This site uses cookies to store information on your computer. Some are essential to make our site work; others help us improve the user experience. By using the site, you consent to the placement of these cookies. Read our privacy policy to learn more.

Technical

Internal Control Logo cgma

  Kaplan Publishing Limited |   $55.00 - 65.00 |   CPE: 1.5 |   AICPA |   Feb 2015 |   Business Mgmt. & Organization |   AICPA Store

This CPE course is included in the 50+ hours of CGMA Strategic Management Accounting. It can also be purchased individually or as a part of Governance and Risk Management.

This CPE course covers internal control systems, which are defined as systems for management to control certain risks and therefore help businesses achieve their objectives. It first introduces the Turnbull Report, which covers the importance of internal control and risk management in organizations. While the report is a UK report it can still be applied to all companies. It then examines the Committee of Sponsoring Organizations (COSO) model of internal control consisting of five integrated components which are characterized by 17 principles. The course goes on to identify examples of organizational control and address the classification of controls into three broad categories (financial, non-financial quantitative, and non-financial qualitative controls). It finally investigates the process used to develop an adequate control system, and provides case studies based on real-world events.

Topics Discussed

  • The control environment
  • Internal control
  • Purposes of internal control: the achievement of an entity's objectives, effectiveness and efficiency of operations
  • Identifying and evaluating control weaknesses
  • Identifying and evaluating compliance failures
  • Operational features of control systems, including embedding in organisation’s operations, responsiveness to evolving risks and timely reporting to management
  • The pervasive nature of internal control and the need for employee training
  • Costs and benefits of maintaining the internal control system

Learning Objectives

When you complete this course, you will be able to:

  • Identify control weaknesses and compliance failures
  • Identify controls to identify, assess and manage risks
  • Recognize the costs and benefits of maintaining the internal control system

Who Will Benefit?

  • CGMA exam candidates
  • Management accountants wanting to develop skills in governance and risk management

DISCOUNTS

CGMA designation holders qualify for additional discounts on this product.

In order to receive your special pricing, you must be registered and signed in. View the complete list of development products available on CGMA.org.

Topics covered:
  • Management accounting: CGMA exam preparation: CPA pathway to CGMA, Intermediate
  • Management accounting: Technical: Risk management & internal control: Internal control, Intermediate
Who Will Benefit?
  • CGMA exam candidates
  • Management accountants wanting to develop skills in governance and risk management
Topics Discussed
  • The control environment
  • Internal control
  • Purposes of internal control: the achievement of an entity's objectives, effectiveness and efficiency of operations
  • Identifying and evaluating control weaknesses
  • Identifying and evaluating compliance failures
  • Operational features of control systems, including embedding in organisation’s operations, responsiveness to evolving risks and timely reporting to management
  • The pervasive nature of internal control and the need for employee training
  • Costs and benefits of maintaining the internal control system
Learning Objectives

When you complete this course, you will be able to:

  • Identify control weaknesses and compliance failures
  • Identify controls to identify, assess and manage risks
  • Recognize the costs and benefits of maintaining the internal control system

This CPE course is included in the 50+ hours of CGMA Strategic Management Accounting. It can also be purchased individually or as a part of Governance and Risk Management.

This CPE course covers internal control systems, which are defined as systems for management to control certain risks and therefore help businesses achieve their objectives. It first introduces the Turnbull Report, which covers the importance of internal control and risk management in organizations. While the report is a UK report it can still be applied to all companies. It then examines the Committee of Sponsoring Organizations (COSO) model of internal control consisting of five integrated components which are characterized by 17 principles. The course goes on to identify examples of organizational control and address the classification of controls into three broad categories (financial, non-financial quantitative, and non-financial qualitative controls). It finally investigates the process used to develop an adequate control system, and provides case studies based on real-world events.

Comments/Reflections