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21WA-4392: Identifying and Implementing the Proper Balance of Internal Controls (Webinar)

If you have questions about this event, please call us at 952-831-2707.

Thursday, September 23, 2021
2:00pm - 3:40pm Central Time
2 CPE (2 technical)

Internal Controls (IC) are in place for a reason. They help maintain the control environment and establish efficient and effective processes. They also serve as a mitigation technique for identifying when processes have changed and when procedures need to be adjusted. In today's business world, all personnel must understand the concept of internal control, how they should be utilized and their benefits.



The purpose and value of internal controls are often misunderstood and misapplied by management. Internal controls should be viewed as a value-oriented activity that assists the organization in the effective execution of its objectives. Properly designed and executed controls are the key to ensuring this view.



A previous course “The Manager's Responsibility for Internal Control," addressed these concepts at a higher level. This course further explores the types of ICs, how they can be properly utilized and the cost benefit considerations for implementation.



Internal control is a process designed to provide reasonable assurance regarding the achievement of objectives in the following areas:


Effectiveness and efficiency of operations
Reliability of financial reporting
Compliance with applicable laws and regulations
Safeguarding assets

Major subjects

  • Introduction to identifying and implementing the proper balance of internal controls
  • Concepts, myths and facts of internal controls
  • Risks vs controls
  • Typical control types
  • Understanding controls and why they fail
  • Framework for controls identification

Learning objective(s)

  • Explore basic concepts, myths and facts of Internal Controls (IC).
  • Discover typical control types.
  • Identify why controls fail.
  • Identify a framework to develop the right balance of controls.
  • Explore the differences between automated and manual controls and recognize the various testing processes

Who should take this program?

CPAs in public practice, internal auditors, and those with oversight of internal controls in business and industry

Fees

Our records indicate you are a nonmember. If you register, you will be charged $85.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.
Standard Member Fee $85.00
checkmark Standard Nonmember Fee $85.00

More program information

Instructor Lynn Fountain, CGMA, CRMA, MBA
Location Online
Area
of study
Accounting & audit
Field(s)
of study
Auditing - Technical (2.0)
Level Intermediate
Format Group Internet Based
Sponsor Business Professionals' Network, Inc.
NASBA ID#: 107810
Prerequisites Prereq. None
Advance
prep
None
Cancellation
policy
Receive a full refund if you cancel at least four business days before the event start date. Learn more

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If you have questions about this event, please call us at 952-831-2707.