Workshop on Establishing an Effective Internal Control

5^th-7^th March, 2025                                 18^th-20^th June, 2025

8^th– 10^th September, 2025                      10^th-12^th December, 2025

Introduction

Internal control is a process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance: That information is reliable, accurate and timely. Of compliance with applicable laws, regulations, contracts, policies and procedures

Internal controls are the mechanisms, rules, and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. A key control is an action an entity takes to detect errors or fraud in its financial statements. It is expected that departments have their processes and controls documented. Internal checks are designed to reduce the possibility of errors & inconsistencies by separating responsibilities & creating tiers of authorization. On the other hand, internal controls cover a wider range of guidelines, protocols & methods intended to limit risks & accomplish certain organizational goals.

CONTENT

Internal Controls Essentials

• Proven procedures for developing strong internal controls
• Types of internal controls that are critical to your organization’s financial health and operations
• The components of an internal controls system, and the criteria for assuring the effectiveness of each component
• SOX, COSO, and AICPA — gain a working understanding of the recommendations and requirements of each
• Methods for establishing systems that continually assure legal compliance, both short and long term
• Case Study: When careless practices cost … and cost BIG! Learn from the mistakes, missteps, and oversights of otherwise strong organizations
• How to examine your existing internal controls and pinpoint trouble spots before they get out of hand
• Criteria to define just how strict, stringent, or structured your internal control procedures should be

Risk Assessment and Management

• Today’s definition and scope of risk in the business environment
• Effective ways of determining risks and assessing potential impact
• How to use “dimensions of risk” to anticipate business process needs
• Hypothetical risk? Or a likely “risk reality”? How to realistically assess risk exposure and its impact to your organization
• Methods for trouble-shooting risk “hot spots” in your organization

Sarbanes-Oxley: Understanding and Complying with the Requirements

• How Sarbanes-Oxley (SOX) has changed the legal ramifications of today’s internal control systems
• SOX, COSO, AICPA: how they work together, how they relate to each other, and how they affect your organization
• What internal controls are critical for SOX compliance?
• How to make sure your financial reporting and documentation is in line with SOX requirements
• Tips for ensuring compliance with SOX 302 and 404
• “Management Assessment of Internal Controls” — actions your accounting department needs to take to comply with this section of SOX

Operational Audits, Assessments, and Controls

• The purposes and desired outcomes of Operational Audits: why the OA is crucial to organizational effectiveness
• The core elements of Operational Audits
• Prevention and Detection: ways to improve your operations by building these essential elements into your processes
• When outside audit assessment is called for — how to locate a contractor and get the precise operational help you need
• Essentials of accounting audits — best practices to ensure effectiveness
• How to safeguard your organization against fraud, misconduct, sloppiness, and ethics breaches — the “Achilles Heel” issues of accounting controls

 Duration: Three (3) days            Fee: N250,000

  For Whom

This program is designed for financial professionals, business leaders, managers, supervisors — anyone who is involved in the day-to-day financial workings of an organization, as well as those who must oversee legal, financial, and accounting operations.