The seminar can be held online on the official International Business Academy platform. On completion of the training you will be given a link to the recording, which will be available for one month.
*dates are subject to additional confirmation
excluding VAT
* VAT of 16% will be added to the invoice
This seminar is designed for internal control and audit specialists, as well as related fields: economic security, risk management, financial controlling.
Today the importance of control issues and the scale of responsibility, including that provided for by the laws of different countries, are growing sharply. Corporate governance issues and relations between agents and principals, as well as creditors, always come to a head at the height of an economic crisis.
The events of the early 21st century, from the collapse of Enron in 2001 to the bank failures of 2008, caused a sharp strengthening of internal control as a factor in preventing crisis problems for companies and banks in the future.
The seminar examines the practical application of the COSO model and the requirements for building internal control systems arising from the Sarbanes-Oxley Act and subsequently adopted regulations.
Day 1
Corporate governance
— Relations between shareholders, creditors and company management
— Escalation of relations during economic crises
The concept of internal control under the COSO 2013 standard. Basel recommendations on organising the internal control system
— Its role in the management system of a modern company
— Main participants: Board of Directors, top management and employees
— The growing role of internal control during a slowdown in economic growth
Comparative analysis of the internal control system (ICS) and the risk management system (RMS)
— The systems approach. Internal control as a built-in antivirus against the materialisation of operational risks. The three lines of defence model
Group discussion
— Where is the line between risk management and internal control? Business process management as the basis for building the internal control system
— Conflict of interest — a factor in the materialisation of internal fraud risks
— Compiling a conflict of interest matrix. Resolving conflicts of interest
— Developing and testing risk and control matrices by process
— Internal control and information technology: improving the efficiency of resource management and automating control procedures
Workshop (Case Study):
— Identifying internal control deficiencies: the optimal balance between completeness of control, system complexity and slower system response
Group discussion:
— Where is the line between the compliance function, economic security and internal control?
Day 2
Identifying and assessing risks and current control procedures in processes. Embedding control procedures in processes
— The relationship: objective-risks-control. Criteria for assessing risks and control procedures
— Types of control procedures. Design of control procedures
— Assessing the design and the operating effectiveness of control procedures
— Identifying and assessing control procedures by business process: investment and finance, procurement
The risk management, internal control, compliance and internal audit functions. Reporting line options
Group discussion:
— Choosing the optimal organisational model for building the internal control system
Identifying control procedures by business process
— Sales, production, financial and management reporting
Workshop (Case Study):
— Developing recommendations for improving internal control
Countering internal fraud
— Building an anti-fraud system in the company
Workshop (Case Study):
— Reviewing internal fraud cases
Legal requirements for public companies listed in the US or UK markets
— The Sarbanes-Oxley Act and internal control: top management responsibility. A strong internal control system creates up to 20% of shareholder value: empirical research on the NYSE and LSE
— Further development of the internal control system
