Nonprofit Internal Control - Practical Insights into Mitigating Financial Reporting, Compliance and Other Risks

Overview

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. 

Highlights

• 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

Prerequisites

None

Designed For

Professionals responsible for evaluating the design and implementation of internal control

Objectives

• 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

Preparation

None