BPI-129 Internal Control Basics & Key Principles
Internal control is a crucial process designed to ensure an organization meets its objectives in three areas: operational effectiveness and efficiency, reliable financial reporting, and compliance with laws and regulations. This system helps organizations mitigate risks, improve performance, and maintain the accuracy of financial statements by establishing actions and mechanisms to safeguard assets and prevent errors or fraud.
The key components of internal control include the control environment, risk assessment, control activities, information and communication, and monitoring. The control environment sets the organizational tone, risk assessment identifies and analyzes risks, and control activities implement policies and procedures to address these risks. Information and communication facilitate the exchange of necessary information, while monitoring ensures ongoing or periodic evaluations of the internal control system's effectiveness.
Together, these components form a comprehensive and dynamic internal control system that adapts to changing conditions and provides reasonable assurance that the organization will achieve its objectives. Effective internal control is essential for managing risks, ensuring accurate reporting, and complying with relevant laws and regulations.
The key components of internal control include the control environment, risk assessment, control activities, information and communication, and monitoring. The control environment sets the organizational tone, risk assessment identifies and analyzes risks, and control activities implement policies and procedures to address these risks. Information and communication facilitate the exchange of necessary information, while monitoring ensures ongoing or periodic evaluations of the internal control system's effectiveness.
Together, these components form a comprehensive and dynamic internal control system that adapts to changing conditions and provides reasonable assurance that the organization will achieve its objectives. Effective internal control is essential for managing risks, ensuring accurate reporting, and complying with relevant laws and regulations.
By the end of the 2 days program, participants will be able to:
- Comprehend the overall process of Internal Control
- Identify the Key components of Internal Control
- Identify any malpractices in their daily operations
- Escalate gaps or flaws in their Internal Control Systems
- Section 1: The Distinction Between Internal Audit, Risk Management, And Compliance
- Section 2: Introduction To Internal Controls
- Section 3: Control Environment
- Section 4: Risk Assessment
- Section 5: Control Activities
- Section 6: Information & Communication
- Section 7: Leading The Internal Audit Team
- Section 8: Monitoring
- Section 9 – Internal Controls For Various Process
- Valuable references & Methodology for referral
- Evaluation
This course is designed for Internal auditors, Audit leaders, Audit supervisors, Audit managers, Senior auditors, Risk managers, Finance professionals & Compliance professionals.
This is a 2-days programme.
This course runs from 9:00am – 5:00pm with an hour for lunch and periodic short breaks.
This is an intensive session designed to include as much discussion as possible. Lunch and breaks provide an opportunity for further questioning and discussion with the instructors.
This course runs from 9:00am – 5:00pm with an hour for lunch and periodic short breaks.
This is an intensive session designed to include as much discussion as possible. Lunch and breaks provide an opportunity for further questioning and discussion with the instructors.
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