Internal Controls: Meeting Federal Requirements for Accountability

THIS COURSE IS DESIGNED FOR:

Managers, supervisors, staff, internal control program
administrators, assessable unit managers, program
managers, and project managers involved in establishing
and maintaining internal control systems. This course
provides a strong foundation in control system
requirements and guidance for incorporating control
systems into activities to reduce the risk of waste, fraud,
and mismanagement, and for discharging the
participant’s responsibility for accountability.

YOU WILL BE ABLE TO:

• Successfully organize the internal control process
• Identify an organization’s assessable units
• Conduct a risk assessment of assessable units
• Perform an internal control review and test controls
• Evaluate control systems and identify vulnerabilities
• Determine the cause of control weaknesses
• Improve the control system in any type of organization
• Use the lessons learned by other agencies to guide
  your organization’s efforts to implement or improve an
  internal control system
• Develop the annual Statements of Assurance as
  required by law

COURSE TOPICS INCLUDE:

• The latest internal control guidance, including the
  OMB Circular A-123 and its appendices, and the
  GAO standards
• Understanding internal controls, the benefits of an
  effective internal control system, and the role of
  federal managers in the internal control process
• The impact of accountability initiatives on federal
  internal control practices required by the Federal
  Managers Financial Integrity Act (FMFIA)
• The key elements of a control system
• Applying the concept of controls in any environment
  and any type of organization
• Identifying, assessing, and managing risks
• Corrective action plans and reviews
• Reporting on internal controls and the Integrity Act
  Report

MEETS SELECTED CORE COMPETENCIES FOR:

• Accountants
• Auditors
• Financial Managers

RECOMMENDED FOLLOW-ON COURSES:

• Auditing Fundamentals in the Federal Environment
• Internal Control over Financial Reporting

ACE RECOMMENDATION:
In the lower division baccalaureate/associate
degree and upper division baccalaureate degree
categories: 1 semester hour in accounting, business
administration, or internal control.