Internal Controls - Design, Implementation and Monitoring
4.3 (12 ratings)
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Internal Controls - Design, Implementation and Monitoring

Become a compliance specialist, maintain strong internal controls for SOX or FCPA, prepare for internal & external audit
4.3 (12 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.
88 students enrolled
Created by Maciej Rychlicki
Last updated 3/2017
Current price: $12 Original price: $195 Discount: 94% off
4 days left at this price!
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  • 6 hours on-demand video
  • 3 Articles
  • 3 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion

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What Will I Learn?
  • Design, implement and operate internal controls in single process or whole organization
  • Align controls with actual risks
  • Prepare internal control documentation at required level and format
  • Monitor and review controls, find deficiencies and improve controls environment
  • Know where and when to consider automation of monitoring
  • Utilize appropriate frameworks for internal controls over finance or IT processes
  • Be an equal partner in discussions with auditors and external reviewers about your control environment
View Curriculum
  • There are no special prerequisites to participate in this training.
  • Basic knowledge of finance might be beneficial, but as we are also covering internal controls in other areas like IT or operations, so it’s not necessary.

A strong internal control system is one of the best mitigation strategies for managing operational and financial risks. This course aims to provide you all necessary knowledge to create and maintain effective control environment. We will also cover how to efficiently review internal controls and identify opportunities for their improvements.


Manage Risks of Your Organization with Effective Internal Controls

  • Learn Internal Control Definition, Types, and Objectives
  • Understand Internal Control Components and Principals
  • Implement Efficient Internal Control Monitoring
  • Recognize and Remediate Control Deficiencies
  • Improve Your Control Environment.


Become Internal Control Compliance Specialist

Internal control concept exists from ancient times, but United States was the first country to introduce professional guidance on topic. Internal control started to become significant to auditors in the United States early in the twentieth century. 

More recently topic of controls started to evolve to cover other areas than finance like information technology (COBIT), project management or quality management (ISO 9000). Additionally, importance of internal controls systems in organizations increased significantly with dedicated regulations as Sarbanes Oxley Act (SOX) or Foreign Corrupt Practice Act (FCPA) setting legal requirements for minimum coverage of internal controls. We will learn about finance and IT controls as well as frameworks and legal regulations.


Content and Overview

In over 6 hours of video including 27 lectures we will cover all you need to know to become comfortable working with and designing internal controls.  Each of three sections contains article summarizing most important concepts from all lectures and short quiz where you can test your new knowledge.  Additionally, some of the lectures contain Action Points that help you practice your new skills directly for your organization needs.

First you will learn all the necessary information like definitions, types, components as well as who has what responsibilities in area of internal controls.  With basics covered course will teach you all necessary steps to implement controls and prepare sufficient documentation to satisfy requirements of various frameworks and legal regulations. Finally, you will learn how to monitor and review internal controls including usage of automation and how to handle deficiencies identified in those processes.

Upon completion, you should be able to not only perform controls and implement control activities like a compliance specialist, but also work efficiently and effectively with any auditors or external reviewers of your controls. 

Who is the target audience?
  • Anyone who wants to understand role of internal controls in modern organizations
  • Finance, IT or operation professionals who are participants or design processes in their organizations
  • Owners of startups and small businesses who want to mitigate their operational risks
  • Specialists from any organizations who interact with internal or external auditors
  • Management from large corporations obliged to comply with SOX or FCPA regulations
Compare to Other Internal Controls Courses
Curriculum For This Course
27 Lectures
1 Lecture 03:59

This lecture provides very short introduction, quick look at full training agenda, and few words about the trainer.

Preview 03:59
Definition, Responsibility, and Impact of Internal Controls
9 Lectures 01:58:19

This lesson contains definition of internal controls, learn their components and tell you about relation to official regulations. At the end of this lesson you should be able to properly identify and describe controls in various organizations.

Control Definition

This lecture contains presentation of different types of internal controls, discussed differences between preventive and detective controls as well as division of internal controls based on type of control activities.

Different Types and Examples of Internal Controls

This lecture presents objectives of internal controls according to two different approaches from COSO Internal Controls framework.

Control Objectives

In this lecture we expand further on five components of internal controls from COSO definition and discuss in greater detail principals for 

  • Control Environment
  • Risk Assessment

Control Components and Principals part 1

In this lecture we expand further on five components of internal controls from COSO definition and discuss in greater detail principals for 

  • Control Activities
  • Information and Communication
  • Monitoring Activitie

Control Components and Principals part 2

This lecture explains actual benefits of having sound and thorough internal control environment for organization, management, employees and investors.

Why Do We Need Internal Controls

This lecture presents on example what are the consequences of badly designed controls. Explains Fraud Triangle and discuss results of inadequate controls in Segregation of Duties, Proper Authorization, Documents and Records. At the end of lecture we also cover what can jeopardize internal controls?

