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.
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.
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; and
- Describe how fraud can be identified and how identified fraud should be managed.