Program Description and Objectives

Internal controls are the standards and rules used by companies to ensure that they achieve their stated goals in the marketplace. Profitability is not only achieved through high sales, but also from controlling costs and limiting excessive spending. 

This course provides an overview of internal control – its principles, objectives, components, and frameworks. 

Participants should understand and appreciate the significance of the different control classifications, management controls, control objectives and components, as well as the different frameworks of internal control.

Course Curriculum

  • 1

    Test Your Knowledge

    • Test Your Knowledge

  • 2

    Handouts

    • Handouts - Overview of Internal Control

  • 3

    Overview of Control

    • Control Processes

  • 4

    Control Classifications

    • Primary Controls

    • Secondary Controls

    • Application Controls

    • Time-Based Controls

    • Criteria or Standards-Based Controls

    • People-Based Controls

    • Control Matrix and Segregation of Duties

  • 5

    SECTION REVIEW: Control Classifications

    • SECTION REVIEW: Control Classifications

  • 6

    Management Controls

    • Roles and Responsibilities of Key Internal Control Personnel

    • Organization and Policies

    • Procedures and Employee Management

    • Accounting, Budgeting and Reporting

  • 7

    SECTION REVIEW: Management Controls

    • SECTION REVIEW: Management Controls

  • 8

    Control Frameworks, Objectives and Components

    • Control Frameworks

    • Control Objectives

    • Components of Internal Control

    • The CoCo, COBIT Model - and its Five Key Principles

    • The eSAC Model

    • Soft Controls

  • 9

    SECTION REVIEW: Control Frameworks, Objectives and Components

    • SECTION REVIEW: Control Frameworks

  • 10

    Exercises

    • List of Scenarios

    • Scenario 1

    • Scenario 1 - Questions

    • Scenario 2

    • Scenario 2 - Questions

    • Scenario 3

    • Scenario 3 - Questions

  • 11

    CASE STUDY

    • CASE STUDY

    • CASE STUDY - Questions

  • 12

    QUIZ: Overview of Internal Control

    • Quiz : Internal Control Part 1

  • 13

    Evaluation Form

    • Evaluation Form and Attendance Sheet (as required under PRC Resolution no. 1244 Series of 2020)