Many managers, supervisors and accountants in business, government or non-profits are not able to identify their departmental policies and procedures that function as the primary controls against errors and fraud. On the other hand, auditors performing fieldwork may be

confused as to how to interpret and evaluate management’s documentation of accounting processes and controls. And neither party

may truly understand how their duties differ. This course is designed to give participants a solid understanding of systems and control

documentation. After an overview of the latest COSO guidance on the components and principles of effective internal control, this course

introduces participants to basic tools used to document an accounting process. Participants then identify the risks of errors and fraud in the

accounting system and the presence (or absence) of compensating controls. Finally, participants will practice identifying key controls and

control weaknesses. 

• Interpret basic documentation of a significant accounting process 
• Identify the significant risks of fraud and errors
• Locate the presence or absence of compensating controls
• Identify key controls and control weaknesses

• Managers, supervisors, accountants and others with duties critical to the system of internal control in business, government or nonprofits
• Members of SOX 404 internal control assessment teams
• Auditors

• Fundamental components and principles of internal control from the COSO Integrated Framework and Small Business Tools reports

• Management responsibilities vs. auditor responsibilities for system documentation and detection of errors and fraud

• Common significant accounting processes

• Common fraud risks for major classes of transactions/significant processes and the controls to prevent or detect them

• Introduction to current tools and techniques used in internal control documentation

• Interpreting documentation of the accounting and control system

• Identifying key controls or combinations of controls

• Estimating the cost/benefit of remedying a control weakness