Internal Controls - Design, Implementation and Monitoring from Udemy

What's inside

Learning objectives

Design, implement and operate internal controls in single process or whole organization
Align controls with actual risks
Prepare internal control documentation at required level and format
Monitor and review controls, find deficiencies and improve controls environment

Know where and when to consider automation of monitoring
Utilize appropriate frameworks for internal controls over finance or it processes
Be an equal partner in discussions with auditors and external reviewers about your control environment

Design, implement and operate internal controls in single process or whole organization
Align controls with actual risks
Prepare internal control documentation at required level and format
Monitor and review controls, find deficiencies and improve controls environment
Know where and when to consider automation of monitoring
Utilize appropriate frameworks for internal controls over finance or it processes
Be an equal partner in discussions with auditors and external reviewers about your control environment

Syllabus

Understand course structure, agenda as well as meet instructor

This lecture provides very short introduction, quick look at full training agenda, and few words about the trainer.

Understand what are internal controls, know their types, components, as well as grasp their benefits

This lesson contains definition of internal controls, learn their components and tell you about relation to official regulations. At the end of this lesson you should be able to properly identify and describe controls in various organizations.

This lecture contains presentation of different types of internal controls, discussed differences between preventive and detective controls as well as division of internal controls based on type of control activities.

This lecture presents objectives of internal controls according to two different approaches from COSO Internal Controls framework.

In this lecture we expand further on five components of internal controls from COSO definition and discuss in greater detail principals for

Control Environment
Risk Assessment

In this lecture we expand further on five components of internal controls from COSO definition and discuss in greater detail principals for

Control Activities
Information and Communication
Monitoring Activitie

This lecture explains actual benefits of having sound and thorough internal control environment for organization, management, employees and investors.

This lecture presents on example what are the consequences of badly designed controls. Explains Fraud Triangle and discuss results of inadequate controls in Segregation of Duties, Proper Authorization, Documents and Records. At the end of lecture we also cover what can jeopardize internal controls?

In this lecture we will talk about who is responsible for internal controls within and outside of organizations and what are their precise responsiblities.

Section 2 Summary Notes And Practice Assignment

Test your knowledge from Section 2

You will be able to choose approach and methodology for implementation of internal controls, know how to document it and have understanding of variety of frameworks and regulations that can help.

This lecture demonstrates one of the few methods for internal controls implementation -eight-step process to develop Internal Controls System compliant with Sarbanes-Oxley (SOX) guidelines

In this lesson we discuss risk definition and first steps of risk management process related to identification, analysis, and evaluation of risk.

During this lecture we talk further about the next steps of the process risk treatment and monitoring. We also discuss what factors affect risk assessment and how to achieve balance in relation between risk and control.

This lecture will make you familiar with various types of control activities

Approvals, Authorizations, and Verifications (Preventive).
Reconciliations (Detective).
Reviews of Performance (Detective).
Security of Assets (Preventive and Detective).
Segregation of Duties (Preventive).
Controls over Information Systems (Preventive and Detective).

During lecture we discuss in greater detail various methods and levels of documentation for internal controls.

Flowcharts
Narrative Descriptions
Internal Control Questionnaires
Risk and Control Matrices
Policy and Procedure Manuals
Sound Documentation

We also cover level of detailed and suggested content of documentation as well as look at structure of Risk And Control Matrix.

In this lesson we cover the topic of cost associated with implementation of internal controls, show you how to perform sample cost / benefit analysis and while covering that touch the topic of automated internal controls as well as their costs and benefits.

In this lesson we have short overview of many different available Internal Control frameworks and go into greater detail of framework called COCO Criterial of Control by CiCa Canadian Institute of Chartered Accountants

During lecture we dive deep into second example of framework dedicated for controls over Information Technology and provided by ISACA - COBIT. We also have overview over suggested implementation method for this framework.

In this lecture we cover first of two discussed reguilation Sarbanes-Oxley Act (SOX). Specifically we discuss responsiblities of Public Companies Accounting Oversight Board, Corporations and External Auditors set by this act.

Second lecture presents another regulation Foreign Corrupt Practices Act of 1977 (FCPA). Additionally to overview we discuss specific internal controls supporting compliance with FCPA regulations in many organizations.

