Implementing and Maintaining an Internal Controls (Part 1)

Overview

Many organizations are successful as they create a system of internal controls, however some fail to properly implement the measures that are established. Moreover, entities regularly neglect the important process of testing, monitoring, and updating control procedures, which weakens the entire internal control structure. This session provides an overview of control creation methods and discusses ways to successfully implement policies and procedures. Additionally, it includes an array of control maintenance checklists that participants can take and adapt to their organization as they work to improve policies and procedures. Finally, it provides an understanding of the need for dynamic, fluid controls that adapt to changes in business tools and methods. Participants that take this course will have a strengthened ability to implement and maintain an internal control system.

Highlights

• Control creation and implementation basics
• Implementation and update procedures for an Internal Control system
• Maintaining existing internal controls

Prerequisites

A basic understanding of Internal Control concepts

Designed For

Accounting and other business professionals that would like to have an understanding of internal control implementation and testing procedures.

Objectives

• Determine the steps needed to implement a developed system of internal controls
• Apply steps to build control measure schedules that function weekly, monthly, quarterly, and yearly, and that are designed to test and monitor the internal control structure of an organization
• Analyze developed control measures to make sure they are working properly
• Determine why there is a need to update existing controls to keep them viable as business operations change
• Identify methods that can be used to communicate policy and procedure changes to those that are affected by these changes

Preparation

None