Internal Controls and Internal Audit: Compliance Essentials

Did you know that according to the Committee of Sponsoring Organizations of the Treadway Commission (COSO), companies with robust internal controls are 50% less likely to experience significant financial restatements? Additionally, a study by PwC found that organisations with strong internal controls report 20% fewer incidents of fraud.

This course is designed to equip you with the knowledge and skills necessary to ensure robust corporate governance and sound risk management practices.

The course begins with an introduction to the fundamental concepts of internal controls, emphasising their importance in maintaining organisational integrity and efficiency. You will learn why internal controls are crucial for every organisation and why this course is essential for your professional growth.

Next, you will explore the intricate relationship between corporate governance and internal control, exploring how audits impact and shape organisations. You will gain a deep understanding of organisational control systems, including their adoption, design, and the theoretical perspectives that underpin them.

A significant part of the course is dedicated to the key components of internal control, with a focus on the COSO Framework, which is pivotal for building a strong internal control system. You will also learn about various regulatory perspectives, such as the Sarbanes-Oxley Act (SOX), the Swedish Code of Corporate Governance, and the Combined Code, and how to maintain compliance with these regulations.

Designing and implementing internal controls is another critical aspect covered in the course. You will discover how to create, maintain, and document internal control systems, understand different types of internal controls, and evaluate their costs and benefits. Effective risk management is also a key theme, where You will learn to identify, analyse, evaluate, and monitor risks and balance risk management with internal controls.

As, monitoring and auditing internal controls is essential for ensuring their effectiveness. You will explore the role of internal audits, the typical deficiencies in internal controls, and the benefits of automating the monitoring process.

Additionally, the course covers various internal control frameworks, such as the CoCo and COBIT frameworks, highlighting their significance in IT control systems.

Finally, the course looks at the outcomes and future of internal controls, examining the driving forces behind research and the emerging trends that are shaping the future of internal controls.

By the end of this course, you will have a solid foundation in internal controls, enabling you to contribute to the success of your organisation through effective governance and risk management practices.

Join us on this journey to mastering internal controls and take your career to the next level!

What Will You Learn?

• Understand the essential concepts and importance of internal controls.
• Learn how internal controls intersect with corporate governance and audit practices.
• Explore the adoption, design, and theoretical aspects of organisational control systems.
• Apply the key components of the COSO Framework for effective internal controls.
• Navigate key regulations such as the Sarbanes-Oxley Act and international codes.
• Create, maintain, and document internal controls while evaluating their benefits and costs.
• Identify, analyse, and mitigate risks, balancing them with internal control strategies.
• Master techniques for monitoring and auditing internal controls, including automation and addressing common deficiencies.
• Explore various internal control frameworks and stay updated on emerging trends in the field.
• Stay informed about the latest trends and research in internal controls and how they are shaping the future of organisational governance.
• Learn strategies for maintaining effective internal controls during organisational crises or disruptions.
• Understand how to integrate internal controls with IT systems to improve overall control and security.