Location: Kuala Lumpur – Pullman Hotel
Date: From 14 Aug. Until 18 Aug. /2017/
The internal control system at any facility is the first line of defense that protects the interests of all parties involved in the organization, as it provides protection for the production of financial information that can be relied upon in decision-making and given the importance of internal control, several international professional bodies have expressed strong interest in internal control systems , And issued several bulletins and reports for the definition and evaluation of internal control systems, the most important being the Report of the Steering Committee of the Steering Committee, entitled “Internal oversight – an integrated framework”. Committee of Sponsoring Organizations of the Tread way Commissions’ Internal Control-Integrated Framework COSO). In order to improve the quality of financial reports issued by the institutions of the design of internal control systems that are comprehensive to all aspects of control.
Program Objectives and Workshop:
By the end of the program, the participant will be able to:
Identify the modern concept of internal control.
Familiarity with the main rules of the internal control system.
Identify the risks of failure of the internal control system in business organizations from the experiences of international institutions.
Detailed study of the components of the internal control system according to COSO
Familiarity with the tools adopted by COSO in evaluating internal control systems.
Determinants of the success or failure of the internal control system.
Topics of the training program:
Risk of failure of the internal control system: lessons learned from past experiences
• Risks surrounding the business environment and types.
• Corporate governance
• Factors that led to increased attention to internal control.
• Types of controls.
• Risk of failure of internal control system in business organizations: Experience of Toshiba International.
• Risk of failure of internal control system in business organizations: Experience of WorldCom World.
Integrated control framework according to COSO Model
• The concept of the internal control system in accordance with the American Institute of Internal Auditors (IIA)
• Formation of the Committee of Sponsoring Organizations (COSO)
• Definition of the internal control system and its main rules in accordance with the concept of COSO
• The main objectives of the internal control system according to COSO Model
• Responsibility to design and evaluate the internal control system.
• Components of the Integrated Framework for Internal Control in the Internal Control Integrated Framework according to COSO Model
The control environment is the cornerstone of the internal control system according to COSO Model
• Integrity of management and ethical values.
• Role and participation of the Board of Directors or Audit Committee.
• Commitment to efficiency.
• Management philosophy and operating mode.
• Organizational structure
• Delegation of powers and responsibilities.
• Human resources management policies and practices.
Risk assessment according to COSO Model:
• inherent risks
• Remaining risks
• Define goals.
• Identify the risk and its potential.
• Risk management strategies.
Control activities according to COSO Model:
• Proper separation of conflicting tasks.
• Appropriate statement of financial operations and activities.
• Relevant documents and records.
• Effective control over assets.
• Review and evaluate performance.
Monitoring and self-evaluation of internal control system according to COSO Model
• Continuous monitoring of activities
• Separate periodic assessments
• CSA self-assessment
• The concept of self-assessment.
• Advantages and constraints of applying self-assessment.
• Self-assessment methods for monitoring.
• Self-assessment at the Entity Level and Activity level. (Top-Down Approach Versus Bottom-Up Approach)
• Strategies for building self-assessment for oversight
• Process status: “Procedures for the application of self-assessment.”
Internal Control Managers.
Candidates for these positions.