Master The Art Of Internal Control

Course overview

Internal controls and risk management strategies implementation are essential safeguards against the consequences of noncompliance for your organization. Legal compliance, internal controls, preventing fraud, policies and procedures, supply chain risk, and business continuity processes are among the subjects covered in this course.

Participants get information from both a technical and soft skills standpoint during the Master class in Internal Control. This course also discusses how emerging technologies are changing the internal audit environment and how that is altering internal audit’s job.

The course also covers the main characteristics that internal audit practitioners must employ and elaborates on the competencies needed to guarantee that they appropriately satisfy the needs of their stakeholders.

What key points should you remember from this “Master class in Internal Control”?

Seek for chances to take on a more strategic role
Develop the abilities needed to supervise the function’s execution successfully.
Examine important internal auditing procedures that benefit the company.
Apply leadership philosophies to the dynamic audit profession
Learn about current internal audit trends.

The attendees of this Trainee Bee course will gain insight into current risk management and internal controls trends as well as learn about the practical components of putting in place a strong internal controls system.

Introduction

Master class in Internal Control is an advanced training course covering the latest developments, best practices, and key techniques when it comes to managing and maintaining effective internal control processes within the organization. It will provide an in-depth understanding of the roles of the stakeholders in creating an internal control system, the importance of internal control, the risk assessment framework, and the internal controls methodology. In addition, participants will gain expertise in designing, implementing, managing, and reporting on internal control systems. This course is designed for those who aspire to gain detailed knowledge and a comprehensive understanding of internal control. It is an ideal training program for those interested in internal control and risk management, with a special focus on internal auditors, finance professionals, risk managers, and many more.

We are The Training Bee, a global training and education firm providing services in many countries. We are specialized in capacity building and talent development solutions for individuals and organizations, with our highly customized programs and training sessions.

Learning Objectives

Upon completing Master the Art of Internal Control, participants will be able to:

Recognize the value of internal controls and their limits.
Find out what internal controls are.
Find more about the risk management techniques used to manage operational and financial risks.
Analyze the importance of monitoring, communication, along with data in internal controls.
Decide on the goals for developing internal controls.
Determine the internal control’s components.

Our Unique Training Methodology

This interactive course comprises the following training methods:

Project-based learning
Mind mapping and brainstorming – A session will be carried out between participants to uncover unique ideas, thoughts, and opinions having a quality discussion.
Interactive sessions – The course will use informative lectures to introduce key concepts and theories related to the topic.
Presentations – Participants will be presented with multimedia tools such as videos and graphics to enhance learning. These will be delivered engagingly and interactively.
Group discussions – The course will incorporate group discussions and debates to encourage active participation and collaboration.
Case studies – Participants will be presented with realistic scenarios and case studies that demonstrate effective strategies related to the topic. These activities will encourage participants to think critically and apply their knowledge to real-life situations.

Training Medium

This Master the Art of Internal Control training is designed in a way that it can be delivered face-to-face and virtually.

Course Duration

This training is versatile in its delivery. The training can be delivered as a full-fledged 40-hour training program or a 15- hours crash course covering 5 hours of content each day over 3 days

Pre-course Assessment

Before you enroll in this course all we wanted to know is your exact mindset and your way of thinking.
For that, we have designed this questionnaire attached below.

What experience do you have in the field of Internal Control?
What are the core responsibilities of an internal control professional?
How do you ensure proper segregation of duties in an organization?
What procedures do you recommend to strengthen internal control?
How do you evaluate internal controls to ensure they are effective and working properly?
How do you determine the cause of any deficiencies or weaknesses in internal control?

Course Modules

This Master the Art of Internal Control covers the following topics for understanding the essentials of the Agile Workplace:

Module 1 – INTERNAL AUDIT, RISK MANAGEMENT, AND COMPLIANCE DIFFERENCE

Define compliance, risk management, and internal auditing
Myths and realities about internal controls
Why do internal checks & balances fail?
Artificial Intelligence & Internal Audit
Maximizing the value of data analytics

Module 2 – INTERNAL CONTROLS: AN INTRODUCTION

Internal control definition
Internal controls are crucial.
Accountable parties for internal controls
The five (5) facets of internal control

Module 3 – THE FRAMEWORK FOR INTERNATIONAL PROFESSIONAL PRACTISES (IPPF)

Code of Conduct
Attribute Guidelines
Performance Criteria
Services in Assurance and Consulting

Module 4 – MANAGE THE ENVIRONMENT

Important elements of a company’s control environment
Effective key control environment component characteristics
Considering fraud prevention

Module 5 – RISK ANALYSIS

What is risk assessment?
Risk assessment’s goal
How to evaluate hazards
Risk categories
Controlling hazards

Module 6 – REGULATE ACTIVITIES

10 of the most popular control measures
Putting control actions into categories
traits of a successful internal control
Controls’ operating efficacy as opposed to their design effectiveness
Evaluation of design and operational efficiency

Module 7 – COMMUNICATION AND INFORMATION

Types of communication and information
Information dissemination techniques Evaluation of communication and information
Efficient communication

Module 8 – INVESTIGATION TEAM LEADER

Leadership qualities
Managing challenging audited
Managing strategic disagreements with important parties
Choosing the appropriate auditors

Post-course Assessment

Participants need to complete an assessment post-course completion so our mentors will get to know their understanding of the course. A mentor will also have interrogative conversations with participants and provide valuable feedback.

How does an effective internal control system help manage risk?
What is the difference between an internal control system and internal audit procedures?
How is the overall effectiveness of an organization’s internal control system measured?
How do you ensure that internal control reporting is compliant with current accounting and finance regulations?
What challenges do organizations face when implementing an effective internal control system?
What strategies can be used to monitor the performance of internal control programs?

Lessons Learned

The most important lesson learned from a Master class in Internal Control is that strong internal controls are essential for ensuring the accuracy and integrity of financial information and the safety and soundness of financial transactions. By introducing policies and procedures that align with accepted standards, organizations can identify, address, and prevent financial risks. Additionally, sound internal control systems provide organizations with greater assurance that their financial objectives will be achieved.

“An internal control master class might help your business improve its internal control procedure and raise the value of its resources.”