Governance II: Intermediate Internal Controls
This course covers Internal controls, the process for assuring achievement of an organization’s objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. We use the internationally adopted COSO model as a platform for learning in this course.
If you took Governance I take out the results of your Governance and Control Assessment. If you didn’t take the Assessment take it here and follow the Instructions. We will use your work later in the course.
Governance and Controls Assessment
The articles for each course are rich in different perspectives. Contributors are experts in this area. Write down at least 2 critical points from each article and use them to build robust discussions with your Member-Scholar peers at CFO.University.
1. Summary and action plan for Internal Control improvements
From the results of the Governance and Control Assessment (pay particularly close attention to your answers to questions 4,5,6 and 7) and your review of the COSO Internal Control Framework prepare the following:
- Develop a single sentence discussion point around each of the seventeen principles associated with each of the COSO Components of Internal Controls.
- Use his discussion page as the talking points for a discussion on internal controls with your staff. Be prepared to adjust your single sentence to accommodate new information from this meeting.
- Summarize this work with your staff in the form of an action plan to tackle improving on the areas perceived by the team to have the most risk.
- As appropriate (at least annually) review this exercise with your executive team and the Board.