acc544 | Graduate

Internal Control Systems

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In this course, students gain a broad perspective of the control environment and the role it plays in attainment of financial and operational goals of the organization. Topics include an overview of the control environment, risk management, internal control systems, control activities for business functions, controls for information technology systems, and reporting on internal controls.

This graduate-level course is 6 weeks This course is available to take individually or To enroll, speak with an Enrollment Representative.

Course details:

Credits: 3
Duration: 6 weeks

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    Corporate Governance and the Control Environment

    • Summarize the history of corporate governance and the impact of the Sarbanes Oxley Act of 2002.
    • Summarize the components of the control environment.
    • Distinguish the roles of the participants in the Corporate Governance Process.
    • Defend a commitment to integrity and ethical values in the control environment.

    Risk Management

    • Explain the COSO four basic principles of Risk Assessment.
    • Catalog corporate risk and the likelihood, magnitude, velocity, and persistence of each identified risk.
    • Specify suitable objectives for financial statement assertions.
    • Compile an inventory of fraud risks and assess incentives, opportunities, and rationalization.

    Control Activities: Revenues and Cash Collection

    • Design control activities to mitigate risk for sales, sales returns, and the cash collection processes.
    • Create internal controls for these business functions based on the control activities of: authorization of transactions, segregation of duties, adequate records and documentation, security of assets, and independent checks and reconciliation.

    Control Activitiesâ Expenditures: Purchases, Payroll, and Fixed Assets

    • Design control activities to mitigate risk for purchases, payroll, and fixed assets.
    • Create internal controls for these business functions based on the control activities of: authorization of transactions, segregation of duties, adequate records and documentation, security of assets, and independent checks and reconciliation.

    Governance and Control Activities in Information Technology

    • Build control activities for information technology based on the five categories: authentication, network security, physical security, organizational structure, and business continuity.
    • Discern risk categories in information technology.
    • Illustrate the key components of IT Governance.

    Evaluation and Reporting on Internal Controls

    • Plan an evaluation and assessment of internal controls.
    • Evaluate identified control deficiencies.
    • Compare and contrast internal controls reporting requirements for public and private organizations.
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    Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.