Identifying the Proper Balance of Internal Controls
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Identifying the Proper Balance of Internal Controls

This course further explores the types of ICs, how they can be properly utilized.
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0.0 (0 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
0 students enrolled
Last updated 8/2017
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Current price: $10 Original price: $100 Discount: 90% off
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Includes:
  • 3.5 hours on-demand video
  • 2 Articles
  • 2 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Explore basic concepts, myths and facts of Internal Controls (IC).
  • Discover typical control types.
  • Identify why controls fail.
  • Identify a framework to develop the right balance of controls.
  • Explore the differences between automated and manual controls and recognize the various testing processes
View Curriculum
Requirements
  • No Advanced Preparation or Prerequisites are needed for this course.
Description

Internal Controls (IC) are in place for a reason.  They help maintain the control environment and establish efficient and effective processes.  They also serve as a mitigation technique for identifying when processes have changed and when procedures need to be adjusted.  In today’s business world, all personnel must understand the concept of internal control, how they should be utilized and their benefits. 

The purpose and value of internal controls are often misunderstood and misapplied by management.  Internal controls should be viewed as a value-oriented activity that assists the organization in the effective execution of its objectives.  Properly designed and executed controls are the key to ensuring this view.

A previous course “The Manager’s Responsibility for Internal Control," addressed these concepts at a higher level.  This course further explores the types of ICs, how they can be properly utilized and the cost benefit considerations for implementation.

Internal control is a process designed to provide reasonable assurance regarding the achievement of objectives in the following areas:

  • Effectiveness and efficiency of operations
  • Reliability of financial reporting
  • Compliance with applicable laws and regulations
  • Safeguarding assets 
Who is the target audience?
  • Anyone interested in finance, accounting, or related fields.
Compare to Other Management Skills Courses
Curriculum For This Course
21 Lectures
03:35:10
+
Introduction
19 Lectures 03:35:05








Automated Controls
05:24




Preparing to Test Automated Controls
04:51

Automation and Testing Impact
04:00

IT Manual Controls
06:50

How to Choose the Proper Control Type
03:04

Manual or Automated
02:52

Cost Vs. Benefit & Summary
05:56

Identifying and Implementing the Proper Balance of Internal Controls Continuous
01:47:36
+
Supporting Materials
2 Lectures 00:05
Slides: Identifying and Implementing the Proper Balance of Internal Controls
00:02

Identifying & Implementing Proper Balance of Internal Controls Glossary/Index
00:02
+
Review and Test
0 Lectures 00:00

Review Questions: Identifying and Implementing the Proper Balance of Internal Controls

Review Questions
6 questions

FINAL EXAM: Identifying and Implementing the Proper Balance of Internal Controls

FINAL EXAM
10 questions
About the Instructor
Illumeo Learning
4.4 Average rating
322 Reviews
1,366 Students
242 Courses
Condensed and Efficient Courses for Busy Professionals

Illumeo, incorporated in 2009, is revolutionizing the hide-bound world of corporate learning. Illumeo works with corporate professionals and organizations of all sizes to build the skills and capabilities that help everyone be an expert at their job.

Based in Silicon Valley, CA, Illumeo serves thousands of corporations and corporate professionals across Finance, Accounting, Human Resources, Sales and Marketing. The platform offers assessments, industry-benchmarked competency analyses, hundreds of expert-developed courses, collaborative tools, and the ability for companies to self-publish internal courses that promote institutional knowledge retention and dissemination.

Illumeo is the place for expertise management and we are dedicated to the proposition that everyone can be an expert at their job.

Lynn Fountain (Illumeo)
4.6 Average rating
17 Reviews
90 Students
31 Courses

Ms. Fountain has over 30 years of experience in the business profession, which includes public and industry accounting and over 20 years within internal and external auditing combined. She is a nationally recognized trainer and speaker and also a published author. She is a subject matter expert and specializes in Internal Audit, Sarbanes-Oxley, Enterprise Risk Management, Fraud, Governance and Compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. She currently performs consulting for companies on internal audit, risk management, internal controls, financial reporting and accounting along with performing training. She has also been instrumental in the establishment of ERM, Sarbanes-Oxley and Governance frameworks

Ms. Fountain has developed and delivered leading edge training sessions on COSO, Internal Audit, ERM, Accounting, Leadership, Governance, Compliance and Ethics. She has numerous recorded webinars on Illumeo dot com.

Ms. Fountain has authored a publication for the Institute of Internal Auditors Research Foundation (IIARF) titled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. The publication will be released April 20, 2015. In addition, she is authoring a publication for Auerbach on “The Realities of performing the Chief Audit Executive Role”. The publication will be released in the Fall 2015. In addition, she has performed as an adjunct instructor for the School of Business for Grantham University and the School of Business at the University of Kansas.

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate.