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Internal Control: Essentials for Financial Managers, Accountants, & Auditors

Author/Moderator: Glenn Helms, Ph.D., CPA, CIA, CISA, CITP, CFF
Publisher: AICPA
Availability: Varies by Format (See Below)
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Previous title: Internal Control Essentials for Financial Managers, Accountants and Auditors

Managers, supervisors, and accountants in business, government, or nonprofits are unable to identify their departmental policies and procedures that function as the primary controls against errors and fraud.

Additionally, auditors performing field work may be confused about how to interpret and evaluate management's documentation of accounting processes and controls. Neither party may truly understand how their duties differ. This course gives you a solid understanding of systems and control documentation. After an overview of the latest COSO guidance on the components and principles of effective internal control, you are introduced to basic tools used to document an effective accounting process. Identify the risks of errors and fraud in the accounting system, the key controls and weaknesses of compensating controls.

Topics Discussed:

  • Fundamental Components and Principles of Internal Control Integrated Framework and Small Business Tools Reports
  • Management Responsibilities vs. Auditor Responsibilities
  • Common Significant Accounting Processes
  • Fraud Risks for Major Classes of Transactions
  • Tools and Techniques Used for Internal Control Documentation
  • Estimating the Cost and Benefit of Remedying a Control Weakness
  • The Seventeen Principles Underlying Each Component of Internal Control

Learning Objectives:
This course explores valuable examples that illustrate how to interpret basic documentation of significant accounting processes and detect the risks of fraud and errors.

Prerequisite: None

Advanced Preparation:

The DVD course includes a course manual, plus, a 127 min (total run time) video. The video portion of the course is titled “Implementing the New COSO Internal Control Framework: Key Steps for a Smooth Transition” and is moderated by John Hudson. John hosts a panel of experts in the field of both creating a successful internal control structure, as well as auditing internal controls. Discussion points include an overview of the COSO project to revise the internal control framework, key areas of differences between the old and new frameworks, and the impact of the changes both from an internal and external (audit) standpoint.

NASBA Field of Study: Accounting
Level: Basic
Recommended CPE Credit: On-Demand 9.5; DVD, 9.5; Text, 8
Internal Control: Essentials for Financial Managers, Accountants, & Auditors
CPE On-Demand
Product# 159821
Availability: Online Access 1 Year
For registered users only
AICPA Member:$205.00
Your Price:$256.25
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