Accounting and Financial Reporting

Evaluating Internal Controls

Course Overview

Title

Evaluating Internal Controls

Level

Basic

Prerequisite

None

Field of Study

Governmental accounting and financial reporting

Topics

Accounting and Financial Reporting

Format

Offered Both as Group-Live Class and E-Learning Opportunity

CPE

8

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.

Learning 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
  • 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

Who Will Benefit

CFO/Finance Director

Controller

Accountant

Treasurer

Auditor

Purchasing Manager

Schedule and Sample Agenda

Format

Agenda

CPE

Day 1

Day 2

Day 3

Day 4

Day 5

Group Live

8 CPE

8 Hours

E-Learning

8 CPE

4 Hours

4 Hours

Register

Scheduled Offerings

Format / Location

September 1-2, 2021

E-Learning

Note: Due to the COVID-19 pandemic, GFOA has cancelled all Group-Live training events through September 2021.

Course Instructors

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