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Two Day Seminar: Internal Controls Masterclass

CPE Hours: 16
 
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INTRODUCTION
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.
 
WHO SHOULD ATTEND
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.
 
LEARNING OUTCOMES
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
 
COURSE OUTLINE
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
 
Monitoring
  • 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
 
ABOUT THE TRAINER
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.