Internal Controls And Risk Management

A Professional Development Certificate course covering CMA leaning outcomes in Internal Controls and Risk Management.

What you'll learn

Understand and manage internal control risks effectively.

Design and implement robust internal control systems aligned with organizational objectives.

Navigate and comply with key regulatory requirements impacting internal controls.

Apply best practices in corporate governance and ethics.

Evaluate and enhance the effectiveness of internal controls using the COSO framework.

Requirements

Business experience

Description

This course is constructed using the Learning Outcomes to be tested in the Certified Management Accounting Part 2 Exam - specifically Section D.  Risk Management and Part 1 Exam Section E. Internal Controls. The course also serves to provide you with a Professional Development Certificate upon completion.The curriculum is designed to provide you with a solid foundation in the principles of internal control systems, including their objectives, the influence of organizational structures and management philosophies, and the critical role of corporate governance in ensuring ethical and legal compliance.We will delve into the design and assurance of internal controls, exploring how they provide reasonable assurance regarding the effectiveness and efficiency of operations, the reliability of financial reporting, and compliance with applicable laws and regulations. The course also addresses the major internal control provisions of key legislative acts such as the Sarbanes-Oxley Act and the Foreign Corrupt Practices Act, highlighting their implications for organizations.A significant focus of the course is on the practical application of theoretical concepts. Through interactive video lectures, case studies, and simulation exercises, learners will have the opportunity to apply what they have learned in real-world scenarios, enhancing their problem-solving and decision-making skills. The course encourages active participation and engagement through online forums where learners can discuss course materials and share insights.Upon completion, participants will be able to effectively manage internal control risks, design and implement robust internal control systems aligned with organizational objectives and navigate and comply with regulatory requirements. They will also gain an understanding of best practices in corporate governance and ethics and be able to evaluate and enhance the effectiveness of internal controls using the COSO framework.This course offers a pathway to mastering the complexities of internal controls and risk management, providing participants with the expertise needed to safeguard their organizations against risk and ensure operational excellence and compliance. It is an essential resource for anyone looking to advance their career in finance, auditing, compliance, or management by acquiring in-demand skills in risk management and internal controls.

Overview

Section 1: Introduction

Lecture 1 Introduction

Lecture 2 Professionals Development

Section 2: Module 1 - Introduction to Internal Controls and Risk Management

Lecture 3 What is internal control risk and the Management of internal control risk.

Lecture 4 Objectives of internal control systems

Section 3: Module 2 - Organizational Structure and Control Environment

Lecture 5 Influence of a company’s organizational structure on internal controls

Lecture 6 The Role of the Board of Directors

Lecture 7 The hierarchy of corporate governance

Section 4: Module 3 - Designing and Safeguarding Internal Controls

Lecture 8 Designing controls for operational effectiveness and compliance

Section 5: Module 4 - Designing Internal Controls and Strategies to mitigate risk

Lecture 9 Inherent risk, control risk, and detection risk

Section 6: Module 5 - Regulatory Framework and Compliance

Lecture 10 Sarbanes-Oxley Act major internal control provisions

Lecture 11 PCAOB Auditing Standard #5 and its approach to auditing internal controls

Section 7: Module 6 - Corporate Governance and Ethics

Lecture 12 Rights and responsibilities within corporate governance

Section 8: Module 7 - COSO’s Internal Control Framework

Lecture 13 The five major components of COSO’s Internal Control Framework

Lecture 14 Application of COSO framework in risk assessment and control activities

Section 9: Conclusion

Lecture 15 Conclusion to this course and course certificate

Financial and Accounting Professionals,Risk Managers,Internal Auditors