Many leaders in business organizations of all sizes view the system of Internal Control almost purely as a protective security measure. However, a well-designed internal controls system can drive all entity objectives, including successful operations. This session uses information from years of creating internal control systems and concepts from well-respected authoritative pronouncements and frameworks to illustrate the power of a solid and well-supported control system and actions that can help establish such a system. Those who work with internal controls tasked with developing ways to improve operation-level capabilities should strongly consider this session.
Learning Objectives
• List important components and sub-components of an Internal Control System
• Explain how the control environment can help or hinder the operation of control measures and help or hinder operational effectiveness
• List important steps that an organization can undertake, specifically related to control development that can drive the methodologies of the entity
Major Topics
• An overview of controls that drive procedures
• Considerations for procedural control development
• Understanding and controlling risk that arises when organizations change
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