Internal Control Essentials for Financial Managers, Accountants and Auditors (ICDAD)

Date: 11/24/2008
Fargo Holiday Inn
Time: 8:15 AM - 4:00 PM (Please verify this time on your confirmation.)
8 CPE Hours
$250 Member ($220 AICPA member)
$300 Nonmember ($270 AICPA member)
Add $25 after 11/10/2008
Instructor: Frank Ryan

Many managers, supervisors and accountants in business, government or non-profits are not able to identify their departmental policies and procedures that function as the primary controls against errors and fraud. On the other hand, auditors performing fieldwork may be confused as to how to interpret and evaluate management’s documentation of accounting processes and controls. And neither party may truly understand how their duties differ. This course is designed to give participants a solid understanding of systems and control documentation. After an overview of the latest COSO guidance on the components and principles of effective internal control, this course introduces participants to basic tools used to document an accounting process. Participants then identify the risks of errors and fraud in the accounting system and the presence (or absence) of compensating controls. Finally, participants will practice identifying key controls and control weaknesses.

Upon completion of this course, participants will be able to:

• Interpret basic documentation of a significant accounting process
• identify the significant risks of frauds and errors
• locate the presence or absence of compensating controls
• and identify key controls and control weaknesses

Major Topics:

• Fundamental components and principles of internal control from the COSO Integrated Framework and Small Business Tools reports
• Management responsibilities vs. auditor responsibilities for system documentation and detection of errors and fraud
• Common significant accounting processes
• Common fraud risks for major classes of transactions/significant processes and the controls to prevent or detect them
• Introduction to current tools and techniques used in internal control documentation
• Interpreting documentation of the accounting and control system
• Identifying those control or combination of controls to be considered as “key”
• Estimating the cost/benefit of remedying a control weakness

Designed For: Managers, supervisors, accountants and others with duties critical to the system of internal control in business, government or non-profits; members of SOX 404 internal control assessment teams; and auditors
Level: Basic
Developer: AICPA
Prerequisite: Experience with transaction workflows

About the Speaker:
Francis X. Ryan, CPA
Semper Finance Inc./Lebanon, Pennsylvania
Frank Ryan is president of a management consulting firm specializing in turnarounds, workouts, crisis management, strategic planning and working capital management. He has extensive experience working with banks in negotiating forbearance agreements, loan workouts, capital restructurings, vendor negotiations and bank lending requirements. Prior to his consulting business, Mr. Ryan was the chief operating officer of a mid-sized manufacturing company. Additionally, he is the chairman of the Audit Committees of two publicly traded companies and has extensive board level experience in the for-profit and non-profit arenas. He also serves on the board of a publicly traded bank. He is a retired Colonel in the United States Marine Corps, and has served in numerous contingency operations to include Haiti, Afghanistan, and Iraq. He received the "Outstanding AICPA Instructor" award in 1994-95 and again in 2005-06.