Internal Control Systems
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Internal Control Systems
Course level: Graduate
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.
- ACC/290 or ACC/290T - Principles of Accounting I or equivalent
- This graduate level course requires proof of completion of a Bachelor's degree. Be prepared to provide documentation during the checkout process.
What you'll learn
Course skills and outcomes
Fraud, Ethics, and Internal Control
- Summarize the components of the internal 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 & Enterprise Resource Planning (ERP) Systems
- Explain the COSO (Committee of Sponsoring Organizations) four basic principles of Risk Assessment.
- Review Enterprise Resource Planning Systems.
- 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 processes.
- Create an internal controls plan for sales processes.
Control Activities—Expenditures: Purchases, Payroll, and Fixed Assets
- Design control activities to mitigate risk for purchases, payroll, and fixed assets.
- Create an internal controls plan for purchases and fixed assets.
Governance and Control Activities in Information Technology
- Build control activities for information technology.
- Illustrate the key components of IT Governance.
Evaluation and Reporting on Internal Controls
- Plan an evaluation and assessment of internal controls.
- Compare and contrast internal controls reporting requirements for public and private organizations.