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After attending this workshop participants will be able to:
• communicate proactively on internal control benefits in the context of smaller organizations
• adopt the right approach to assessing internal controls
• identify key controls
• use methodologies, tools and templates for conducting internal control assessment in cost-effective manner
• document their work in a proper manner
• identify the key IT controls which need to be audited
• understand the relation with fraud to effectively tackle with the fraud issues when evaluating internal controls
• write reports on internal control to management and external parties
In order to provide the methodology to to conduct reviews of internal control over financial reporting in the context of small sized medium enterprises (SMEs) in compliance with international standards, this workshop is based on COSO Guidance: "Internal control over Financial Reporting Guidance for smaller Public companies which was issued in 2006 to promote a cost-effective approach to internal control.
The COSO small business document provides principles and attributes aligned with COSO's 1992 internal controls framework. Documentation templates will be provided to participants on electronic format in order to facilitate implementation by participants after the workshop.
Who shoud attend? ..................................................................................................................................................................................
Boards of directors, audit committees, management, accountants, internal auditors, external auditors, regulators, and others involved in structuring and assessing internal control.
Session 1: Introduction: benefits of internal control to Smes
• Understand the context of SMEs
• Clarify the benefits of internal control to SMEs
• Develop a positive mindset
• Characteristics of SMEs regarding internal control
• Growth objectives
• Internal Control: management tool
• Adapting internal control to different structures and levels of complexity
• Proactively communicate the concept of internal control to management
Case 1: example of governance issues in small, fast growing firm and
how this can limit the potential for growth
Case 2: Communicate on internal control to management.
Session 2: What is a cost-effective approach to internal control?
• Better understand the conditions which are necessary for cost-effective
internal control over financial reporting
• Understand how this will impact the process for assessing internal controls
* Compliance & Financial Reporting risks
* Risk-based approach
* Understanding COSO components
* Writing effective recommendations
* IT related controls
* Defining the level of documentation for the audit
Case3: Illustrations: examples of several categories of cost-effective controls.
How controls complement each other.
Session 3: COSO Methodology Roadmap: Overview
• Learn COSO approach and methodology
• Plan audit works
• Become familiar with the documentation templates
* COSO approach and methodology roadmap
* Principles, attributes and characteristics * Case 4: the 20 principles of COSO Guidance for good internal control. How can this practically work?
* Entity level controls
* Process mapping
* Documentation matrices
Session 4: How to tackle with fraud risks?
* Limitations of the internal control concepts
* Positioning the role of the internal on fraud: pre-investigations
* Principles to avoid fraud over financial reporting
Case 5: Examples of key controls on fraud
Session 5: Identifying the key risks and controls (top-down approach)
* Risk Identification and Analysis by Account and Disclosure
* Risk Analysis Mapping Accounts to Business Processes
* Mapping Business Sub-Processes to Supporting IT Infrastructure
* Process decomposition
* Documenting your work
Case 6: Risk assessment in Retail Company
Session 6: the 20 principles of Internal Control. Overview
• Understand the different categories of controls through real-based examples
* Control Environment Principles
* Risk Assessment Principles
* Control Activities Principles
* Information and Communication Principles Monitoring Principles
Session 7: Localization of the COSO principles
• Customize the approach to your company management & culture
Language: english
If you are having trouble registering online then you may download and fill out this registration form and fax it to (65) 67490193.
