Participants will examine, from a state and local government perspective, each of the essential components of a comprehensive framework of internal control, along with the accompanying principles and points of focus identified in the Council of Sponsoring Organizations (COSO) most recent version of Internal Control – Integrated Framework. The public-sector manager’s role in fraud prevention and detection also will be discussed. This course combines lecture, discussion, and exercises.

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
• Identify the five essential components of a comprehensive framework of internal control
• Identify the 17 principles associated with those five essential components
• Identify the key points of focus related to each principle
• Describe the inherent limitations of internal control
• Describe the relationship between internal control and enterprise risk management
• Describe the relationship between internal control and fraud
• Describe how fraud can be identified and how identified fraud should be managed

This course is taught by finance officers and other industry experts.