Internal Controls and Control Environment

About the Course

This 5-day comprehensive Internal Controls and Control Environment training course aims to give delegates a clear and thorough understanding of their significance. Throughout the program, delegates will acquire the knowledge and skills to establish, evaluate, and enhance internal controls, ultimately ensuring organisational operations' integrity and effectiveness.

It emphasizes practical applications and real-world scenarios, offering a hands-on approach to mastering the concepts. Professionals undergoing this programme will be equipped with the tools to implement robust control frameworks essential for maintaining order, preventing risks, and fostering operational efficiency within an organisation.

Delegates will have gained an understanding of the core principles behind internal controls. They will learn the practical aspects of creating and managing control systems, allowing them to navigate complex organisational structures confidently. It imparts theoretical knowledge and focuses on the practical application of these principles in various professional contexts, ensuring that delegates are well-prepared to address the challenges of implementing and maintaining adequate internal controls in their respective roles.

Delegates need help understanding internal controls; they also have practical tools to ensure they work well. With a firm grasp of the main ideas, delegates will confidently handle complex organisational setups. This programme isn't just about learning; it's about preparing to face the challenges of keeping internal controls strong in their profession.

Core Objectives

The delegates will achieve the following objectives:

• Evaluate existing internal control systems
• Implement effective control environment strategies
• Identify and mitigate risks through internal controls
• Develop and enhance control policies and procedures
• Assess the impact of internal controls on organisational performance
• Foster a culture of compliance within the organisation
• Conduct internal control audits for continuous improvement

Training Approach

The training course utilises an engaging and interactive approach to ensure a dynamic learning experience. By integrating real-life examples, case studies, and cutting-edge research, delegates will grasp theoretical concepts and witness their real-world applications. Engaging in discussions, simulations, and group activities will be integral components, fostering active participation and collaboration among delegates. These hands-on exercises will give them practical insights and develop the skills to apply theoretical knowledge in various scenarios. This immersive learning environment goes beyond traditional teaching methods, encouraging a deeper understanding of the subject matter and providing delegates with the tools to navigate the complexities of internal controls effectively.

The Attendees

This training course is valuable for Professionals in roles such as Internal Auditors, Compliance Officers, Finance Managers, and Risk Managers. Additionally, professionals involved in governance, risk management, and control functions will benefit significantly.

Likewise, it will be valuable to the professionals but not limited to the following:

• CFOs and Finance Executives
• Internal Auditors
• Business Analysts
• Process Improvement Specialists
• Operations Managers
• Legal and Compliance Professionals

Daily Discussion

DAY ONE: INTERNAL CONTROL FUNDAMENTALS

• Overview of Internal Controls
• Types of Internal Controls
• Importance of Control Environment
• Internal Control Components
• Control Frameworks
• Identifying Control Weaknesses

DAY TWO: RISK ASSESSMENT AND MITIGATION

• Identifying and Assessing Organisational Risks
• Risk Assessment Process
• Risk Management Strategies
• Designing Internal Controls to Mitigate Risks
• Segregation of Duties and Control Activities
• Designing Risk Mitigation Plans

DAY THREE: POLICIES AND PROCEDURES

• Designing Control Policies
• Documenting Control Procedures
• Communication of Control Policies
• Training on Control Procedures
• Ensuring Policy Compliance
• Drafting Control Policies

DAY FOUR: INTERNAL CONTROLS FOR KEY BUSINESS PROCESSES

• Internal Controls for Procurement
• Internal Controls for Revenue Recognition
• Internal Controls for Inventory Management
• Internal Controls for Asset Protection
• Internal Controls for Payroll and Human Capital Management
• Implementing Internal Control for Key Business Processes

DAY FIVE: INTERNAL CONTROLS AND EVALUATION METHODS

• Internal Control Evaluation Methods
• Employee Training and Awareness
• Whistleblower Protection
• Identifying and Addressing Control Deficiencies
• Role of Internal Audit and Compliance Functions
• Technology to Support Internal Control Efforts