Advanced Internal Controls

Overview

Explore the requirements of the Government Accountability Office's (GAO) Standards for Internal Control in the Federal Government, known as the Green Book, the Office of Management and Budget's (OMB) Circular A-123, Management's Responsibility for Enterprise Risk Management and Internal Control and other authoritative guidance to provide a framework and standards for implementing, assessing, and maintaining internal control over reporting (ICOR). This two-day course will explain the entire ICOR process from initial planning through reporting on the results and support your auditing needs during an internal control review. Exercises enable you to gain hands-on experience with completing critical parts of the ICOR assessment.

Who Attends

Participants will be primarily from the Office of the Chief Financial Officer but will also include staff from other offices throughout the agency. The learners may be involved in the entire process, or just one portion of their agencies' assessments. This course will enable all participants to understand their responsibilities and develop tools to enable them to complete their portion of the ICOR assessment.

Course Level: Advanced
CLP: 16 | CPE: 16
Duration: 2 days

Price: $ 1169.00 Course prices shown here do not include a credit card surcharge. Payments by ACH, EFT, or check do not include the surcharge and are offered at a lower price. At checkout, you may choose a payment method that avoids the credit card surcharge.
A 3% credit card surcharge will be applied.

Course Details

FAQs Technology Requirements

For Groups

Volume Discounts (5+ Seats) Private Group Training Icon

Private Group Training

Available Dates

Guaranteed to Run are designated with a

July 20 - July 21, 2026

Class ID: 265728004

Virtual

9 AM - 5 PM EST

November 2 - November 3, 2026

Class ID: 265728005

Virtual

9 AM - 5 PM EST

Learning Objectives

Discuss the importance of internal control over reporting (ICOR) in the current accountability environment
Define and explain the concepts, requirements, and terminology of ICOR
Identify the roles and responsibilities of participants in relation to the ICOR process
Draw connections between the key programmatic and financial stakeholders in the ICOR process
Coordinate ICOR requirements with performance and accountability reporting and other related requirements
Describe and apply a structured and systematic approach for ICOR
Ensure an adequate basis for leadership's reporting under ICOR
Prepare a test plan for financial reporting controls

Additional Features

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Course Activities

The final exam must be completed with a grade of 70% or higher.

Course Topics

Internal Control Legislative Requirements

Effective Internal Control Program
Internal Control Legislative Background
Internal Controls
Agency Managers
The Balancing Act
Basic Elements of Every Internal Control System
Points to Remember about Internal Controls

Role of the Government Accountability Office (GAO)

Responsibilities for the Standards: GAO
GAO's Standards for the Control Process
Establishing an Effective Internal Control System
Evaluation of an Effective Internal Control System
Additional Considerations
Other Matters: Documentation
Internal Control System Evaluations

Roles and Responsibilities of the Office of Management and Budget (OMB)

The Office of Management and Budget (OMB)
Responsibilities for the Standards: GAO and OMB
OMB and Internal Control Systems
OMB Circular A-123, Management's Responsibility for Enterprise Risk Management and Internal Control
OMB Circular A-130, Managing Information as a Strategic Resource
Sarbanes-Oxley Act
Noteworthy Cases of Improper Financial Reporting
Objectives of Financial Reporting

Planning the Assessment

Planning the Assessment
Organizing the Process
Establish a Governance Body
Determine the Overall Approach
Determine Materiality
Determine Key Processes Supporting Material Line Items
Document Key Processes
Integrate and Coordinate Review Activities
Plan Monitoring and Testing Approach
Develop Documentation Standard

Evaluating Internal Control at the Entity Level

Entity-Level Evaluation
The GAO Internal Control Management and Evaluation Tool

Evaluating Internal Control at the Process Level

Process-Level Evaluation
Documenting Key Business Processes and Related Key Controls
Understanding Key Reporting Processes
Review the Process for Risk
Rate the Risk
Identify and Document Control Objectives
Documenting Controls
Outside Service Providers

Testing at the Transaction Level

Transaction-Level Testing
Risk-Based Approach
Internal Control System (Testing)
Testing Summary

Concluding, Reporting, and Correcting Deficiencies and Weaknesses

Concluding, Reporting, and Correcting
Concluding on Control Effectiveness
Reporting on Assessment of Internal Control Systems
Correcting Deficiencies and Weaknesses

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Advanced Internal Controls

Overview

Who Attends

For Groups

Available Dates

Learning Objectives

Additional Features

Credits

This course is part of the following Management Concepts Certificate Programs:

Core Courses

Elective Courses

Prerequisites:

Mandatory

Suggested

Course Activities

Course Topics