Implementation of Internal Controls in the SME Context

Implementation of Internal Controls in the SME Context
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DL21220351

Recorded: November 2021 

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Today’s competitive business environment is rapidly evolving - the digital economy, cloud technology, remote work, cybersecurity.  Leadership and expectations of the finance function are also evolving rapidly, resulting in diverse definitions of good governance, management responsibility, and appropriate internal control.  Depending on the size of the organization, the title now used to describe this vital function has also become more varied: Controller, Director of Finance, Accounting Manager, VP Finance and even CFO.  As expectations of this key function continue to broaden to incorporate IT, HR and operations responsibilities, one of the main challenges facing CPA’s is to assume increasing operational responsibilities yet maintain efficient and cost-effective internal controls and segregation of duties.  The risks to the organization have broadened, resulting in increased risk to the CPA as the leader of the finance function, and personally as a director or officer. Through discussion and exercises using actual real-world examples, we will work through two key cycles, the Purchase-To-Pay process, and the Order-To-Cash process, with the goal of understanding the conditions for the successful implementation of internal controls in the current SME context.

LEARNING OBJECTIVES
By the end of this seminar, participants will be able to:

  • Increase awareness of emerging trends and issues such as cloud computing and cybersecurity that impact internal controls, and CPA’s in the SME context.
  • Recognize the governance and leadership conditions for success when setting up internal controls.
  • Evaluate risks linked to internal controls and adapt the controls of the organization according to its tolerance and ability to take risks.
  • Use two key business cycles, Purchase-To-Pay (P2P) and Order-To-Cash (O2C), to analyze and prepare appropriate control recommendations including: process analysis, risk assessment, and control objectives.
  • Using the COSO Enterprise Risk Management (ERM) methodology, design and evaluate adequate controls for each of two key processes: P2P and O2C
  • Identify the links between the expanded role of the controller, increased risk of errors and fraud, and appropriate internal controls.
  • Identify the roles and responsibilities of the various stakeholders of the organization as relates to adequate internal controls in the SME context.

CONTENT

  • Current trends and emerging issues that impact internal control
  • Governance and leadership in the SME context
  • Overview of the COSO Enterprise Risk Management (ERM) internal control model.
  • Case study: Steps for implementing internal controls in a Sales process. 

Order-To-Cash (O2C)

  • Case study: Steps for implementing internal controls in a Purchasing process. 

Purchase-To-Pay (P2P)

  • Using a checklist approach to effective implementation of internal controls.
  • Establishing the conditions for the successful implementation of internal controls

PREREQUISITE

  • No prerequisite seminars are required
  • Internal Controls - Industry Sector is recommended
  • Participants should be familiar with, or have some experience in, the finance function of an organization, specifically in the purchasing and/or sales cycles
  • Participants should be familiar with the COSO Enterprise Risk Management framework

WHO WILL BENEFIT
This seminar will be of benefit to those who occupy roles in the financial management function of the organization, its risk management, or its governance.

  • The seminar is oriented to all levels; those beginning their careers in the management of the finance function, new controllers and directors of finance, and seasoned professionals looking to explore emerging issues related to internal controls.
  • This seminar is oriented towards SME organizations, but the material is of benefit to all organization types including not-for-profit organizations.

CPD-7 Hours

When
4/1/2022 - 3/31/2023 11:59 PM
Where
On-demand