internal controls. We will learn about finance and IT controls as well as frameworks and legal regulations.
 


Content and Overview

In over 6 hours of video including 27 lectures we will cover all you need to know to become comfortable working with and designing internal controls.  Each of three sections contains article summarizing most important concepts from all lectures and short quiz where you can test your new knowledge.  Additionally, some of the lectures contain Action Points that help you practice your new skills directly for your organization needs.


First you will learn all the necessary information like definitions, types, components as well as who has what responsibilities in area of internal controls.  With basics covered course will teach you all necessary steps to implement controls and prepare sufficient documentation to satisfy requirements of various frameworks and legal regulations. Finally, you will learn how to monitor and review internal controls including usage of automation and how to handle deficiencies identified in those processes.
Upon completion, you should be able to not only perform controls and implement control activities like a compliance specialist, but also work efficiently and effectively with any auditors or external reviewers of your controls. 



Overview

Section 1: Introduction

Lecture 1 Course Overview

Section 2: Definition, Responsibility, and Impact of Internal Controls

Lecture 2 Control Definition

Lecture 3 Different Types and Examples of Internal Controls

Lecture 4 Control Objectives

Lecture 5 Control Components and Principals part 1

Lecture 6 Control Components and Principals part 2

Lecture 7 Why Do We Need Internal Controls

Lecture 8 Consequences of Lack or Badly Designed Controls

Lecture 9 Responsibility for Internal Controls

Lecture 10 Section 2 Summary Notes And Practice Assignment

Section 3: Implementation and Documentation of Internal Controls

Lecture 11 Creating and Maintaining Internal Controls System

Lecture 12 Risk Definition, Identification, and Analysis

Lecture 13 Risk Treatment, Monitoring and Balance

Lecture 14 Control Activities

Lecture 15 How To Document Internal Controls

Lecture 16 Costs and Benefits

Lecture 17 Internal Controls Frameworks Part 1

Lecture 18 Internal Controls Frameworks Part 2

Lecture 19 Internal Controls Regulations Part 1

Lecture 20 Internal Controls Regulations Part 2

Lecture 21 Section 3 Summary Notes

Section 4: Monitoring and Reviewing Internal Controls

Lecture 22 Effective Internal Controls

Lecture 23 How To Monitor Internal Controls

Lecture 24 Automation of Internal Controls Monitoring

Lecture 25 What is Internal Audit

Lecture 26 Internal Controls Deficiencies

Lecture 27 Section 4 Summary Notes

Anyone who wants to understand role of internal controls in modern organizations,Finance, IT or operation professionals who are participants or design processes in their organizations,Owners of startups and small businesses who want to mitigate their operational risks,Specialists from any organizations who interact with internal or external auditors,Management from large corporations obliged to comply with SOX or FCPA regulations