Internal Control: Compliance, Operational and Financial Training

Internal Control: Compliance, Operational and Financial Training

Monday 22 Feb 2021

  • Duration: One Week
  • City: Madrid
  • Fees: Classroom: 4350 GBP / Online: 1975 GBP

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Overview

Internal controls are an interesting topic in the corporate environment. They are part of the Governance, Risk and Compliance (GRC) system which relies on these controls to ensure that risks are under check. This course starts with an introduction to corporate governance and Enterprise Risk Management (ERM) and goes into the details of risk responses available to management.

The course then tackles controls at board and senior management level and investigates the business and reporting cycles. We also cover controls in the purchase and payment cycle, HR and payroll cycle, inventory and production cycle, long term assets life cycle and collection cycle.

In addition, the course discusses information systems control, administrative and safety controls, financial reporting controls, physical controls and external reporting controls. Participants are encouraged to share with management the proper measures and controls for the risks at hand.

The Internal Control: Compliance, Operational and Financial course then tackles controls at board and senior management level and looks into the business and reporting cycles. … Participants are encouraged to share with management the proper measures and controls for the risks at hand.

Course Objectives:

By the end of the course, participants will be able to:

  • Define the GRC system and devise controls that are appropriate for the risks at hand
  • Implement segregation of duties and internal controls in the accounting department and business cycles
  • Safeguard information technology systems and data centers
  • Design and maintain financial controls
  • Comply with financial and other external reporting requirements
  • Implement controls in the accounting processes.
  • Assign functions and roles within the accounting department to maximize controls while optimizing performance.
  • Assist in designing corporate business cycles to achieve better controls.
  • Achieve segregation of duties and internal controls in the accounting department and related functions.
  • Increase reliability on processes and decrease the likelihood of fraud through the organization. And Comply with external reporting requirements by governmental and semi-governmental authorities.
  • Develop operational policies and procedures in accordance with internal control requirement and design and maintain financial controls.

Course Content:

Day 1:

Introduction to corporate Control environment

  • Introduction to GRC: government risk and Compliance
  • Introduction to EMR
  • GRC system: Government Risk and Control
  • Risk response and related internal controls
  • Purpose of the internal control
  • Compliance requirements through internal controls

Day 2:

Implementing Controls 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
  • The Human Element Role in Controls
  • Technology Role in Implementing Controls
  • Segregation of Duties in Business Cycles
  • Required Reporting in Business Cycles
  • Approvals and Authorization in Business Cycles
  • Risks to Corporation in Lack of Control in the Cycle
  • Costs of Controls and Controlling Costs in Business Cycles
  • Controlling Assets and Inventory Movements within the Company
  • Preventing Fraud through Proper Controls

Day 3:

Information System Controls

  • Safeguarding Data
  • Access to Communication Systems
  • Security Reports
  • Financial Controls
  • Controlling Access to Financial Assets
  • Controls on Financial Reporting
  • Controls through Budgets
  • Controls through Management Reporting
  • Reflecting Financial Controls in Policies and Procedures

Day 4:

Administrative Controls

  • Controlling Access to Building
  • Controls on Maintenance and Repairs
  • Safety and Security Controls
  • Legal Implications on Some Safety Measures
  • Required Reporting in Administration

 Day 5:

External Reporting

  • Financial Reporting Requirements
  • Reporting to Labor Related Authorities
  • Social Security Administration Reporting Requirements
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