Internal Controls: What Every Financial and Accounting Professional Needs to Know (Currently Unavailable)

Author: Lynn Fountain

In today’s world of efficiency, effectiveness and transparency, it is imperative that professionals understand their responsibility for internal controls. The Sarbanes-Oxley legislation was passed in 2002 and now 16 years later, it is as important as ever for those in the workforce to understand the concept of internal controls and how they impact their individual role. This requires every single individual within the organization, regardless of their role, to understand the concepts and how they vary from the day-to-day tasks of their job function.

When COSO 2013 was released, it turned up the focus on understanding internal control and embedding the proper processes into the organization's daily activities. The framework added key control aspects to mandate knowledge of business and regulatory changes as well as an increased focus on information technology and its controls. It is imperative that all professionals understand the roles and responsibilities incumbent upon them when it relates to internal control.

It is also imperative that management learn and accept their critical role as it relates to the management and monitoring of internal controls.

Publication Date: October 2022

Designed For
Accountants, Finance professionals, CFOs, CEOs, Legal professionals, Compliance professionals, Internal, and External Auditors

Topics Covered

• Explore the internal control focus
• Explore the definition and history of internal control
• Recognize advantages/ disadvantages of internal control
• Explore an overview of COSO 1992 and COSO 2013
• Examine types of controls
• Identify methods to educate management
• Recognize key monitoring methods
• The future of internal controls

Learning Objectives

• Recognize internal control focus
• Identify and explore the definition and history of internal controls
• Recognize the advantages and disadvantages of internal control
• Identify COSO 1992 and COSO 2013
• Identify methods to educate management
• Recognize key monitoring methods
• Identify the year the AICPA first formally defined the term internal control
• Identify the SOX Section that requires public companies' annual reports to include the company's own assessment of ICFR, and an auditor's attestation
• Identify an example of a principle related to the monitoring internal control component
• Identify the internal control designed to keep errors or irregularities from occurring in the first place

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None