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INTERNAL CONTROL AND RISK MANAGEMENT

How to ensure efficiency and effectiveness of operations?
How to ensure reliability of financial reporting?
How to ensure compliance with applicable laws and regulations?

An organization must establish and maintain an effective internal control system in order to achieve the above objectives. But what is an effective internal control system? How to set up, evaluate and improve an enterprise’s internal control? This has become the problem most enterprises are faced with.
On July 30, 2007, the issuance of the Sarbanes-Oxley Act (SOX) indicated that the U.S. Securities and Exchange Commission, being ruler of the world largest capital market, has regarded the establishment, maintenance, assessment and reporting of internal control structure and procedures as one of management’s top responsibilities

On May 22, 2008, five ministries including the Ministry of Finance jointly issued the “Basic Standard for Enterprise Internal Control”, it will be implemented within listed companies from July 1,2009, and unlisted medium-sized enterprises are also encouraged to implement it, this indicates the Chinese version of the Sarbanes-Oxley Act has begun.

Thus, it has become a key issue for continuous development to assess and improve the effectiveness of an organization’s internal control system.



Training Objectives

Command the advanced theories of internal control, risk management, internal auditing and occupational fraud
Learn to seek out the limitations of a corporation’s internal control, evaluate internal control’s effect and make improvements
Improve management’s ability of self assessment on internal control and establish an effective environment for internal control
Make clear how to establish and improve an organization’s internal control system based on its own features
Help trainees understand control points, control standards and control methods through case studies

 

Training Attendees

Financial controllers and other related senior management
Managers, supervisors and other personnel responsible for internal control and internal audit functions
Managers and other personnel of financial departments
 
 
       
Training Outline
 


Comprehensive introduction of internal control theories
 
  • What is internal”? What is “control”?
  •  
  • What is COSO?
  •  
  • Contents of integrated frameworks of COSO
  •  
  • Key factors of internal control
  •  
  • Internal control -The foundation for enterprise development
  •  
  • Limitations of internal control——cost benefit principle


  • Control Environment
     
  • What is control environment?
  •  
  • Control environment – the foundation of internal control
  •  
  • How to establish a nice control environment


  • The Essence of Internal Control-Risk Management
     
  • The map and matrix of risk
  •  
  • In class exercise
  •  
  • What are the methods of risk identification?
  •  
  • What strategies should be adopted when facing risk?
  •  
  • Risk management——The trump for enterprises to gain the competitive advantage
  •  
  • The golden rule for crisis management


  • Internal Control Activity
     
  • What are common internal control activities?
  •  
  • How to achieve separation of duties
  •  
  • General control of IT
  •  
  • Preventive control and examinational control


  • Introduction of Internal Auditing
     
  • Internal Auditing——Is it the manager’s secret agent ?
  •  
  • To whom should the internal auditor report?
  •  
  • Internal audit vs. internal control


  • Occupational Fraud
     
  • What kind of person will commit occupational fraud?
  •  
  • Occupational fraud theories—GONE/ACFE etc
  •  
  • What are the effects of occupational fraud on an enterprise?
  •  
  • Relationship between occupational fraud and internal control


  • The Establishment and Implementation of Internal Control
     
  • Should enterprise set up an independent internal control department?
  •  
  • What does an internal controller do?
  •  
  • Five stages in establishment and implementation of an internal control system
  •   - How to identify and decompose objectives
      - How to identify risk
      - How to set up a control policy: two-dimension tables, flow charts, word descriptions
      - How to implement internal control effectively
      - How to monitor implementation status: monitor implementation process and independent evaluation
     
  • Key points in the process of establishing and implementing internal control


  • SOX and Corporate Governance
     
  • What is SOX?
  •  
  • Key contents of SOX
  •  
  • How to understand the independence of auditors?
  •  
  • S302 and S404
  •  
  • S404 influence on internal control and financial reporting
  •  
  • The major handicaps enterprises are facing when conforming with S404
  •  
                         
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    Beijing
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    4900
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    4900
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    4900
    Shenzhen
    2
    4900
     
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