Evaluating Internal Controls - February 22, 2010
No prerequisite Course Level: Introductory
CPE Credits: 8
1 Day 9 a.m. - 5 p.m.
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Who Will Benefit Managers, internal auditors, and others with an interest in the proper design, maintenance, and evaluation of a comprehensive internal control framework in the public sector.
Program
Participants will examine each of the essential elements of a comprehensive framework of internal control. The understanding gained from this review will then be applied to the study and evaluation of control-related policies and procedures from a specifically state and local government perspective. The public manager’s role in fraud prevention and detection also will be covered.
Advance Preparation
None
Seminar Objectives
Those who successfully complete this seminar should be able to: - Define “internal control” and explain how it relates to basic managerial objectives
- Identify the respective responsibilities of management, the governing body, external auditors, and internal auditors in regard to internal control
- Describe the inherent limitations of internal control
- Identify the five essential elements of a comprehensive framework of internal control
- Describe the key characteristics of a sound control environment
- Identify the key factors for identifying and assessing risk
- Identify the major categories of control-related policies and procedures and how they relate to identified risks
- Describe the special role of information and communication in a comprehensive framework of internal control
- Identify the two essential components of monitoring
- Identify the essential elements of an evaluation of internal control
- Describe the relationship between internal control and fraud
- Describe how fraud can be identified and how identified fraud should be managed
Recommended Reading
An Elected Official’s Guide to Internal Controls and Fraud Prevention Faculty - Jake Lorentz, Assistant Director, Technical Services Center, Government Finance Officers Association, Chicago, Illinois
- Robert B. Scott, Assistant City Manager/CFO, City of Carrollton, Texas
Registration Fees
GFOA Member: $370, Nonmember: $550
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