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Value-added Business Controls: The Right Way to Manage Risk

Course Description

Print-friendly Course Description and Outline

​Effective control systems are critical to mitigating a business’s risk. During this course, beginning auditors and non-auditors will gain a basic understanding of internal controls and learn how to identify needed controls based on business objectives and risks.

This course will give staff and senior auditors with one year or less of experience, as well as non-auditors, the skills to use controls to detect and prevent fraud, design cost-effective control systems, identify “hard” and “soft” controls, and analyze existing control systems.

Note: This course is at a basic level, and is not appropriate for internal audit managers or officers or those above staff level.

Course Duration: 2 day(s)
CPE Hours Available: 16
Knowledge Level: Basic
Field of Study: Auditing
Prerequisites: 
​None
Advance Preparation: 
​None
Delivery Format: eLearning (Group-Internet-Based); On-site Training (Group-Live); Seminar (Group-Live)

​Internal Control

  • Define internal auditing and identify how it helps organizations accomplish objectives
  • Recognize current perspectives, myths, and realities about internal controls
  • Identify COSO's definition of internal control and key concepts related to it
  • Identify the components of internal control, how they are interrelated, and their level of importance as depicted on the COSO pyramid
  • Identify the two central principles used to implement COSO
  • Identify internal control factors and points of focus
  • Identify the limitations, roles, and responsibilities of internal control
  • Select the best course of action, given a scenario related to at least one of each component of internal control

The CoCo Control Model

  • Identify the CoCo report and the three parts of its framework
  • Identify how the CoCo report compares to COSO and the Malcolm Balridge Award Criteria

Identifying Internal Controls

  • Identify control tools and common control categories, types of controls associated with each, and their advantages and disadvantages
  • Identify controls and control weaknesses given a business situation and in a reengineered process
  • Identify new control categories and how they can fit into the process

Designing Controls

  • Identify when control design skills are used and how independence and objectivity in designing controls are addressed in the International Standards for the Professional Practice of Internal Auditing
  • Design a control or set of controls and an effective control environment, given a business situation
  • Apply the risk assessment thought process, given a situation
  • Identify well-defined objectives
  • Identify risk to accomplishing objectives, given a situation
  • Determine the significance and likelihood of a risk
  • Identify possible ways to manage risk
  • Identify adequate and cost-effective controls

Evaluating Controls

  • Identify tools for evaluating the design of control systems and some advantages and disadvantages of each tool
  • Use the risk/control matrix as an audit tool to evaluate the adequacy of control systems

Control Self-Assessment (CSA)

  • Recognize the basic methodology of a control self-assessment workshop and its advantages
  • Recognize how a control self-assessment workshop is conducted
  • Given a scenario, conduct the steps of a CSA workshop

​Most courses can be delivered through on-site training. You might be surprised that the organization leading the profession is just as committed to the delivery of affordable training.

Contact us by calling +1-407-937-1388 or send an e-mail to GetTraining@theiia.org.

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