This is a hands-on seminar intended to give new, and experienced, financial leaders an opportunity to update their knowledge of internal controls using the COSO Framework. The seminar also includes exploration of LEAN management concepts that can be applied to the development of internal controls, the COBIT framework for IT controls, and a brief look at how to detect and prevent fraud.

This seminar provides an overview of the main concepts of internal control and its components, focusing on the COSO framework. This seminar will outline common internal control deficiencies in a small to medium sized company and look at potential solutions through examples and discussions. Participants will identify key controls to address some of the main risks, as well as the importance of addressing segregation of duties. This seminar will look at the effect that technology has had on internal controls in small to medium sized companies and will also provide an overview on how to monitor whether the internal controls in your organization are effective.

Topics Include:

• Importance of Internal controls and main risks
  • Importance of internal controls
  • Management’s responsibility for internal controls
  • Identification of main risk areas
    • Effective Process and Lean concepts impact on Internal Controls
      • Why discuss process and LEAN in relation to internal controls?
      • LEAN and SIX Sigma basics (brief overview)
      • How can we apply some LEAN concepts to Internal Controls
    • The COSO Internal Control Framework
    • Control environment
    • Risk assessment
    • Information systems
    • Control activities
    • Monitoring
  • Technology and IT Governance
    • COSO attributes of quality information
    • ISACA COBIT Framework for IT Control
    • General IT Control key concepts
    • Access and authorization controls
    • Cloud computing and e-commerce risks
  • Fraud
  • COSO’s five fraud risk management principles
  • Types of fraud
  • The Fraud Triangle
  • Detecting and preventing employee fraud and fraudulent reporting
    • Documentation and Monitoring
    • Types of documentation
    • Consequences of non-compliance
    • Monitoring

      NOTE: No updates or changes were made to the 2024 version of this course. If you completed the course in 2022 or 2023, please be advised the 2024 course material has not changed. If you have any questions, please contact pdevents@cpaontario.ca.

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This seminar will be of benefit to those who occupy roles in the financial management function of the organization, its risk management, or its governance.

Prerequisite(s)

Participants should be familiar with, or have some experience in, the finance function of an organization, specifically in the purchasing and/or sales cycles.

Participants should be familiar with the COSO Internal Control Framework (it is covered in detail during this seminar).