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 management in a corporate setting

 

Analysis of Internal Control Processes

- Examples of practical internal control analysis

- Analytical techniques used in internal control analysis

- Who should conduct the analysis and how often?

 

Providing appropriate training to employees and upgrading their skills is one of pillars of success for organizations of any size. This training session outline was provided by AllaVolodina(York University Rate My Prof).