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Documentation Methods for Internal Control Processes

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Webinar

2.00 Credits

Member Price $85.00

Non-Member Price $115.00

Overview

Internal controls (IC) are critical to the effective functioning of all processes. The importance of proper and relevant documentation can be viewed as a burden. Strong, relevant documentation is critical to ensure organizations can adequately monitor, manage, and adjust their processes in line with business objectives. This requirement extends far beyond internal controls over financial reporting.  Management must first establish appropriate responsibilities for IC.   Personnel must have a strong understanding of the types and methods of IC and how they relate to their jobs.  Controls should be well documented.

Documentation methods must meet organizational needs and be sufficient for personnel to understand.

This course will further evaluate the responsibilities of employees, management, and auditors in understanding their role in internal control as well as evaluating documentation methods.

Highlights

  • Introduction to Proper Documentation
  • Responsibilities for Internal Control
  • Exploring What to Document
  • Documentation Types, Flowcharts, & Narratives
  • Policy and Procedures and IC Questions
  • Risk Control Matrices
  • Establishing A Defined Documentation Process
  • Flow Chart Symbols
  • Other Documentation Maturity Model & Issue Tracker
  • Other Documentation Testing Processes
  • Other Documentation Internal Audit Formal Reports & Summary
  • Proper Documentation

Prerequisites

None

Designed For

The course is useful to all individuals within a company who have responsibility for writing policies and procedures, documenting and evaluating processes and internal controls and testing processes.

Objectives

  • Explore the responsibilities for internal control (IC).
  • Explore what to document.
  • Identify documentation types.
  • Explore how to establish a defined documentation process.
  • Explore steps to sufficient documentation.
  • Discover relevant methods of flowcharting.

Preparation

None

Notice

This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by Accounting Continuing Professional Education Network (ACPEN).

Leader(s):

Leader Bios

Lynn Fountain, Lynn A Fountain

Lynn Fountain has over 40 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigated by the FBI and resulted in five indictments amounting to close to a $13 million fraud loss. Lynn is currently engaged in her own consulting and training practice. She has assisted numerous companies with enterprise risk management frameworks, internal audit processes and financial accounting. She is a highly sought after speaker and has trained internationally. In addition to her personal training, she also serves as a discussion leader for the AICPA for numerous classes. Lynn is the author of three separate technical books released in 2015, The first entitled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”, published by the Institute of Internal Auditors Research Foundation and released in April 2015. Her second book “Leading The Internal Audit Function” was released in October 2015 by Taylor & Francis Publications. This book serves as the initial launch for a series of leading practice internal audit and information technology publications. In addition, her third book “Ethics and the Internal Auditor’s Dilemma” was released in December 2016. Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate.

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Non-Member Price $115.00

Member Price $85.00