Core Courses

• Internal Control

Elective Courses

• FFMCP Auditing Master Track
• FFMCP Accounting Master Track
• FFMCP Financial Management Master Track
• Enterprise Risk Management

Mandatory

Suggested

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