Internal Control System

23 Enrolled

About Course

  • Objectives of Training 3

After you complete this lesson, you will:

❖Understand the internal control and its purpose .

❖Appreciate the importance of Internal Control

  • Recognise the five interrelated components of an effective internal control system.
  • Understand the characteristics of each of the five interrelated components of an effective internal control system

❖Appreciate internal control and its role of internal control system

❖Grasp the risk assessment and its importance to organizations

❖Acknowledge the importance of control activities and its risk mitigation

Course Content

Introduction to Internal Control system

  • Introduction
  • Quiz
  • Conclusion

Internal Control Definition

INTERRELATED COMPONENT OF INTERNAL CONTROL SYSTEM

ICS INFORMATION AND COMMUNICATION

ICS Risk Assessment
Overview Risk assessment is the identification and analysis of relevant risks to the accomplishment of the objectives. Risk assessment is an ongoing process and it is a critical component of an effective internal control system. The Company should establish policies and procedures to identify, assess and manage both the internal and external risks it faces. All businesses face risks on both an entity-wide and an activity-specific basis. The Company should have a document that provides an evaluation tool to assess the effectiveness of the company’s risk management practices.

ICS Monitoring
Overview: Monitoring refers to the continuous assessment and implementation of the company’s internal control system. Monitoring includes the normal day-to-day standard operating procedures used by the company to conduct business and the evaluation of employees' understanding of those procedures. Monitoring also includes both internal and external quality assessments of the internal control system. The results of the quality assessments are used to produce a positive impact on the internal control system i.e. that recommendations are actually implemented.

Instructors

Yasir Ahmed

Yasir Ahmed

0.0
23 Students
3 Courses

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