Course Summary:

Internal controls form a complex system that involves the collaboration of the board of directors, the audit committee, internal and external auditors, risk management personnel, investigators, operations personnel and others. This course will explore the key roles in preventive controls and essential components of internal control, inherent limitations of internal controls and much more.

The aim of this article is to help delegates improve their understanding of this topic by giving practical illustrations of computer-based controls and computer-assisted techniques

Course Objectives:

• Outline key functions in preventive controls
• Identify essential elements of an effective internal control system
• Categorize major fraud schemes
• Illustrate a fraud risk assessment
• Discuss organizational preventive controls
• Use controls to prevent specific fraud schemes
• Evaluate preventive controls and corrective deficiencies
• Express limitations of internal controls

Course Outline

Auditing IT Governance Controls

• IT Governance
• IT Function and Structure
• The Computer Center
• Disaster Recovery Planning
• Outsourcing

Auditing Data Base Systems

• Data Management Approaches
• Key Elements of the Database Environment
• Databases in a Distributed Environment
• Controlling and Auditing Data Management Systems

Systems Development and Program Change Activities

• Participants in Systems Development
• Information Systems Acquisition
• The Systems Development Life Cycle
• Controlling and Auditing the SDLC

Transaction Processing and Financial Reporting Systems Overview

• Overview of Transaction Processing
• Documentation Techniques
• Computer-based Accounting Systems
• Data Coding Schemes
• The General Ledger System
• The Financial Reporting System
• Controlling the FRS

Auditing the Revenue Cycle and the Expenditure Cycle (emphasizing the technologies and risks)

• Revenue Cycle Activities and Technologies
• Revenue Cycle Audit Objectives, Controls, and Tests of Controls
• Substantive Tests of Revenue Cycle Accounts
• Expenditure Cycle Activities and Technologies
• Expenditure Cycle Audit Objectives, Controls, and Tests of Controls
• Substantive Tests of Expenditure Cycle Accounts

Enterprise Resource Planning Systems

• ERP configurations
• Data Warehousing
• Associated Risks
• Implications for Internal Control and Auditing
• Cloud Computing

Business Ethics, Fraud and Fraud Detection

• ISACA Code of Ethics
• Ethical Issues
• Fraud and Accountants
• Auditor’s Responsibility for Detecting Fraud
• Fraud Detection Techniques