The top 6 Internal Controls courses you need to take

1. Bank Reconciliations & Cash Internal Controls

4.5

(645)

Welcome to our comprehensive course on Internal Controls and Cash Management. In today's business world, having robust internal controls is not merely an option, but a necessity. It is integral to the mitigation of risks, ensuring accuracy in record-keeping, and promoting operational efficiency. With an understanding of internal controls, you can better protect your organization's assets and maintain the integrity of your financial information. This course takes a deep dive into the topic of internal controls, explaining what they are, their significance, and the objectives they serve. The course is structured to provide learners with a robust comprehension of the subject, starting with the fundamentals and gradually moving towards complex concepts. We will then specifically focus on cash-related internal controls, a critical area that ensures accuracy and transparency in an organization's cash inflow and outflow. You will learn how these controls are vital in safeguarding your company's most liquid asset. Bank reconciliations, an integral part of these controls, is another key focus of this course. This is a crucial process for businesses of all sizes and is one of the most significant internal controls. You'll learn how to compare your bank statement with your cash book balance at a specific point in time, identifying and rectifying any discrepancies. By mastering bank reconciliation, you will increase the accuracy of your cash account and gain better assurance over various other accounting processes that involve cash. Additionally, we delve into setting up and recording a petty cash account - a process that often seems straightforward but can be quite complex. We will discuss the intricacies of managing petty cash and how to account for it correctly. In addition to the instructional videos, the course offers numerous resources to enhance your learning, including downloadable PDF files, Excel practice files, multiple choice practice questions, short calculation practice questions, and discussion questions. These resources will allow you to apply the knowledge you gain and interact with your peers and instructor, further enriching your learning experience. Learning from a professional with hands-on experience in accounting and software like QuickBooks, combined with teaching expertise and curriculum development skills, will help you grasp these technical topics effectively. The instructor, a Certified Public Accountant, Chartered Global Management Accountant, and Certified Post-Secondary Instructor with a Master of Science in Taxation, has spent years dealing with complex accounting issues and teaching a variety of accounting, business, and business applications classes. Whether you are an accounting student, an aspiring professional, a business owner looking to get a grip on your finances, or a professional preparing for the CPA exam, this course offers the knowledge and skills you need to strengthen your understanding of internal controls and cash management. Enroll now and take your first step towards mastering these essential accounting principles...

2. SOX 302: Internal Controls over Financial Reporting

4.2

(94)

To re-establish investor confidence, the Sarbanes-Oxley legislation made executive certifications of financial statements a permanent requirement for all publicly traded companies in the U. S. In doing so, they introduced a newly defined term "disclosure controls and procedures." This expanded the concept of Internal Controls over Financial Reporting. SOX Section 302 became effective August 29, 2002. It stated: "The executive certification requirement applies to companies filing quarterly/ annual reports with the SEC under Section 13(a) or 15 (d) of 1934 Exchange Act."  Since the implementation date for SOX 302 was well before SOX 404, many questions surfaced regarding the adequacy of procedures established. In addition, many companies have not significantly revisited their procedures since initially establishing them. SOX 302 certification requirements are essential to proper financial reporting. All personnel should have a strong understanding of the requirements and their obligations related to SOX 302. This course is designed to provide a deeper understanding of the requirements behind SOX 302, the meaning of the certifications required from management and an analysis of processes that should be continually re-evaluated for improvement. If you would like Continuing Education Credit (e. g. CPE, CE, CPD, etc.) for this course, it is available if you take this course on the Illumeo dot com platform under course title: Sarbanes-Oxley (SOX) Section 302: Internal Controls over Financial Reporting. Illumeo is certified to provide CPE in over two dozen different professional certifications covering finance, accounting, treasury, internal audit, HR, and more. However, in order to receive CPE credit the courses must be taken on an 'approved-by-the-governing-body' CPE platform, and for over two dozen corporate professional certifications, that is the Illumeo platform. Go to Illumeo dot com to learn more...

