About this Course

If you believe fraud is a threat to you and your organisation, we are here to show you how internal control can assist in mitigating fraud risk.  Fraud can come in multiple scenarios and from various functions, including financial statement, operational fraud and corruption.  It is never easy to identify the face of fraud, but you can enhance the system to prevent and detect fraud.

Internal control is reckoned as an essential component in managing fraud risk. It can demonstrate how an organisation could bring down Fraud Risk systematically, within the operating system of people and IT. Let this two-day programme shows you how internal controls can be implemented effectively for core processes; procurement, cash receipt and disbursement, inventory and fixed assets.

Objectives

Upon completion of this workshop, participants will be able to;

• Understand the objectives of internal controls
  
• Apply internal controls in good control environment for effectiveness
  
• Demonstrate how internal controls can be implemented within existing processes, to prevent and detect fraud and errors
  
• Interrelate and use internal controls to mitigate fraud risk, specifically for core processes
  
• Learn and implement internal controls effectively within your organisations across all functions, at all levels of personnel
  

Target Audience

• Internal Audit Executives and Managers
  
• Finance and Accounting Officers and Managers
  
• Operations and other function Executives and Managers
  
• Academicians
  
• Compliance officers
  
• Strategic and Planning Executives and Managers
  
• Risk Managers and Fraud Prevention Officers
  

Duration

Two days

Curriculum

Introduction to Internal Controls

• Definition of Internal Controls
  
• The importance of Internal Controls
  
• Who owns Internal Controls
  
• The Do's and Don’ts of Internal controls
  

Integrated Internal Control System

• Redefining Integrated Internal Control System
  
• Balancing Business with Internal Controls
  
• COSO and its applications
  
• The five Components of COSO
  
• Using Risk Based Approach in applying Internal Controls
  

The Basics of Risk management

• The five steps in Risk management
  
• Applying Risk management in combating Fraud Risk
  

The Control Environment

• Control Environment and its objectives
  
• How control environment can influence the effectiveness of internal control
  
• Defining Good Control Environment
  

The Risk Assessment

• Types of Risks
  
• A showcase of possible fraud in a typical operation and business
  
• Risk Assessment and its objectives
  
• How Effective Risk Assessment can reduce Fraud Risk
  

Control Activities

• Control Activities and its importance
  
• How control activities can reduce fraud risk
  
• Types of Control Activities
  
• Defining Good Control Activities
  
• Illustration of a control activity in reducing procurement fraud
  
• Case studies and application
  

Information and Communication

• Defining Effective Information and Communication
  
• How effective information distribution can influence the effectiveness of internal controls
  
• The Vast and Various methods in Information Distribution and Communication
  
• Illustrations of effective information distribution and communication in implementing a new process to enhance internal control
  

Monitoring

• How monitoring can improve the effectiveness of internal controls
  
• Methods and Mechanism on Monitoring
  
• What do we mean by “Good” Monitoring
  

How to develop effective control activities and environment

• Skimming and Larceny in cash sales
  
• Bid rigging and Corruption
  
• Accounts Receivable Fraud
  
• Financial Statement Fraud
  

Methodologies

Instructor-led Presentations with class exercises, group discussion, simulation exercises and case studies

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