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The objective for this workshop is to learn how to conduct reviews of internal control over financial reporting in the context of small sized medium enterprises (SMEs) in compliance with international standards. It will allow auditors working in organizations of all sizes to better understand the necessary elements to ensure a robust system of internal control reflecting size and structure.
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.
Session2: 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 4: 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 5: 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
Who shoud attend? .................................................................................................................................................................................
Boards of directors, audit committees, management, accountants, internal auditors, external auditors, regulators, and others involved in structuring and assessing internal control.
Jean Yves Le Corre is the Founder and Executive Director of 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 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 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) 67490193.
