Internal controls (IC) are critical to the effective functioning of all processes. The importance of proper and relevant documentation can be viewed as a burden. Strong, relevant documentation is critical to ensure organizations can adequately monitor, manage, and adjust their processes in line with business objectives. This requirement extends far beyond internal controls over financial reporting. Management must first establish appropriate responsibilities for IC. Personnel must have a strong understanding of the types and methods of IC and how they relate to their jobs. Controls should be well documented.
Documentation methods must meet organizational needs and be sufficient for personnel to understand.
This course will further evaluate the responsibilities of employees, management, and auditors in understanding their role in internal control as well as evaluating documentation methods. The course is useful to all individuals within a company who have responsibility for writing policies and procedures, documenting and evaluating processes and internal controls and testing processes.
Prerequisites
No Advanced Preparation or Prerequisites are needed for this course.
Learning Objective
- Explore the responsibilities for internal control (IC).
- Explore what to document.
- Identify documentation types.
- Explore how to establish a defined documentation process.
- Explore steps to sufficient documentation.
- Discover relevant methods of flowcharting.
Last updated/reviewed: March 10, 2024
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INTRODUCTION and OVERVIEW
- Introduction to Proper Documentation 6:13
- Responsibilities for Internal Control 12:03
- Responsibilities for Internal Control Continued.. 9:05
Documenting
- Exploring What to Document 13:03
- Exploring What to Document Continued.. 6:46
- Documentation Types, Flowcharts, & Narratives 10:22
- Policy and Procedures and IC Questions 9:43
- Risk Control Matrices 4:48
- Establishing A Defined Documentation Process 13:55
- Flow Chart Symbols 5:40
Other Documentation
- Other Documentation Maturity Model & Issue Tracker 7:49
- Other Documentation Testing Processes 7:34
- Other Documentation Internal Audit Formal Reports & Summary 5:24
CONTINUOS PLAY
- Proper Documentation 1:52:25
SUPPORTING MATERIALS
REVIEW and TEST
- REVIEW QUESTIONS quiz
- FINAL EXAM exam
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