REVIEW OF INTERNAL CONTROLS and INFORMATION SYSTEMS
Establishing strong information systems and internal controls is important for small and large organizations alike. Here is a course outline that could be utilized for half-day training session to review the basics of information systems and internal controls with staff and management. The Necessity of Controls -Competitive advantage and internal controls - Prevention of embezzlement - Avoiding inaccurate accounting Components of the Internal Control - Five components of internal controls and their key elements: control environment, risk assessment, control activities, information and communication and monitoring - Significance of each stage as outlined above - The role of the board of directors, its committees including the audit committee - The importance of appropriate organization structure to achieve effectiveness in internal controls - The impact of human resource policies on internal controls - Real life examples of internal controls as part of risk ...