3. Internal Controls - Design, Implementation and Monitoring

4.4

(1,188)

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. We will also cover how to efficiently review internal controls and identify opportunities for their improvements.   Manage Risks of Your Organization with Effective Internal Controls Learn Internal Control Definition, Types, and ObjectivesUnderstand Internal Control Components and Principals Implement Efficient Internal Control Monitoring Recognize and Remediate Control Deficiencies Improve Your Control Environment.   Become Internal Control Compliance Specialist Internal control concept exists from ancient times, but United States was the first country to introduce professional guidance on topic. Internal control started to become significant to auditors in the United States early in the twentieth century.  More recently topic of controls started to evolve to cover other areas than finance like information technology (COBIT), project management or quality management (ISO 9000). Additionally, importance of internal controls systems in organizations increased significantly with dedicated regulations as Sarbanes Oxley Act (SOX) or Foreign Corrupt Practice Act (FCPA) setting legal requirements for minimum coverage of internal controls. We will learn about finance and IT controls as well as frameworks and legal regulations.   Content and Overview In over 6 hours of video including 27 lectures we will cover all you need to know to become comfortable working with and designing internal controls.  Each of three sections contains article summarizing most important concepts from all lectures and short quiz where you can test your new knowledge.  Additionally, some of the lectures contain Action Points that help you practice your new skills directly for your organization needs. First you will learn all the necessary information like definitions, types, components as well as who has what responsibilities in area of internal controls.  With basics covered course will teach you all necessary steps to implement controls and prepare sufficient documentation to satisfy requirements of various frameworks and legal regulations. Finally, you will learn how to monitor and review internal controls including usage of automation and how to handle deficiencies identified in those processes. Upon completion, you should be able to not only perform controls and implement control activities like a compliance specialist, but also work efficiently and effectively with any auditors or external reviewers of your controls...

4. Proper Segregation of Duties for Internal Control

4.5

(480)

Segregation of duties (SOD) is the cornerstone of strong internal control. Inability to maintain proper SOD can hamper an organization's ability to deliver service efficiently. Personnel often struggle with the proper concepts of what contributes to SOD.  When resources are scarce, the concept is even more difficult. This course delves deeper into core business processes and examines the concepts of which duties should be segregated to provide adequate internal control. The basics of segregation of duties indicates that no one individual should be given or assigned job functions in more than one of the following categories: Asset custodyAuthorization and approvalRecordkeepingReconciliation This course examines each of the following business processes and discuss key roles/tasks that should be evaluated for proper segregation of duties. Revenue and receivablesDisbursementProcure to payTreasury and cashInventoryPayrollIf you would like Continuing Education Credit (e. g. CPE, CE, CPD, etc.) for this course, it is available if you take this course on the Illumeo dot com platform under course title: Segregation of Duties for Core Business Processes. Illumeo is certified to provide CPE in over two dozen different professional certifications covering finance, accounting, treasury, internal audit, HR, and more. However, in order to receive CPE credit the courses must be taken on an 'approved-by-the-governing-body' CPE platform, and for over two dozen corporate professional certifications, that is the Illumeo platform. Go to Illumeo dot com to learn more...

5. Identifying the Proper Balance of Internal Controls

4.2

(56)

Internal Controls (IC) are in place for a reason. They help maintain the control environment and establish efficient and effective processes. They also serve as a mitigation technique for identifying when processes have changed and when procedures need to be adjusted. In today's business world, all personnel must understand the concept of internal control, how they should be utilized and their benefits.  The purpose and value of internal controls are often misunderstood and misapplied by management. Internal controls should be viewed as a value-oriented activity that assists the organization in the effective execution of its objectives. Properly designed and executed controls are the key to ensuring this view. This course explores the types of ICs, how they can be properly utilized and the cost benefit considerations for implementation. Internal control is a process designed to provide reasonable assurance regarding the achievement of objectives in the following areas: Effectiveness and efficiency of operationsReliability of financial reportingCompliance with applicable laws and regulationsSafeguarding assets If you would like Continuing Education Credit (e. g. CPE, CE, CPD, etc.) for this course, it is available if you take this course on the Illumeo dot com platform under course title: Identifying and Implementing the Proper Balance of Internal Controls. Illumeo is certified to provide CPE in over two dozen different professional certifications covering finance, accounting, treasury, internal audit, HR, and more. However, in order to receive CPE credit the courses must be taken on an 'approved-by-the-governing-body' CPE platform, and for over two dozen corporate professional certifications, that is the Illumeo platform. Go to Illumeo dot com to learn more...