Understanding and Creating an Internal Control System 25-26
Overview
Successful organizations understand the importance of effective internal controls and develop a system to stay on the intended course. Those who design policies and procedures benefit by knowing why control measures are necessary. First, we’ll examine critical concepts and the importance of strong internal control policies. Then, we’ll look at why standards are needed and control creation methods. Finally, discuss strategies to implement policies and procedures.
Delivery Method: Individual webcast
CPE Credit: Accounting
Program Level: Intermediate
Highlights
- Underlying concepts of internal control
- Defining where and why controls, policies and procedures are needed
- Legacy control measures that are still important for businesses today
- Creating control measures that address the use and protection of technology
Prerequisites
A basic understanding of Internal Control concepts.
Designed For
CPAs, accounting and business professionals.
Objectives
- Recognize key internal control concepts, including the four types of internal control: preventive, detective, deterrent and compensating
- Recall how they would create strong internal controls
- List reasons that control measures are required, such as to deter fraud or reduce operational inefficiencies
- Recall the importance of the control environment as implementation efforts are ongoing
- Identify three segments of an organization's technology infrastructure that must be controlled
Preparation
None
Leader(s):
Leader Bios
Karl Egnatoff, Associate, Phoenix Beach, LLC
Karl Egnatoff, CPA, CITP, lives in Myrtle Beach, S.C. During the past 21 years, he has worked as a consultant, trainer and software engineer while engaging on projects for business organizations of all types. Prior to this work, Karl worked in public and private sector accounting for approximately six years. Before partnering with Pat Garverick to form Phoenix Beach, he presented and created material in association with K2 Enterprises for approximately seven years. During the course of his career, Karl has owned and operated a number of successful businesses, providing services to other organizations in the business community. The experience he garnered while serving these organizations helps him now as he writes and presents continuing professional education through Phoenix Beach. Karl is a member of the West Virginia Society of Certified Public Accountants, the American Institute of Certified Public Accountants (AICPA) and the Information Technology Section of the AICPA. He has also achieved a number of technology certifications including Microsoft Certified Professional (MCP), Certified Software Engineer (CSE) and Certified Integration Developer (CID). Karl graduated from Marshall University with a Bachelor of Business Administration degree. During his time in college, he participated in division I cross country, competing on the varsity squad. He was also on Marshall’s track team. Karl and his wife Lana have been married for 25 years. They have two grown sons, Jordan and Steven.
Non-Member Price $439.00
Member Price $329.00