Despite of the increasing volume of changes and the growing diversities and complexities of various business sectors, the basic reasoning for Internal Control Systems remains the same: the achievement of companies’ objectives together with the long-term objectives for profitability, in a safe, prudent and controlled way.
The objective of this seminar ensure that participants have a clear picture as to the way they should create and implement Internal Control Systems (ICS), to show them how a steadfast structure of ICS is created after a quick risk measurement and assessment, as well as to familiarize them with the way to assess the quality of ICS through a series of practical steps.
By taking part in many case studies and group discussions, participants of the seminar will understand how to systematically develop and assess ICS by using a globally accepted practice and will realize the role the different “3 Lines of Defence” related with ICS.
By the end of the seminar participants will attain a simplified and good understanding of the of the ICSs structure currently used by world class companies.
- Definition of Internal Control Systems according to the COSO model
- Limitations of Internal Control Systems (ICS)
- The importance and necessity of Internal Control Systems
- Examples of Internal Control Systems from real life
- Examples of company risks
- Common myths about ICS
- Reasons for ICS failures
- The clause “Reasonable Assurance”
- The objectives of ICS
- Results of a weak ICS
- ICS factors – Control Environment. What do they include?
- ICS factors -Risk Assessment. What does the term mean?
- External and Internal risks
- ICS factors – Control Activities
- Examples of ICS (approvals, segregation of duties, account recording, securing safety of assets, reconciliations)
- ICC factors – Information & Communication
- Efficiency factors of Information Systems
- ICS factors – Monitoring. What do systematic review activities include?
- Adequacy of ICS
- Types of ICS (Preventive, Detective, Directive, EDP General & Application Controls)
- The operational responsibility for ICS
- Soft Controls vs. Hard Controls
- Internal Control Questionnaires for specific operations (cash management, collections, assets, purchases, financial information, human resources, contracts with third parties, IT systems)
- The Internal Auditor’s role in ICS
- Analytical ICS quality assessment by the Internal Auditor – practical guidance and audit steps
- ICS assessment criteria
- Common findings for ICS
- Steps for organizing the ICS project, issues for the development of the ICS
- ICS and legal framework
- Steps for documenting ICS
- Auditing the effectiveness and efficiency of ICS
The programme is designed to deliver knowledge and enhance participants’ skills via short lectures, case-studies, practical examples, real-life simulations. Participants will also benefit from feedback and take away the knowledge gained to be transferred at their workplace.
Most of the training’s time will be invested in analysing a real-life case study that will help participants understand how to run risk based audits at all audit faces, how to create the long term and annual planning based on prioritization of risks, how to prepare the audit reports based on risks’ size and how to implement follow up activities risk-based.
This programme may be approved for up to 7 CPD units in Accounting Standards. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.
Who Should Attend:
- All officers and staff working in Internal Audit Units at all levels (inspectors, internal auditors)
- Officers working in Compliance Units
- External auditors
- Audit Committee members
- Security professionals
- Risk Management analysts