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The purpose of the session is to provide participants at senior management level with clear understanding of internal control definition and concepts, and give an overview of the latest trends recent evolutions in the business environment on that topic in order to help participants define a strategy and approach to internal control in alignment with the Code of Governance of Singapore
The seminar will also provide the guidance in terms of roadmaps, frameworks and tools in order to facilitate the implementation of internal control projects in a cost-effective way
Why does internal control matter? : recent developments in governance, regulatory requirements and management practices
The Internal Control "landscape"
• internal control relation to corporate governance
• regulatory requirements: the Code of Governance of Singapore
• public sector requirements
• analytical frameworks used by analysts to assess internal control
• disclosure practices and the "beyond compliance" approach
• internal control from a company performance perspective
Understanding the philosophy of the Code of Governance of Singapore
• principle-based approach
• role of risk management
• benchmark analysis from companies disclosures
• trends in governance reporting
Defining the strategy in your organisation: group discussion
Part II.
Internal control definitions and concepts
(this part aims at covering a series of 10 questions in order to develop thorough understanding of the scope, objective and nature of internal control based on practical examples)
• What is controlling?
• What is the role of internal control in controlling
• What internal control can offer and not offer
• Defining the scope of internal control
• Categories of controls: the role of internal control frameworks (COSO)
• Measuring the cost of internal control: risk theory
• Relation with fraud
• Role of monitoring: introducing internal audit
• "Process approach" in internal control
• Internal control compared to process management
Part III.
Defining roles and responsibilities: key principles
• roles at board level and audit committee
• role of management
• role of Head of Internal Audit/ Chief Compliance Officer
• Project management roles
• Coordination with external auditors
Part IV.
Dealing with implementation
(this part will provide a roadmap for defining the key step of implementation of internal control projects)
• Communication: developing a positive "mindset"
• process mapping and risk assessment
• reviewing controls and testing
• reporting and actions plan
Part V.
Documenting internal control
(Participants will he handed a toolkit containing a series of templates for internal control documentation; this is based on the recently issued guidance by the Committee of Sponsoring Organisations ¨CCOSO ¨C entitled: "Internal Over Financial Reporting: Guidance for Smaller Public Companies")
• using documentation tools: examples
• short video and feedback from experience
Course Review and Q & As
Who shoud attend?
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• CFOs
• Chief Internal Auditors
• Heads of internal control departments, Compliance officers
• Risk managers
• Senior managers
• Independent directors including members of audit committees
Jean Yves Le Corre is the Founder and Executive Director of InterauditAsia Co. Ltd, a consultancy specialized in learning services for cross-cultural auditing and performance management in China and the Asia-Pacific region.
Jean-Yves is a former trainer at Ifaci (Institute of Internal Audit and Control) in Paris, a Certified Internal Auditor and a Sloan Fellow from London Business School; he has more than ten years of professional experience in internal audit in large multinationals including Lafarge and Heineken Group where he led internal audit teams.
Jean-Yves developed extensive experience in coaching and training internal auditors in Asia and especially in China where he conducted +50 seminars over the past two years. Jean Yves is based in China where he currently provides advisory and assistance to multinationals and Chinese companies on internal control and risk management projects.
If you are having trouble registering online then you may download and fill out this registration form and fax it to (65) 65090292.