Section 3 Summary Notes

Test your knowledge from Section 3

Be able to effectively monitor internal controls , know various methods involved in their review and be familiar with control deficiencies

During this lecture we discuss what does it mean to have effective Internal Controls – what factors are deciding about controls effectiveness and recommendations in this area from COSO Internal Control Framework.

Lecture covers very important topic regarding monitoring of Internal Controls trying to answer question how to monito internal controls and how to make sure your monitoring process is efficient.

In this lesson, we discuss use of tools to facilitate the process and integrating the automated monitoring of controls with other automated monitoring processes for increased efficiency and effectiveness.

During this lecture we make you familiar with Internal Audit and their role in internal controls environment

With this lecture we go more into the details of Internal Control deficiencies and talk about their identification, classification severity as well as talk through three of most common deficiencies:

In-House Accounting Expertise
Inadequate Documentation
Inadequate Evidence of Controls Performance

Section 4 Summary Notes

Test your knowledge from Section 4

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Helps you improve your control environment

Teaches you to implement efficient internal control monitoring

Explores internal control risks and how to manage them

Prepares you to become an internal control compliance specialist

Covers internal controls over finance and IT processes using frameworks

This course may require prerequisites

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Internal Controls - Design, Implementation and Monitoring with these activities:

Read a chapter on internal controls from an accounting textbook

Show steps

Reading a chapter on internal controls will provide a solid foundation in the concepts and principles of internal controls.

View Financial & Managerial Accounting, Loose-leaf... on Amazon

Show steps

Obtain a copy of the textbook
Read the assigned chapter and highlight important information
Summarize the key concepts and principles

Review Internal Controls

Show steps

Review the key concepts and frameworks of internal controls, including definitions, components, and objectives, to strengthen your foundational knowledge.

Browse courses on Internal Controls

Show steps

Read the course introduction and syllabus.
Review the first lecture on internal controls, components, and objectives.

Control Deficiency Identification and Remediation

Show steps

Sharpen your skills in identifying and remediating control deficiencies through targeted practice exercises.

Show steps

Review the common types of control deficiencies.
Practice identifying control deficiencies in case studies.
Develop and implement remediation plans for identified control deficiencies.

Four other activities

Expand to see all activities and additional details

Show all seven activities

Join a study group to discuss internal controls

Show steps

Participating in a study group allows for discussions, sharing of perspectives, and enhanced understanding of internal controls.

Browse courses on Internal Controls

Show steps

Find or create a study group with peers
Prepare discussion topics and materials
Meet regularly to discuss and exchange ideas

Create a risk assessment matrix

Show steps

Creating a risk assessment matrix will enhance your understanding of the steps involved and the factors considered in risk assessment.

Browse courses on Risk Assessment

Show steps

Gather data on potential risks
Identify and analyze risk factors
Develop and apply a scoring system
Create a visual representation of the risk assessment

Develop a flowchart of an internal control process

Show steps

Creating a flowchart will help you visualize and understand the sequence of steps involved in an internal control process.

Show steps

Identify the specific internal control process
Gather information on the steps and responsibilities involved
Create a draft flowchart using appropriate symbols
Review and finalize the flowchart

Applying Internal Controls to IT Environments

Show steps

Develop specialized knowledge in applying internal controls to IT environments, including COBIT and other frameworks.

Show steps

Review the fundamentals of IT controls.
Explore the COBIT framework and its application in IT control design.

Career center

Learners who complete Internal Controls - Design, Implementation and Monitoring will develop knowledge and skills that may be useful to these careers:

Internal Auditor

Internal Auditors provide independent, objective assurance and consulting services to help an organization accomplish its objectives by bringing a systematic disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Learners of the Internal Controls - Design, Implementation, and Monitoring online course, will develop the skills and knowledge to design, implement, and monitor internal controls, which are vital skills for Internal Auditors to possess.

See salaries and explore the career path for Internal Auditor

Auditor

Auditors review financial records and other relevant information to ensure that they are accurate and compliant with regulations. The Internal Controls - Design, Implementation, and Monitoring course can enhance an Auditor's knowledge of different types of internal controls used in organizations.

