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.

After an overview of the COSO guidance on the components and principles of internal control, this webcast introduces participants to basic tools used to document processes and controls. Participants also discuss the identification of the risks of errors and fraud and consideration the presence (or absence) of related controls.