Many managers, supervisors, and accountants in business, government or
nonprofits are not able to identify their departmental policies and
procedures that function as the primary controls against errors and
fraud. Alternately, auditors performing field work may be confused about
how to interpret and evaluate management’s documentation of accounting
processes and controls. Neither party may truly understand how their
duties differ. This course gives participants a solid understanding of
systems and control documentation. After an overview of the latest COSO
guidance on the components and principles of effective internal control,
this course introduces participants to basic tools used to document an
accounting process. Participants then identify the risks of errors and
fraud in the accounting system and the presence (or absence) of
compensating controls. Finally, participants will practice identifying
key controls and control weaknesses. Topics Discussed: Fundamental
components and principles of internal control Integrated framework and
small business tools’ reports Management responsibilities vs. auditor
responsibilities Common significant accounting processes Fraud risks
for major classes of transactions Tools and techniques used for
internal control documentation Estimating the cost and benefit of
remedying a control weakness The seventeen principles contained within
the COSO Integrated Framework underlying each component of internal
control