See salaries and explore the career path for Auditor

Information Technology Auditor

An Information Technology Auditor is responsible for evaluating an organization's IT infrastructure, policies, and procedures to ensure compliance with regulations and standards. The Internal Controls - Design, Implementation and Monitoring course includes content focused on IT controls. This can help Information Technology Auditors to develop a strong understanding of how to create and monitor controls to protect sensitive data and systems.

See salaries and explore the career path for Information Technology Auditor

Risk Analyst

Risk Analysts identify and analyze potential threats and opportunities in order to help their organization reduce volatility and improve performance. Having a sound understanding of internal controls is critical to assessing and mitigating risks. The Internal Controls - Design, Implementation, and Monitoring course can help Risk Analysts gain the in-depth knowledge needed to be effective in their role.

See salaries and explore the career path for Risk Analyst

Forensic Accountant

Forensic Accountants investigate financial crimes such as fraud, embezzlement, and money laundering. The Internal Controls - Design, Implementation, and Monitoring course can provide Forensic Accountants with a strong foundation in internal controls, which can help them to identify and investigate financial irregularities.

See salaries and explore the career path for Forensic Accountant

Risk Manager

Risk Managers are responsible for identifying, assessing, and mitigating risks. The Internal Controls - Design, Implementation, and Monitoring course will help Risk Managers to understand the role of internal controls in risk management and how to use them to mitigate risks.

See salaries and explore the career path for Risk Manager

Consultant

Consultants provide expert advice and guidance to organizations on a variety of topics, including internal controls. The Internal Controls - Design, Implementation, and Monitoring course will help Consultants to understand the importance of internal controls and how to effectively implement and monitor them.

See salaries and explore the career path for Consultant

Chief Financial Officer

Chief Financial Officers (CFOs) are responsible for managing the financial health of an organization. The Internal Controls - Design, Implementation, and Monitoring course will help CFOs understand the role of internal controls in managing financial risks and ensuring the accuracy and reliability of financial reporting.

See salaries and explore the career path for Chief Financial Officer

Financial Analyst

Financial Analysts study current and past financial data and make informed judgments about the value of companies. The Internal Controls - Design, Implementation, and Monitoring course includes a review of the components of internal controls. This will help Financial Analysts to better understand their own company's level of financial risk.

See salaries and explore the career path for Financial Analyst

Financial Manager

Financial Managers oversee the financial operations of an organization, including budgeting, forecasting, and financial reporting. The Internal Controls - Design, Implementation, and Monitoring course will help Financial Managers understand the importance of internal controls and how to integrate them into their organization's financial management processes.

See salaries and explore the career path for Financial Manager

Accountant

Accountants prepare and maintain financial records and prepare financial statements. The Internal Controls - Design, Implementation and Monitoring course can improve an Accountant's knowledge of financial compliance and control.

See salaries and explore the career path for Accountant

Controller

Controllers are responsible for managing the day-to-day financial operations of an organization. The Internal Controls - Design, Implementation, and Monitoring course will help Controllers to understand the importance of internal controls and how to implement and monitor them effectively.

See salaries and explore the career path for Controller

Project Manager

Project Managers are responsible for planning, executing, and closing out projects. The Internal Controls - Design, Implementation, and Monitoring course will help Project Managers understand the importance of internal controls and how to implement and monitor them in their projects.

See salaries and explore the career path for Project Manager

Operations Manager

Operations Managers are responsible for the day-to-day operations of an organization. The Internal Controls - Design, Implementation, and Monitoring course will help Operations Managers to understand the importance of internal controls and how to integrate them into their organization's operations.

See salaries and explore the career path for Operations Manager

Compliance Specialist

A Compliance Specialist focuses on assuring that all internal and external regulations pertaining to an organization are properly adhered to. They must have a strong understanding of the complexities of specific regulations. The Internal Controls - Design, Implementation and Monitoring course provides a deep dive into the importance of internal controls and the documentation thereof. This can help a Compliance Specialist learn about creating and maintaining controls to ensure compliance and mitigate risks.

See salaries and explore the career path for Compliance Specialist