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Internal Control (“IC”)

• Introduction
  • Internal control definition and objectives
  • Definitions of key corporate concepts
  • Origin of internal audit activity
• Legal Context
  • Rationale
  • From worldwide to local legal context
  • Control functions in today’s organizations
• Internal Control Activities
  • Segregation of duties, authorization, 4-eyes principle, retention of records, monitoring, physical safeguard, top-level reviews, I.T. controls, internal audit
• Scope, roles and responsibilities
  • Matrix
  • Ultimate objectives of such internal control activities and responsibilities
• Structuring the Internal Control System 
  • Means of achieving internal control
  • COSO framework (within the control environment, risk assessment, control activities, information systems, monitoring processes,
  • COSO 2013 additions: four categories of business objectives, 3 additional framework components (event identification, risk response, Monitoring)

 

• Internal Control and Technology
  • The COBIT model 
  •  I.T. responsibilities in internal control (network &Infrastructure,  Data & Storage, Application & Web Development
  • Nature of I.T. controls (preventive, detective and corrective)
  • Strategy for I.T internal control success
  • I.T. Strategy on Internal controls
  • I.T. Internal controls costs
• Internal Audit (“IA”)
  • Introduction
    • Definition
    • Internal audit interaction with internal control
    • Scope of internal audit
• Legal framework
  • From worldwide to local
  • A core function
  • Independence: the challenge
• The components of the IA function
  • Internal auditors
  • Organic chart
  • Internal audit charter, internal audit multi-year plan, internal audit engagements
• The conduct of an internal audit engagement
  • The types of internal audit engagements
  • The steps of an internal audit engagement
  • The evidences of the internal auditor
  • The work papers of the internal auditor
• Audit report drafting
  • Challenges
  • Internal Audit report structure
  • Quality of reporting
  • The five tips for the internal audit report
• Internal Audit and Fraud investigation
  • Definition
  • Characteristics of fraud
  • Internal Control mitigating fraud risk
  • Fraud Auditing
  • Internal Fraud in banks
  • Forensic Audit
• 10 Key points for an efficient and successful internal audit role