Establishing an Effective Internal Controls System: AP, COSO, COBIT, SAS, SAC

Why Should You Attend:

Internal controls are normally thought of as something of concern only to the accounting and auditors. However, any area that authorizes use of resources, control of assets, provides information should be concerned with internal controls also known as management controls.

All areas are subject to audit and need an internal control system in place to help minimize audit criticisms. Management must understand the importance of controls, the risks in circumventing the controls and the ramification. Internal controls are systems, policies, procedures and practices that are used to detect or prevent errors of commission and omission. Internal controls should safeguard an entity's assets, which include accurate financial records. Internal controls also promote operational efficiency and encourage adherence to prescribed managerial policies and procedures as well as laws, rules and regulations. Effective internal control is a cornerstone of successful management.

This webinar will enhance attendees’ knowledge of their role by helping them understand the elements of internal controls. Internal controls are a key part of any organization's continued growth, performance and success. With fraud at an all-time high, a well-designed internal control structure will enhance operations by improving your department's overall security, effective and effectiveness. As all business managers, officers, owners and employees know without an effective internal control system, the organization may be open to fraudulent transactions, theft, hefty fines, penalties, fines stricter government laws and rules.

Learning Objectives:

• Learn how to present ideas in financial terms for greater impact
• Gain confidences with establishing controls
• Understand fundamentals of internal controls
• How to increase your competitive position by understanding the processes
• How to analyze an internal control
• Learn best practices

Areas Covered in the Webinar:

• Necessity of planning
• How to evaluate your systems’ strengths and weaknesses
• Characteristics of a successful internal control system
• How to limit risks and ERM process
• How to outline an internal control plan
• Processes, objectives, components and requirement for effective controls
• Put into practice the 17 principles of internal control
• Learn the 5 elements of internal controls to help prevent fraud
• Learn SAS requirements for internal controls
• COSO, COBIT and SAC outlines and check list reviewed
• Help all employees, individual, supervisor, managers and executives assess controls

Who Will Benefit:

• Business Owners
• Compliance Managers
• Controllers
• Presidents/ Vice Presidents
• Managers/ Supervisors
• Accountants
• Financial Managers
• Managers Required to Co-Certify
• Financial Controllers
• Company Executives

Instructor Profile:

David E Sanders is considered one of the world’s leading experts in accounting, finance, accounts payable, accounts receivable, budgeting, collections, cost accounting, personal finance, personal income taxes, business taxes, business set up, sales and use taxes, internal controls, inventory management, cycle counting, record keeping and vendor/supplier management. He has conducted approximately 10,000 training sessions, including public seminars, on-sites, company training, chambers of commerce trainings, colleges, videos, CDs and webinars worldwide.

Mr. Sanders is called upon nationally and internationally for his SOX training abilities and to perform, walk through interim testing for core financial processes such as internal controls, fraud detection, internal controls, financial reporting, revenue, inventory, and expenditure testing.

The author of four acclaimed books and over 25 seminar workbooks and numerous webinars, he has a talent for breaking things down into easy to understand steps that can be implemented immediately. He was an endorsed local provider for the Dave Ramsey Show covering the greater Cincinnati and Northern KY area.

Mr. Sanders has a wealth of experience to share that is supported by impeccable financial credentials including over 37 years’ experience in the financial industry. He holds numerous degrees including accounting, business administration and finance. His experience includes accounting manager, corporate controller, CFO, government tax auditor, business consultant, and senior partner with various accounting/ tax/ auditing firms nationally.

Topic Background:

US companies alone lose approximately 6% to 8% of their gross revenue to fraudulent transactions each year. Last year’s fraudulent transactions percentage translates into a 17.8% to 18 % increase in one year.

• 28.7% billing schemes
• 33.0% corruption schemes
• 22.1% check schemes
• 8% non-cash schemes
• 7% skimming
• 1.2% other schemes

This world of globalization is requiring businesses to become more competitive. Fewer resources wasted, resources mobilized, setting directions and action. Internal control management system will assist with optimization of these processes.

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