Consequences of Lack or Badly Designed Controls

In this lecture we will talk about who is responsible for internal controls within and outside of organizations and what are their precise responsiblities.

Responsibility for Internal Controls

Section 2 Summary Notes And Practice Assignment

Test your knowledge from Section 2

Definition, Responsibility, and Impact of Internal Controls
10 questions
Implementation and Documentation of Internal Controls
11 Lectures 02:55:52

This lecture demonstrates one of the few methods for internal controls implementation -eight-step process to develop Internal Controls System compliant with Sarbanes-Oxley (SOX) guidelines

Creating and Maintaining Internal Controls System

In this lesson we discuss risk definition and first steps of risk management process related to identification, analysis, and evaluation of risk.

Risk Definition, Identification, and Analysis

During this lecture we talk further about the next steps of the process risk treatment and monitoring. We also discuss what factors affect risk assessment and how to achieve balance in relation between risk and control.

Risk Treatment, Monitoring and Balance

This lecture will make you familiar with various types of control activities

  • Approvals, Authorizations, and Verifications (Preventive).
  • Reconciliations (Detective).
  • Reviews of Performance (Detective).
  • Security of Assets (Preventive and Detective).
  • Segregation of Duties (Preventive).
  • Controls over Information Systems (Preventive and Detective). 

Control Activities

During lecture we discuss in greater detail various methods and levels of documentation for internal controls.
  • Flowcharts 
  • Narrative Descriptions 
  • Internal Control Questionnaires 
  • Risk and Control Matrices 
  • Policy and Procedure Manuals 
  • Sound Documentation

We also cover level of detailed and suggested content of documentation as well as look at structure of Risk And Control Matrix.

How To Document Internal Controls

In this lesson we cover the topic of cost associated with implementation of internal controls, show you how to perform sample cost / benefit analysis and while covering that touch the topic of automated internal controls as well as their costs and benefits.

Costs and Benefits

In this lesson we have short overview of many different available Internal Control frameworks and go into greater detail of framework called COCO Criterial of Control by CiCa Canadian Institute of Chartered Accountants

Internal Controls Frameworks Part 1

During lecture we dive deep into second example of framework dedicated for controls over Information Technology and provided by ISACA - COBIT. We also have overview over suggested implementation method for this framework.

Internal Controls Frameworks Part 2

In this lecture we cover first of two discussed reguilation Sarbanes-Oxley Act (SOX). Specifically we discuss responsiblities of Public Companies Accounting Oversight Board, Corporations and External Auditors set by this act.

Internal Controls Regulations Part 1

Second lecture presents another regulation Foreign Corrupt Practices Act of 1977 (FCPA). Additionally to overview we discuss specific internal controls supporting compliance with FCPA regulations in many organizations.

Internal Controls Regulations Part 2

Section 3 Summary Notes

Test your knowledge from Section 3

Implementation and Documentation of Internal Controls
10 questions
Monitoring and Reviewing Internal Controls
6 Lectures 01:28:34

During this lecture we discuss what does it mean to have effective Internal Controls – what factors are deciding about controls effectiveness and recommendations in this area from COSO Internal Control Framework.

Effective Internal Controls

Lecture covers very important topic regarding monitoring of Internal Controls trying to answer question how to monito internal controls and how to make sure your monitoring process is efficient.

Preview 14:34

In this lesson, we discuss use of tools to facilitate the process and integrating the automated monitoring of controls with other automated monitoring processes for increased efficiency and effectiveness.

Automation of Internal Controls Monitoring

During this lecture we make you familiar with Internal Audit and their role in internal controls environment

What is Internal Audit

With this lecture we go more into the details of Internal Control deficiencies and talk about their identification, classification severity as well as talk through three of most common deficiencies:

  • In-House Accounting Expertise
  • Inadequate Documentation
  • Inadequate Evidence of Controls Performance

Internal Controls Deficiencies

Section 4 Summary Notes

Test your knowledge from Section 4

Monitoring and Reviewing Internal Controls
7 questions
About the Instructor
Maciej Rychlicki
4.3 Average rating
14 Reviews
781 Students
2 Courses
Experienced professional in audit and internal controls

Senior manager with 12+ years of experience with data analytics, internal controls and audit in large multinational manufacturing company and consulting firm.

Trained, certified and experienced in IT audit, currently focused on automated data analytics, and specialized in increasing internal controls effectiveness with continuous monitoring. Leader of innovation for audit, compliance, and shared services.

Worked in Poland, Belgium and United States. Highly familiar with international moves and multicultural company experience.

Enthusiast of new technologies, business intelligence and big data.

Publishing online video trainings as WHIZ.LY