Successful organizations understand the importance of effective internal controls and develop a system to stay on the intended course. Those who design policies and procedures benefit by knowing why control measures are necessary. First, examine critical concepts and the importance of strong internal control policies. Next, look at why standards are needed and control creation methods. Finally, discuss strategies to implement policies and procedures.
Learning Objectives
• Recognize key internal control concepts, including the four types of internal control: preventive, detective, deterrent and compensating
• Explain how they would create strong internal controls
• List reasons that control measures are required such as to deter fraud or reduce operational inefficiencies.
• Explain the importance of the control environment as implementation efforts are ongoing
• List three segments of an organizations technology infrastructure that must be controlled
Major Topics
• Underlying concepts of internal control
• Defining where and why controls, policies and procedures are needed
• Legacy control measures that are still important for businesses today
• Creating control measures that address the use and protection of technology
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