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Manage Risks and Safeguard Your Company’s Assets and Major Business Processes with Effective Internal Controls (2 Days)

This 2-day instructor-led training programme equips you with relevant risks and controls knowledge to enable you to identify control weaknesses, as well as implement effective control activities for the common core business processes (namely procurement, payment, revenue, receipts, cash management, inventory and fixed asset management) found in a company.


ABOUT THE COURSE

A strong internal control system is one of the best mitigation strategies for managing internal operational and financial risks, as well as to protect your company’s assets and business operations from unnecessary abuse. This workshop aims to convince you of the importance of effective internal controls for financial, operational and compliance reasons with a practical focus to enable you to apply effective control practices at your workplace.

This 2-day instructor-led training programme equips you with relevant risks and controls knowledge to enable you to identify control weaknesses, as well as implement effective control activities for the common core business processes (namely procurement, payment, revenue, receipts, cash management, inventory and fixed asset management) found in a company. You will also learn to develop your own Internal Controls Checklists to evaluate internal control practices currently implemented in your organisation.



OBJECTIVES

What you will gain from this seminar: 

- Understand the definition of internal controls 

- Recognise the importance and limitations of internal controls 

- Determine the objectives of implementing internal controls

- Identify the 5 components of internal control

- Discover the components of an effective control environment

- Determine the design and operating effectiveness of existing internal control practices

- Learn about the 10 most commonly implemented control activities to manage operational and financial risks

- Ascertain the significance of information & communication and monitoring controls

- Identify the key risks areas of the procurement, payment, revenue, receipts, inventory and fixed assets management processes

- Determine the control objectives pertaining to the relevant sub-processes

- Implement effective key control activities for each of the aforesaid business processes and subprocesses

- Learn to develop your own internal controls checklists to evaluate existing internal controls with provided templates



WHO WILL BENEFIT FROM THIS COURSE?

Business owners, management, business executives, finance professionals, internal auditors, risk managers and compliance professionals who have the interests of their company at heart and anyone who plays a part in implementing or executing internal controls.



FULL COURSE OUTLINE

1. Introduction to Internal Controls 

- Definition of internal controls 

- Internal control myths and facts 

- Importance of internal controls

- Why internal controls fails 

- Parties responsible for internal controls 

- The 5 components of internal control 

- COSO Internal Control-Integrated Framework


2. Control Environment 

- Key components of the control environment of a company 

- Characteristics of effective key control environment components 

- Anti-fraud considerations


3. Risk Assessment 

- Definition of risk assessment 

- Purpose of risk assessment 

- Ways to assess risks 

- Types of risks 

- Managing risks


4. Control Activities 

- 10 most commonly implemented control activities 

- Classification of control activities 

- Characteristics of an effective internal control 

- Design effectiveness vs. operating effectiveness of controls 

- Assessing design and operating effectiveness 

- Data analytics and data visualisation


5. Information and Communication 

- Types of information and communication 

- Methods used to disseminate information 

- Assessing information and communication 

- Effective communication flow


6. Monitoring 

- Definition of monitoring 

- Benefits of monitoring 

- Different monitoring mechanisms 

- Characteristics of effective monitoring


7. Internal controls for the procurement to payment process 

- Key risks areas of the procurement to payment process 

- Key control objectives and control activities for relevant sub-processes: 

 1. Purchase requisition and ordering 

2. Vendor qualification and selection 

3. Payment 

 4. Accounts payables and reconciliation 

- Developing a Procurement and Payment Controls Checklist


8. Internal controls for the revenue, receipts and cash management processes 

- Key risks areas of the revenue, receipts and cash management processes 

- Key control objectives and control activities for relevant sub-processes: 

 1. Credit assessment and review

2. Sales ordering and invoicing

3. Cash receipts and collection 

 4. Recording and reconciliation 

 - Developing a Revenue, Receipts and Cash Management Controls Checklist


9. Internal controls for the inventory management process 

- Key risk areas pertaining to inventory management 

- Key control objectives and control activities for relevant sub-processes: 

 1. Inventory requisition 

2. Inventory receipt 

3. Inventory issuance 

4. Safeguarding and accountability 

5. Inventory transfer and disposal 

- Developing an Inventory Management Controls Checklist


10. Internal controls for the fixed assets management process 

- Key risk areas pertaining to fixed assets management 

- Key control objectives and control activities for relevant sub-processes: 

 1. Asset requisition and acquisition 

2. Capitalisation 

3. Safeguarding and accountability 

4. Transfer and disposal 

 - Developing a Fixed Assets Management Controls Checklist


11. Case studies, class discussions, exercises and quizzes



ABOUT THE TRAINER

Sylvia Lim

Ms. Sylvia Lim is a Founder and Managing Director of Excellence Link Associates, specialising in coaching, consulting and training on business risk management and fraud awareness. Sylvia has worked with the Big Four accounting firms, multinational corporations and local companies in Hong Kong and Singapore for over 10 years.

During her career with PricewaterhouseCoopers Hong Kong, Sylvia has conducted various training programmes on corporate governance, internal controls and anti-fraud to the directors of companies listed in Hong Kong. Sylvia has also been extensively involved in risk management, internal control, internal audit and Sarbanes-Oxley compliance projects in Asia Pacific.

Graduated with an Accountancy degree (Honours) from Nanyang Technological University, Sylvia is also a Certified Internal Auditor of the Institute of Internal Auditors and Certified Fraud Examiner of the Association of Certified Fraud Examiners.

Sylvia has also been an Associate Trainer with the Certified Internal Auditor of the Institute of Internal Auditors, Singapore, Institute of Singapore Chartered Accountants, Management Development Institute of Singapore and Singapore Social Service Institute.

Venue, Date and Time

Venue : Hotel Jen Orchard (Phoenix I & II)

Address: 277 Orchard Road, Orchard Gateway, Singapore 238858

Time: 9am to 5pm

Date: 08/04/2017 to 09/04/2017

Lunch and snacks will be provided on both days. If you have special meal preferences, please let us know beforehand by sending an email to info@excellencelink.com


REGISTRATION OPTIONS
REGISTRATION TYPE: SELECT:
New & Emerging Leader Series $750.00
Advanced Leader Series $1,550.00
CANCELLATION POLICY

All cancellation requests received 14 business days or greater prior to the event date will be issued a credit or full refund.

EMAIL

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