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Internal Controls – Why They Are Important


Total Credits: 2 including 2 Auditing- Technical

Average Rating:
   2
Categories:
Partner Produced |  Accounting and Auditing
Faculty:
Lynn Fountain, CGMA, CRMA, MBA
Course Levels:
Basic
Duration:
2 Hours
License:
Product Setting: Expires 30 day(s) after program date.

Dates


Description

The topic of internal control has long been an issue for business. Management may view internal control as a set of forms, checklists, and templates that auditors require. However, internal control is much more.

Since the passage of the Sarbanes-Oxley Act (SOX), internal control (especially over financial reporting) has become a major focus for all organizations, regardless of their status as public, private, not-for-profit, sole proprietorship, partnership, or corporation. It is essential that managers understand and establish sound, effective, and proper internal controls for operations, compliance, and financial processes within the organization. Internal control can truly provide ultimate organizational value.

Internal controls are defined as the mechanisms, rules, and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. Internal controls are a means by which an organization’s resources are directed, monitored, and measured. This includes operational and compliance activities. It plays an important role in preventing and detecting fraud and protecting the organization’s resources.

Internal control is affected by an organization’s structure, work and authority flows, people, and information systems, and is designed to help the organization accomplish specific goals or objectives. For instance, a small organization with limited resources may not be able to segregate duties with the same rigor that a larger organization can. However, that does not give small organizations an excuse to ignore the importance of that control. They must find other ways to mitigate potential issues. In any event, internal control is part of an organization’s overall responsibility and requires due diligence to ensure its operations are effective. Management is the “keeper” and “inventor” of internal controls and must take ownership.

Basic Course Information

Learning Objectives
  • Discover and understand the concept of internal controls.
  • Identify the history behind internal controls.
  • Explore and comprehend the COSO Integrated Internal Control Framework.
  • Identify why internal controls are not infallible.
  • Discover and understand who maintains responsibility for internal controls.
  • Discover and understand methods to identify and document internal controls.
  • Explore and examine a generalized checklist of internal controls for various processes.

Major Subjects
  • Internal Control History
  • COSO Internal Control Framework
  • Types of Internal Controls
  • Are Internal Controls Infallible?
  • Who is Responsible for Internal Controls?
  • Why Document Controls?

Course Materials

Faculty

Lynn Fountain, CGMA, CRMA, MBA Related Seminars and Products


Lynn Fountain has over 37 years of experience spanning public accounting, corporate accounting and consulting. 22 years of her experience has been working in the areas of internal and external auditing. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. 

Ms. Fountain has held two Chief Audit Executive positions for international companies. In 2011, as the Chief Audit Executive for an international construction/ engineering firm, she was involved in the active investigation of a joint venture fraud.  The investigation included work with the FBI and ultimately led to indictment of the perpetrators and recovery of $13M.  Ms. Fountain is currently engaged in her own training and consulting business and is a regular trainer for the AICPA.

Ms. Fountain is the author of three separate technical books.  “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations” was published by the Institute of Internal Auditors Research Foundation. “Leading The Internal Audit Function” and “Ethics and The Internal Auditor Political Dilemma” were published by Taylor & Francis In addition,

Ms. Fountain has performed as an adjunct instructor for the School of Business for Grantham University and developed the first internal audit curriculum for the School of Business at the University of Kansas.  Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate (non-active).


Dates

Wed, Apr 24, 2024 - 09:00am to 10:48am AKDT
Fri, May 17, 2024 - 11:00am to 12:48pm AKDT
Wed, Jun 05, 2024 - 07:00am to 08:48am AKDT
Thu, Jun 27, 2024 - 09:00am to 10:48am AKDT
Tue, Jul 16, 2024 - 11:00am to 12:48pm AKDT
Mon, Aug 26, 2024 - 07:00am to 08:48am AKDT
Fri, Sep 20, 2024 - 09:00am to 10:48am AKDT
Thu, Oct 24, 2024 - 11:00am to 12:48pm AKDT
Wed, Nov 13, 2024 - 07:00am to 08:48am AKST
Mon, Dec 09, 2024 - 09:00am to 10:48am AKST
Fri, Dec 27, 2024 - 11:00am to 12:48pm AKST

Additional Info

Basic Course Information

Prerequisites

None


Advanced Preparation

None


Designed For Any accounting, financial professional, auditor, business owner or risk manager wanting a basic understanding of internal controls
Original Recording Date 12/2023
Yellow Book

No


Course Developer

MICPA


Date Added to Catalog

11/2023


Additional Information

Complaint Resolution Policy

Please contact Anne Taylor for any complaints.  anne.taylor@acpen.com, (972-377-8199).


Official Registry Statement

Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org


Instructional Delivery Method

Group Internet Based


Course Registration Requirements

Online Registration


Refund/Cancellation Policy

Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.


Promo Video

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