This course will address the procedures for conducting a risk assessment for errors and fraud. It will review risks for financial statement preparation, operations, and compliance. Methods for designing and assessing the effectiveness of internal controls, including the importance of monitoring the controls, will be discussed.
Further, the instructor will review the COSO framework for internal controls and provide examples of how to implement the framework. Examples of preventive and detective controls will be illustrated and he will review the importance of internal controls and how they can reduce the time and cost of financial statement audits and reduce the risk of fines from compliance audits.
A few key areas of focus in this two day training will include:
- Internal controls designed to prevent errors and fraud
- Internal controls designed to detect errors and fraud
- Designing a good risk assessment
- Conducting a risk assessment
- Monitoring internal controls
- Using good internal controls to reduce audit costs
- Internal controls for operations
- Internal controls for compliance
Learning Objectives:
- How to conduct a risk assessment
- Designing internal controls
- Evaluating and assessing internal controls
- What are key preventive controls
- What are key detective controls
- How good internal controls can reduce audit costs
- How good internal controls can reduce the risk of penalties in compliance audits
Who Will Benefit:
- Certified Public Accountants
- Certified Fraud Examiners
- Internal and External Auditors
- Chief Financial Officers
- Controllers
- Accounting Managers
- Public and Private Accountants
- Consultants
- Risk Officers
- Compliance Officers
- 08.30 AM - 09.00 AM: Registration
- 09.00 AM: Session Start
- Review the COSO Framework for Internal Control
- Control Environment
- Control Activities
- Risk Assessment
- Information & Communication
- Monitoring
- Conducting a Risk Assessment
- Identifying financial statement misstatements due to errors
- Identifying financial statement misstatements due to fraud
- Identifying compliance risks
- Identifying operations risks
- Evaluating Risks of Misstatement
- Risk assessment checklist
- Assessing the severity of the risk
- Assessing the likelihood of the risk
- Risk in Large Organizations vs Small and Medium Sized Entities
- Designing internal controls
- Internal controls for financial reporting
- Internal controls for compliance
- Internal controls for operations
- Different types of internal controls
- Preventive controls
- Detective controls
- Mitigating and compensating controls
- Evaluation of the internal controls
- Evaluating and assessing internal controls
- Key preventive controls
- Key detective controls
- The importance of monitoring controls
- Cost effective internal controls
- Using good internal controls to reduce audit costs
- Cost vs Benefits analysis of controls
- Using internal controls as part of the enterprise risk management process
Robert K Minniti,
President and Owner of Minniti CPA, LLC
Dr. Minniti DBA, CPA, CFE, Cr.FA, CVA, CFF, MAFF, CGMA, PI is the President and Owner of Minniti CPA, LLC. Dr. Minniti is a Certified Public Accountant, Certified Forensic Accountant, Certified Fraud Examiner, Certified Valuation Analyst, Certified in Financial Forensics, Master Analyst in Financial Forensics, Chartered Global Management Accountant, and is a licensed private investigator in the state of Arizona. Dr. Minniti received his doctoral degree in business administration from Walden University, received his MBA degree and Graduate Certificate in Accounting from DeVry University’s Keller Graduate School of Management, and received his Bachelor of Science in Business Administration degree from the University of Phoenix. Dr. Minniti teaches graduate and undergraduate courses in accounting, fraud examination, fraud criminology, ethics, forensic accounting, external audit, and internal audit, at DeVry University, Grand Canyon University, Northwestern University, and the University of Phoenix. He designed graduate and undergraduate courses for Grand Canyon University, Northwestern University, and Anthem College. He is a writer and public speaker. He has experience in forensic accounting, fraud examinations, financial audits, internal audits, compliance audits, real estate valuations, business valuations, internal control development, business continuation planning, risk management, financial forecasting, and Sarbanes-Oxley compliance work. Dr. Minniti is an instructor teaching continuing professional education classes for the American Institute of Certified Public Accountants, ComplianceOnline, CPE Link. AccountingEd, Clear Law Institute and various state CPA Societies.
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