Two Day Seminar: Internal Controls Masterclass

Course Code:
CPE Hours:
Course Start Date:
November 28, 2019
Course End Date:
November 29, 2019
9.00 AM - 5.00 PM
Registration Deadline :
November 29, 2019
Level of course:
Level 2
Sylvia Lim
Competency areas:
Governance, Risk and Control [GRC]
Course venue:

IIA Singapore Office/M Hotel Singapore

Course fee (IIA/ ISACA member):
(Inclusive of GST)
Course fee (non-member):
(Inclusive of GST)
Other Memberships valid for discount:
10% off non-member rate for ISCA and ACCA member
Lunch Provided:
Tea Break:
Course Overview:

NTUC members enjoy 50% unfunded course fee support for up to $250 each year when you sign up for courses supported under UTAP (Union Training Assistance Programme). Terms and conditions apply.
For more information, please click here.

A strong internal control system is one of the best mitigation strategies for managing internal operational and financial risks. This workshop aims to convince you of the importance of effective internal controls for financial, operational and compliance reasons with a practical focus to enable you to apply effective control practices at your workplace.
This 2-day instructor-led training program equips you with relevant risks and controls knowledge to enable you to identify control weaknesses, as well as implement effective control activities for the common core business processes (namely procurement, payment, revenue, receipts, cash management, inventory and fixed asset management) found in a company. You will also learn to develop your own Internal Controls Checklists to evaluate internal control practices currently implemented in your organisation.

Finance professionals, internal auditors, risk managers and compliance professionals, management & executive staff who have the interests of their company at heart and anyone who plays a part in implementing or executing internal controls.

Course description :

What you will gain from this seminar:
• Understand the definition of internal controls
• Recognise the importance and limitations of internal controls
• Determine the objectives of implementing internal controls
• Identify the 5 components of internal control
• Discover the components of an effective control environment Determine the design and operating effectiveness of existing internal control practices
• Learn about the 10 most commonly implemented control activities to manage operational and financial risks
• Ascertain the significance of information & communication and monitoring controls
• Identify the key risks areas of the procurement, payment, revenue, receipts, inventory and fixed assets management processes
• Determine the control objectives pertaining to the relevant sub-processes
• Implement effective key control activities for each of the aforesaid business processes and sub-processes
• Learn to develop your own internal controls checklists to evaluate existing internal controls with provided templates

The distinction between Internal Audit, Risk Management and Compliance
• What is internal audit, risk management and compliance
• Internal control myths and facts
• Why internal controls fails

Introduction to Internal Controls
• Definition of internal controls
• Importance of internal controls
• Parties responsible for internal controls
• The 5 components of internal control
• COSO Internal Control-Integrated Framework

Control Environment
• Key components of the control environment of a company
• Characteristics of effective key control environment components
• Anti-fraud considerations

Risk Assessment
• Definition of risk assessment
• Purpose of risk assessment
• Ways to assess risks
• Types of risks
• Managing risks

Control Activities
• 10 most commonly implemented control activities
• Classification of control activities
• Characteristics of an effective internal control
• Design effectiveness vs. operating effectiveness of controls
• Assessing design and operating effectiveness
• Data analytics and data visualisation

Information and Communication
• Types of information and communication
• Methods used to disseminate information
• Assessing information and communication
• Effective communication flow

• Definition of monitoring
• Benefits of monitoring
• Different monitoring mechanisms
• Characteristics of effective monitoring

Internal controls for the procurement to payment process
• Types of procurement and payment fraud
• Key risks areas of the procurement to payment process
• Key control activities for relevant sub-processes:
- Purchase requisition and ordering
- Vendor qualification and selection
- Payment
- Accounts payables and reconciliation
• Developing a Procurement and Payment Controls Checklist

Internal controls for the revenue, receipts and cash management processes
• Types of revenue and receipts fraud
• Key risks areas of the revenue, receipts and cash management processes
• Key control activities for relevant sub-processes:
- Credit assessment and review
- Sales ordering and invoicing
- Cash receipts and collection
- Recording and reconciliation
• Developing a Revenue, Receipts and Cash Management Controls Checklist

Internal controls for the inventory management process
• Types of fraud relating to inventory
• Key risk areas pertaining to inventory management
• Key control activities for relevant sub-processes:
- Inventory requisition
- Inventory receipt
- Inventory issuance
- Safeguarding and accountability
- Inventory transfer and disposal
• Developing an Inventory Management Controls Checklist

Internal controls for the fixed assets management process
• Types of fraud relating to fixed assets
• Key risk areas pertaining to fixed assets management
• Key control activities for relevant sub-processes:
- Asset requisition and acquisition
- Capitalisation
- Safeguarding and accountability
- Transfer and disposal
• Developing a Fixed Assets Management Controls Checklist

Case studies, class discussions, exercises and quizzes

Ms Sylvia Lim is the Managing Director of Corporate Risk Strategists and Excellence Link Associates, specialising in coaching, consulting and training on risk management, internal controls, as well as fraud prevention and detection. Sylvia has worked with the Big Four accounting firms, multinational
corporations and local companies in Hong Kong and Singapore for over 15 years.

Sylvia has been extensively involved in risk management, internal control, internal audit and Sarbanes-Oxley compliance projects in Asia Pacific. Additionally, Sylvia has over 5 years of professional training experience. She has provided various training programs on corporate governance, enterprise risk management, internal controls, anti-fraud and anti-corruption to diverse clients and directors from companies listed in Singapore, Malaysia and Hong Kong.

Graduated with an Accountancy degree (Honours) from Nanyang Technological University, Sylvia is also a Certified Internal Auditor of the Institute of Internal Auditors and Certified Fraud Examiner of the Association of Certified Fraud Examiners.

Payment by PayNow/PayLah! transfer

Make the payment of your registration fees via PayNow/PayLah! transfer by following the steps below:

1. Upon completing your registration, proceed to payment and select the “Cheque/Fund Transfer” option.
2. Login to Internet Banking or Mobile Banking.
3. Scan our corporate PayNow/PayLah! QR code.
4. Verify our UEN number (S76SS0058D) and release funds.
NOTE: Kindly include the details below under the UEN/Bill Reference Number (text limit of up to 25 characters).

5. Once payment is made, please print screen the transaction and email to for our tracking purposes.

Please refer to PayNow and PayLah! for more information.

Group Discount
Register as a group of 4 or more participants for the same course and enjoy a 10% group discount!
Applicable for participants from the same company registered within the same day. Discount will be indicated and processed on a single invoice.

Terms and Conditions
1. Registered participants will be liable for the full fee even in the event of non-attendance.
2. A processing fee of $100 will be imposed for any cancellation. Cancellation must be submitted in writing 7 days prior to the event date and subject to IIAS’s approval. Substitutions will be permitted and conditions will apply.
3. All registrations must "Proceed to Payment" to complete registration. Full payment must be received prior the course commencement.
4. Contact Person will be notified VIA EMAIL upon successful registration of the course.
5. Complimentary parking will be provided on a first-come-first-served-basis.
6. IIAS reserves the right to revise the programme as necessary.
7. IIAS reserves the right to cancel or postpone the training should the minimum class size is not met.


A system generated email will be sent upon successful registration of the mentioned seminar.
Once the course is confirmed, an email confirmation will be sent to the registrants’ contact email addresses 1 week prior to the course commencement date
If you do not receive any email notification regarding your course registrations, please call IIA Academy at 6324 9029

Registration Closed.