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The Latest Nonprofit Internal Control Scoop: Practical Insights into Mitigating Financial Reporting, Compliance and Other RisksCOURSE ID: ICDNP

There is simply no denying that a sufficiently designed and effectively operating system of internal controls over reliable financial reporting is more important than ever. The primary objective of this course is to give participants “hands-on” practice in designing, evaluating, and communicating conclusions related to design and operating effectiveness of internal controls over reliable financial reporting and other risks for nonprofit environments.

DESIGNED FOR: Internal and external accounting or auditing personnel who have responsibility for designing, evaluating or monitoring deficiencies in internal controls in nonprofit environmentsFIELD OF STUDY: AuditingLEVEL: BasicPREREQUISITES: NoneCOURSE PRODUCER: Business Learning InstituteCREDITS: 8.0OBJECTIVES:
  • Describe critical concepts promulgated by COSO’s internal control and enterprise-wide risk management
  • Explain best practices for designing, implementing and monitoring internal controls over reliable financial reporting
  • Apply exercises and case studies to reinforce fundamental theory through “real-life” scenarios that both internal and external accounting personnel performing internal control-related activities in the nonprofit industry

* Recognizing the importance of each of the key components of a sound system of internal controls over financial reporting, regardless of a nonprofit entity’s nature, size or complexity
* Understanding the critical role of information technology (IT) general and application controls to reliable financial reporting, even in less-complex IT environments
* Exercise in documenting an understanding of the design of internal controls for common classes of transactions for nonprofit entities
* Identifying and evaluating the sufficiency of key controls to satisfy control objectives
* Understanding the importance of verifying whether an understanding of the design of internal controls has actually been “implemented”, and how to exactly go about doing that
* Case study on testing key controls to gain assurance about operating effectiveness
* Clarifying the impact of internal control design and operating deficiencies on the risk of material misstatement related to financial statement audits
* Understanding how control risk assessments impact the nature, timing and extent of substantive procedures in a financial statement audit
* Emphasizing SAS 70 considerations when an entity uses an outside service organization to process certain classes of transactions
* Clarifying how the work of others can be leveraged by external auditors
* Exercise in communicating deficiencies in internal controls to appropriate parties
* Comparing and contrasting an external auditor’s responsibilities under various professional standards, including GAAS, Yellow Book, and OMB

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Business Learning Institute - Course Catalog