Building Security/Efficiency via Internal Control (Part 1)

Overview

A well-designed internal controls system can and will drive all entity objectives. Too many times control creators focus too much on security. It is important to properly balance protection-based measures with those designed to enhance efficiency. This session works to illustrate the power of a strong and well supported control system. It also discusses steps to take in order to establish such a system. This material is becoming more and more beneficial as companies strive to address many new business challenges such as evolving markets, the rapid rate of change in the business world and the notable increase in governmental and industry-based regulation. Those that desire a balanced and workplace enhancing control system should strongly consider this session.

Highlights

An overview of control frameworks and concepts
Strategic considerations that can be incorporated into control development
Understanding and controlling risk that arises when organizations change or choose not to
The COSO Internal Control Framework and the COSO ERM Framework

Prerequisites

An understanding of internal control concepts

Designed For

Accounting and other business professionals that wish to know more about controls that drive all entity objectives.

Objectives

Identify the components of a control system
Identify the ways that risk affects all business activities
Use concepts such as risk appetite and risk tolerance to properly create controls
Apply the concepts set forth in the COSO framework that relate to the control environment
Choose the necessary steps to increase the quality of control development activities