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Finance & Internal Control

Location Erbil

Fee $350

Start

Monday, 22 January 2024

End

Thursday, 1 February 2024

Course Overview

A strong internal control system is one of the best mitigation strategies for managing operational and financial risks. This course aims to provide you all necessary knowledge to create and maintain effective control environment. It will also cover how to efficiently review internal controls and identify opportunities for their improvements.

Why is Internal Control important?

The primary purpose of internal controls is to help safeguard an organisation and further its objectives. Internal controls operate to minimise risk and protect assets; ensure accuracy of records; promote operational efficiency; and encourage adherence to policies; rules; regulations; and laws.

Course Objectives

By the end of this course, participants will be able to understand the Define of Internal Control, importance of internal control procedures in preventing fraud and errors, protecting organizational assets, and promoting compliance with applicable laws and regulations, and will be able to identify and implement effective and efficient internal control procedures in their daily work.

Who should attend?

The course is designed to fit Midlevel and Senior Staff in Different type of Entity (Private sector, NGOs and UN agencies)

Learning Outcomes
  • Understand the importance of internal control procedures in preventing fraud, errors, and non- compliance.

  • Identify the different types of internal control procedures.

  • Identify the different Classification of internal control procedures.

  • Describe the key components of internal control procedures.

  • Explain how internal control procedures can be used to protect the organization's assets and promote compliance with applicable laws and regulations.

  • Identify potential risks associated with the lack of effective internal control procedures.

  • Develop internal control procedures for a specific business process, such as the purchasing process, the cash receipts process, or the payroll process through Case Studies.

  • Highlight the importance of ongoing monitoring and evaluation of internal control procedures to ensure their effectiveness and efficiency.

  • Encourage others to implement internal control procedures in their daily work and to seek out additional training and resources as needed.

These learning outcomes can be adjusted based on the specific needs and goals of the course.

Course outline
Define Internal Control
  • What is Internal Control Procedure?

  • Why they are Important?

  • What are the benefits of implementing?

Define the different types of internal controls

  • Administrative Controls

  • Physical Controls

  • Technical Controls

  • Practical Exercise

The key components of internal control procedures:

  • Control Environment

  • Risk Assessment

  • Control Activities

  • Information and Communication

  • Monitoring

Examples of Internal Control Procedure

  • Separation of Duties

  • Access Controls

  • Regular Audit

  • Use of Accounting Software

  • Physical Controls

  • Whistleblower Hotlines

  • Practical Exercise

Case Studies for Best Practice

  • Purchasing process.

  • Cash receipts process.

  • Payroll process.

  • Inventory management process.

  • Some of Indicators of Possible Fraud. 8- Success Story.

  • A Practical Training includes the correct document cycle according to the internal Control procedures.

Time & duration and delivery

  • Duration: 8 days

  • Time: 16:00 - 19:30

  • Location: mselect venue, Erbil

  • Fee: $350

  • Refreshments & tea included

You can register by emailing training@mselect.com with the following details

  • Full Name:

  • City/Town:

  • Email Address:

  • Phone number:

  • Name of the course: