Dates and location
Pricing
Hours
Dates and location
Pricing
Hours
Description
This course provides participants with a comprehensive guide to implementing an internal controls program designed to ensure that financial statements are free from bias and that assets are adequately safeguarded.
It examines the expectations of key stakeholders, including shareholders, lenders, donors, regulators, and tax authorities, regarding the roles and responsibilities of the Board of Directors, Audit Committee, management, and auditors. The course also integrates relevant regulatory requirements and auditing standards to support a practical and effective framework.
This course explores business failures resulting from fraud or poor judgment, using real-world cases from Europe, Canada, and the United States. Participants will analyze these examples to identify ethical breaches and weaknesses in internal controls that contributed to these outcomes. Building on these insights, the course then examines internal control frameworks across a range of organizations, including public companies listed on stock exchanges, private companies such as small and medium-sized enterprises, and not-for-profit organizations.
Topics Covered:
- The evolving role of the Audit Committee, and Board of Directors, as it oversees the external auditor, management and various regulators
- How Corporate Governance and Enterprise Risk Management distinguish between operational versus internal controls
- Legislative versus best practices in addressing internal control requirements
- The importance of professional skepticism when evaluating the risk profile of an organization
- The similarities and differences between internal controls over financial statements versus safeguarding the company’s assets
- The Canadian auditing standards, such as CAS 315 (Assessing the Risks of Material Misstatement) and CAS 240 (Responsibilities Relating to Fraud), that influence internal controls
- The risk and control matrix developed by COSO for internal controls and enterprise risk management
- How Ethical lapses and Bias affect the efficacy of internal controls
- How preventive and detective controls marry with automated and manual controls
- Why it is important to distinguish between the design and operational effectiveness of an internal control
- The appropriate level of testing when assessing internal controls
- The role of Information Technology in the application of internal controls
- How Generative Artificial Intelligence can help, or hinder, internal controls
- The three most common impediments to internal controls: Collusion, Human Error and Management Override
Schedule
- November 12, 2026 8:30 a.m. - 12:00 p.m.
- November 13, 2026 8:30 a.m. - 12:00 p.m.
Key Takeaways
- Understand the key steps involved in implementing an effective internal controls framework
- Recognize common pitfalls to avoid during the design and implementation process
- Gain insight into the objectives of corporate governance and enterprise risk management in shaping internal controls
- Learn how to align internal controls with broader organizational oversight and risk strategies
- Develop the ability to effectively communicate internal control design and outcomes to the Audit Committee, senior management, external auditors, and regulators
Who Will Benefit
- External and Internal Auditors
- Controllers and Chief Financial Officers
- Members of an Audit Committee
How to Access the Course
This course is delivered as a live webinar. To receive verifiable CPD hours, you must attend the session live. We recommend joining at least 5 minutes before the scheduled start time. For the best interactive experience, please use a computer equipped with a camera and microphone.
A reminder email with the Zoom link and course details will be sent two business days before the session. If you do not receive it, please check your spam or junk folder.
The same information, including any available materials, will also be posted in advance on our Blackboard LMS.
Registration, cancellation, withdrawal and all other CPA Ontario PD policies can be found here.
Speaker(s)
Philip Maguire is a Chartered Professional Accountant, Chartered Accountant who received his designation while employed at Ernst & Young (formerly Clarkson Gordon). Philip was a Certified Information Systems Auditor. Philip is a principal of an accounting practice that specializes in Compliance and Internal Audit. 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.