Dates and location
Pricing
Hours
Dates and location
Pricing
Hours
Description
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
- 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: This course description has been revised and reflects updates for 2022. If you have any questions, please contact pdevents@cpaontario.ca.
Schedule
- June 12, 2024, 8:30 a.m. -12:30 p.m.
- June 13, 2024, 8:30 a.m. - 12:30 p.m.
Key Takeaways
Upon completion of this course, you will learn how to:
- Recognize the relevant concepts of the COSO framework and how it relates to your company.
- Identify key controls to address some of the main risks in each component of the framework.
- Identify the importance of addressing segregation of duties, management override and potential for fraud.
- Identify the importance of addressing segregation of duties, management override and potential for fraud.
- Understand the effect that technology may have on the development of strong controls and how technology can promote or hinder effective internal controls in a small to medium sized company.
- Understand the importance of documentation and monitoring of internal controls. Develop an action plan for improvement in internal controls throughout the organization.
Who Will Benefit
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.
- The seminar is oriented to all levels; those beginning their careers in the management of the finance function, new controllers and directors of finance, and seasoned professionals looking to update or refresh their knowledge of internal controls.
- This seminar is oriented towards SME organizations, but the material is of benefit to all organization types including not-for-profit organizations.
Prerequisites
- 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)
- Participants should have a strong working knowledge of Excel 2010 or newer. This course will be taught in Excel 2016 with reference to the differences to Excel 2013 and 2010. The program focuses on Excel for Windows and we encourage you to bring your windows laptop equipped with Excel 2010 or newer to follow along with the instructor.
- To get the full experience of this interactive course, use a computer that has video and microphone capabilities.
Prerequisites
How to Access the Course
This course is a live webinar. You must attend the live course to receive verifiable CPD hours. We recommend you join five minutes prior to the scheduled starting time.
Electronic material can be accessed one week prior to the course and should be downloaded in advance.
Registration, cancellation, withdrawal and all other CPA Ontario PD policies can be found here.
Speaker(s)
Philip Maguire is a Chartered Professional Accountant and Chartered Accountant who received his designation while employed at Ernst & Young (formerly Clarkson Gordon) and a Certified Information Systems Auditor finalist. Philip is a principal in Glenidan Consultancy Ltd., an accounting practice that specializes in Compliance and Internal Audit. Philip has over 30 years of business experience in Canada, Hong Kong, the Philippines, Ireland and the United States. His organization has implemented a number of assignments across a variety of industries for companies with market capitalizations ranging from $50 million to $2 billion. Before he formed Glenidan Consultancy in 2005 Philip was a Vice-President of Finance at one of the country's largest financial institutions. Philip has spoken at a number of accounting conferences across Canada. He is a member of the Accounting Standards Board Insurance Accounting Task Force- Associates Group: the Ontario Securities Commission’s Continuous Disclosure Advisory Committee: the Steering Committee of XBRL Canada: and the Committee on Corporate Reporting of Financial Executives International (Canada). Philip has been a guest speaker on several television shows such as The Prosperity Show, Money in the Bank and Your Wealth and has contributed many articles to the Canada Business Wire on matters dealing with personal finance. He is a former Chairman of the Multiple Sclerosis Society, Ontario Division, Mississauga Chapter. Philip is a mentor for the Ryerson University’s StartMeUp program and the Chartered Professional Accountants (CPA) Ontario MAP to Success program. Philip is also the founder and Managing Director of Executive Mentors Inc. Executive Mentors has retained a number of retired business executives who have the time, energy and wisdom to mentor Canada’s next generation of entrepreneurs and business leaders.