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Internal Controls - What Every Manager Needs to Know

Tuesday, Feb 12, 2019 at 11:30AM - 2:30PM

Online Event

  • Feb 2019

    12 Tue

    11:30AM

  • Feb 2019

    12 Tue

    2:30PM

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Internal Controls - What Every Manager Needs to Know

Tuesday, Feb 12, 2019 at 11:30AM - 2:30PM

Fremont, CA , United States of America

No tickets available

Description

This webinar highlights the importance of management's role in instilling proper internal controls within their processes. In this session, the instructor will explore methods to educate management on their individual responsibilities for control processes and the variance between a control malfunction and control design issues. Participants will be provided with tools to help management better understand their role in internal control and effectively execute their obligations. The session will also review the impending COSO changes and examine how they may impact your organization.

Objectives of the Presentation

  • The reason internal control has become a strategic focus for companies
  • Overview of the impending new COSO framework release and its impact on companies
  • Methods to educate management on responsibilities for control processes and understanding the term "internal control"
  • Evaluating implications when management does not pay attention to internal controls
  • Key monitoring methods for management to utilize when evaluating internal controls
  • Review of the standardized SOX 302 and 404 sign-off processes and considerations for enhancement

Why Should You Attend
The new COSO framework was released in May 2013. Original compliance date was is set as December 2014. Many companies are still working toward compliance. This will turn up the focus on how its guidance should be used by companies and auditors when evaluating processes for Sarbanes-Oxley and other control requirements. Key aspects have been added to mandate knowledge of business and regulatory changes as well as an increased focus on information technology and its controls. It is imperative that management, compliance professionals, legal professionals and audit professionals all understand the roles and responsibilities incumbent upon them when it relates to internal control. It is also imperative that management learns and accept their critical role as it relates to the management and monitoring of internal controls.

The impending release of the new COSO Framework clearly outlines the importance of understanding all aspects of internal control and ensuring those elements are properly working together in an effective manner. All individuals involved in oversight, management, monitoring, and auditing processes within an organization will need to heighten their awareness of basic controls and their linkage to corporate strategies and regulatory and business requirements.

Who Will Benefit

  • Board Members
  • Management
  • Risk and Legal Professionals
  • Internal Auditors
  • Compliance Professionals
  • Process Improvement Professionals

Topic Background
In today's business world, the term, internal control, is assumed to be a well-known and understood a concept. Yet, with all the regulations, attention and focus on the issue, control gaps continue to pervade processes and result in a wide array of business failures and issues. The issue has come to the forefront as the COSO Board is about to release the revised version of the COSO 1992 internal control framework. Companies who indicate they utilize the COSO framework for their evaluation processes will be expected to employ the concepts imbedded in the current draft. Prior to executing on that task, management must re-evaluate their position on internal controls and how they employ the roles and responsibilities related to internal control within their environments. This may be a significant task for many companies and will include the re-evaluation of their current compliance and internal audit programs as well as the organizational alignment of these functions.


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Note: Use Promo Code YDEZ6H and get 10% off on registration (Valid till FEBRUARY 28th 2019)

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