Course Outline

1. Risk Management Fundamentals

• Introduction and Key Concepts
  • Understanding Internal Controls
    • Definition and objectives of internal control
    • Components of an effective internal control system (COSO Framework)
    • The importance of internal controls in financial reporting, compliance, and operational efficiency
  • Introduction to risk management: Identifying and assessing risks
  • Link between risk management and internal controls
  • Tools and techniques for risk assessment

2. Establishing a Strong Internal Control Environment

• Role of leadership and organizational culture in internal control
• Human resources policies and practices supporting internal control
• The importance of ethics and integrity in the internal control environment
• Practical Workshop: Assessing Your Control Environment
  • Group activity to assess participants’ own control environments
  • Identifying strengths and areas for improvement
  • Developing an action plan for enhancing the control environment

3. Designing Effective Control Activities

• Types of control activities: Preventive, detective, and corrective controls
• Case studies on designing control activities for common business processes

4. Information & Communication

• The role of information systems in internal control
• Effective communication strategies for internal control compliance
• Implementing information and communication technologies to support internal controls

5. Monitoring Controls and Conducting Internal Audits

• Strategies for ongoing monitoring and periodic evaluation of controls
• Role of internal audit in assessing and improving internal controls
• Tools for monitoring and auditing internal controls
• Workshop: Developing an Internal Control Plan
  • Participants draft an internal control plan for a process or department within their organization
  • Peer review session to provide feedback on each other’s plans
  • Discussion on implementing and adjusting the plan based on feedback and monitoring