Internal Control Over Reporting: Financial and Operational

Overview

Explore how effective internal control is the first line of defense against waste, fraud, abuse, and mismanagement of federal funds. Complying with regulations that ensure reliability and accountability of financial information is not only critical to the success of an organization or agency but is also mandated by law. You will learn to implement and evaluate an internal control program by examining roles and responsibilities, practicing how to conduct risk assessments, and developing test plans.

Who Attends

Participants will be those from various government offices, and from private firms supporting those offices, who participate in the assessment of ICOR and are looking to better understand their role and responsibilities.

Course Level: Intermediate
CLP: 24 | CPE: 24
Duration: 3 Days

Price: $ 1409.00 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

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For Groups

Volume Discounts (5+ Seats) Private Group Training Icon

Private Group Training

Available Dates

Guaranteed to Run are designated with a

August 12 - August 14, 2026

Class ID: 265812005

Virtual

9 AM - 5 PM EST

October 26 - October 28, 2026

Class ID: 265812006

Virtual

9 AM - 5 PM EST

December 7 - December 9, 2026

Class ID: 265812007

Washington, DC

8 AM - 4 PM EST

March 1 - March 3, 2027

Class ID: 275812005

Virtual

9 AM - 5 PM EST

May 19 - May 21, 2027

Class ID: 275812006

Virtual

9 AM - 5 PM EST

August 11 - August 13, 2027

Class ID: 275812001

Virtual

9 AM - 5 PM EST

October 25 - October 27, 2027

Class ID: 275812002

Virtual

9 AM - 5 PM EST

Learning Objectives

Understand and apply a structured and systematic approach to Internal Control over Reporting (ICOR)
Define and explain the relevant terminology, concepts, and requirements
Identify the roles and responsibilities of the participants in the ICOR process
Explain relationships between the key operational and financial stakeholders
Implement an ICOR program
Prepare a documented and supported Statement of Assurance

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

Increasing Demand for Accountability
Internal Control Legislative Background
Internal Controls
Agency Managers
The Balancing Act
Basic Elements of Every Internal Control System
Points to Remember About Internal Controls

Roles of the Government Accountability Office (GAO)

Responsibilities for the Standards: GAO
GAO’s Five Standards for the Control Process
Annual Evaluation Process

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

Office of Management and Budget (OMB)
Responsibilities for the Standards: GAO and OMB
OMB and Internal Control Systems
Sarbanes-Oxley Act
Noteworthy Cases of Improper Financial Reporting

Planning the Assessment

Planning the Assessment
Organizing the Process
Establish a Governance Body (Senior Management Council)
Determine Overall Approach: A Top-Down Focus
Determine Materiality
Determine Key Processes Supporting Material Line Items
Document Key Processes
Integrate and Coordinate Review Activities
Plan Monitoring and Testing Approach
Developing Documentation Standard

Evaluating Internal Control at the Entity Level

Entity Level Internal Control
GAO’s Internal Control Management and Evaluation Tool
An Outstanding Internal Control System

Evaluating Internal Control at the Process Level

Evaluating Internal Control at the Process Level
Documenting Key Business Processes and Related Key Controls
Understanding Key Reporting Processes
Review the Process for Risk
Rate Your Risk
Identify and Document Control Objectives
Documenting Controls Process
Outside Service Providers
Dependencies

Testing at the Transaction Level

Testing at the Transaction Level Overview
Risk-Based Approach
Evaluate the Adequacy of the Existing Internal Control System (Testing) and Testing Key Controls
A Manager's Guide to Developing a Test Plan
Exercise: Test Plan

Concluding, Reporting, and Correcting Deficiencies and Weaknesses

Statement of Assurance
Concluding, Reporting, and Correcting
Concluding on Effectiveness
Reporting
Correcting Deficiencies and Weaknesses

Summary

Non-Rhetorical Questions
Five Steps for Assessing Internal Control over Reporting (ICOR)
Flowchart of the Five-Step ICOR Process
Characteristics of Good Internal Control Implementation
Additional Thoughts
Closing

Related Courses and Products

COURSE

Loading Course Details

Internal Control Over Reporting: Financial and Operational

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

Loading Course Details

Internal Control Over Reporting: Financial and Operational

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

Related Courses and Products

Understanding Internal Controls, Enterprise Risk Management, and Fraud Prevention in the Federal Government

Manage Risk through Effective Enterprise Risk Management

Strategic Internal Control for Program Integrity