Course

Objective:

Learning Outcomes:

• Given the General Accounting Office (GAO) framework for Internal Controls, analyze the five standards and apply to daily operations to ensure reasonable control over their area of responsibility. ◦Explore the roles and responsibilities associated with Internal Controls and established monitoring plan. ◦Given scenarios, identify the apparent breakdown in internal controls, impacts and possible mitigating responses. ◦Relate each standard of internal controls to the operational environment. ◦Given the 5 step Risk Assessment process, apply to determine level of risk. ◦Residential: Conduct a deliberate risk assessment in class.
• Given a scenario, select and apply methods of managing internal controls to ensure reasonable control of functional areas. ◦Identify and categorize the operational elements that require internal controls. ◦List the drivers that determine need for an internal control. ◦Select the best type of control to meet objectives. ◦Evaluate implementation of internal controls to determine if controls are being used as intended. ◦Evaluate the controls to determine if controls are effective in achieving objectives. ◦In-class assignment: Selecting Best Control.
• Develop a corrective action and monitoring plan to assess quality of performance over time. ◦Evaluate a material weakness or deficiency and formulate corrective action plan. ◦Given a material weakness, develop a monitoring plan to review internal controls overtime. ◦Examine the potential financial impact of a corrective action plan and formulate an action plan to monitor material risks.
• Given the NAF Internal Controls classroom course content, complete the Corrective Action Plan. ◦Review the components of an Internal Controls Corrective Action Plan and Monitoring Plan. ◦Develop an Internal Controls Corrective Action Plan and Monitoring Plan. ◦Present Corrective Action Plan brief in-class for feedback.

General Topics: