Internal Control Systems –

acc544

(3 credits)

In this course, students gain a broad perspective of accounting and control that considers attainment of all goals of the organization, including those concerned with financial objectives. Topics include an overview of control, risk management, internal control systems, controls for current asset functions, controls for other accounting classifications, controls for information technology systems, and reporting on controls.
This graduate-level course is 6 weeks. This course is available to take individually or as part of a degree or certificate program. To enroll, speak with an Enrollment Advisor.

Overview of Internal Control Functions

  • Summarize the provisions of federal securities acts.
  • Explain how the code of professional conduct applies to internal accounting functions.
  • Explain the role of budgets in management controls.
  • Compare and contrast the use of budgets as financial controls between for-profit and governmental entities.

Risk Management

  • Analyze the relationship between risk and return.
  • Explain the portfolio approach to risk management.
  • Explain the use of insurance in managing risk.

Internal Control Systems

  • Describe the major components of internal control.
  • Explain the phases of internal control evaluation.

Controls for Current Assets

  • Design the internal controls for cash.
  • Design the internal controls for sales, accounts receivable, and cash receipts.
  • Design the internal controls for inventory and production.

Controls for Other Accounting Classifications

  • Design the internal controls for purchasing, accounts payable, and cash disbursements.
  • Design the internal controls for finance and investment.
  • Design the internal controls for payroll.

Controls for Information Technology Systems and Reporting on Controls

  • Design the internal controls for information technology systems.
  • Evaluate reporting options for internal control.

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