This seminar provides an overview of the main concepts of internal control and its components, focusing on the COSO framework. This seminar will outline common internal control deficiencies in a small to medium sized company and look at potential solutions through examples and discussions. Participants will identify key controls to address some of the main risks, as well as the importance of addressing segregation of duties. This seminar will look at the effect that technology has had on internal controls in small to medium sized companies and will also provide an overview on how to monitor whether the internal controls in your organization are effective.

• Recognize the relevant concepts of the COSO framework and how it relates to your company
• identify key controls to address some of the main risks in each component of the framework
• identify the importance of addressing segregation of duties, management override and potential for fraud
• understand the effect that technology may have on the development of strong controls and how technology can promote or hinder effective internal controls in a small to medium sized company
• understand the importance of documentation and monitoring of internal controls.
• develop an action plan for improvement in internal controls throughout the organization

• importance of Internal controls and main risks
  • importance of internal controls
  • management’s responsibility for internal controls
  • identification of main risk areas
• effective Process and Lean concepts impact on Internal Controls
  • why discuss process and LEAN in relation to internal controls?
  • LEAN and SIX Sigma basics (brief overview)
  • how can we apply some LEAN concepts to Internal Controls
• the COSO Internal Control Framework
  • control environment
  • risk assessment
  • information systems
  • control activities
  • monitoring
• technology and IT Governance
  • COSO attributes of quality information
  • ISACA COBIT Framework for IT Control
  • general IT Control key concepts
  • access and authorization controls
  • cloud computing and e-commerce risks
• fraud 
  • COSO’s five fraud risk management principles
  • types of fraud
  • The Fraud Triangle
  • detecting and preventing employee fraud and fraudulent reporting
• documentation and monitoring 
  • types of documentation
  • consequences of non-compliance
  • monitoring

Course Content Created: October 2022

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About This Product

On-Demand Courses by CPA PRO are either video recordings from live seminars, or video recordings produced specifically for the on-demand audience. Slides and any corresponding handout materials are included where available.These titles are eligible for Verifiable CPD Hours – in order to claim these hours as verifiable, you will be required to successfully complete a short quiz. You will be able to print or save your electronic certificate of completion.

Note that some courses comprise both formal instruction and self-directed exercises. In such cases, participants must complete both components to claim full CPD hours, or must reduce their reported CPD hours accordingly.

Please note that not all on-demand courses include downloadable materials such as course notes or slides.

How to get started

Upon completion of purchase, go to mylms.bccpa.ca and log in using your CPABC Online Services credentials. Click “Go to your Courses and Materials” to go to your Learning Center, then find and click on your course title.