Revisiting internal controls when fraud and corruption is systemic

Internal control, as defined in accounting and auditing, is a process for assuring achievement of an organization’s objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies.

Understanding internal control and documenting that understanding is a challenge for all audits, irrespective of the client’s size or complexity. In smaller, less complex entities
controls are typically informal and undocumented, and potentially compromised by a lack of segregation of duties. However, the involvement of the owner-manager in the
day-to-day running of the business can have a positive and a negative effect on the evaluation of risk.

Course objective

This one hour course covers the key elements of internal control that should be present.  It focuses on making sure that the risk and control matrix serves the purpose it was designed for.