BEGIN:VCALENDAR VERSION:2.0 PRODID:-//wp-events-plugin.com//7.2.3.1//EN BEGIN:VEVENT UID:183@x8ti.com DTSTART;TZID=Europe/Berlin:20261214T090000 DTEND;TZID=Europe/Berlin:20261225T130000 DTSTAMP:20260209T210315Z URL:https://x8ti.com/event/internal-control/ SUMMARY:Internal Control DESCRIPTION:Course Overview\nImplementing risk management strategies and in ternal controls are critical measures to protect your organization from th e penalties of noncompliance. This course includes topics around legal com pliance\, internal controls\, fraud prevention\, policies and procedures\, supply chain risk\, and business continuity processes.\n\nThe Masterclass in Internal Control provides participants knowledge from both technical a nd soft skills perspective. This course also highlights the new trends in the internal audit landscape\, emerging technologies\, and how they are af fecting the role of internal audit.\n\nThe course also addresses the key a ttributes that internal audit practitioners need to apply\, and elaborate on the skills required to ensure that they meet their stakeholders’ requ irements suitably.\n\nWhat are the major takeaways of this “Masterclass in Internal Control” course?\n\n Identify opportunities to play a more strategic role\n Practice the skills required to effectively manage the p erformance of the function\n Review key internal audit practices that add value to the organization\n Apply leadership styles in the evolving worl d of the Audit profession\n Learn the recent trends in internal audit\n\n This Xcelerate training course will provide the participants with an insig ht into the latest internal controls and risk management trends and uncove r the practical aspects of implementing a sound and effective internal con trols system.\nCourse Objectives\nUpon completing this Masterclass in Inte rnal Control course successfully\, participants will be able to:\n\n Appr eciate the importance and limitations of internal controls\n Learn the de finition of internal controls\n Learn the control activities used to mana ge operational and financial risks\n Determine the significance of inform ation\, communication\, and monitoring in internal controls\n Establish t he objectives of implementing internal controls\n Identify the components of internal control\n Identify the key risks of the revenue\, receipts\, procurement\, payment\, inventory\, and fixed assets management processes \n Determine the control objectives of the relevant sub-processes\n Find the components of an effective control environment\n Establish the desig n and operating effectiveness of existing internal control practices\n Di scover how to develop your internal controls to evaluate existing internal controls\n Apply effective control activities for each business process\ n\nTraining Methodology\nThis collaborative Masterclass in Internal Contro l training program will comprise the following training methods:\n\n Lect ures\n Seminars &\; Presentations\n Group Discussions\n Assignments\ n Case Studies &\; Functional Exercises\n\nXcelerate Training Institut e follows the ‘Do-Review-Learn-Apply’ model.\nOrganizational Benefits\ nCompanies who nominate their employees to participate in this Masterclass in Internal Control course can benefit in the following ways:\n\n Evalua te your Internal Controls and develop checklists to assess and enhance the internal control practices currently implemented in your organization\n Implement a clear\, concise\, and systematic way of setting up a system of internal controls\n Devise a sound system of internal controls that is a daptive to identify\, assess\, manage\, and mitigate risk\n Increase your focus on the internal controls of your operations\, compliance\, and repo rting functions to update them to their optimum\n\nPersonal Benefits\nIndi viduals who participate in this Masterclass in Internal Control course can gain from it in the following ways:\n\n Apply internal controls in a goo d control environment for effectiveness\n Demonstrate how internal contro ls can be applied within existing processes\, to prevent and detect fraud and errors\n Correlate internal controls with risks management to mitiga te fraud risk\, particularly for core business processes\n Study and impl ement internal controls effectively within multiple functions across your organization\n\nWho Should Attend?\nThis Masterclass in Internal Control c ourse would be suitable for:\n\n Internal auditors\n Audit leaders\n Au dit supervisors\n Audit managers\n Senior auditors\n Chief audit execut ives\n Risk managers\n Finance professionals\n Compliance professionals \n Anyone who works in implementing or executing internal controls\n\nCou rse Outline\nTHE DISTINCTION BETWEEN INTERNAL AUDIT\, RISK MANAGEMENT\, AN D COMPLIANCE\n\n Define internal audit\, risk management\, and compliance \n Internal control myths and facts\n Why do internal controls fail?\n Internal Audit &\; Artificial Intelligence\n Maximizing data analytics to add value\n Auditing governance\, strategy &\; culture\n\nINTRODUC TION TO INTERNAL CONTROLS\n\n Definition of internal controls\n Importan ce of internal controls\n Parties responsible for internal controls\n Th e 5 components of internal control\n COSO Internal Control-Integrated Fra mework\n\nTHE INTERNATIONAL PROFESSIONAL PRACTICES FRAMEWORK (IPPF)\n\n C ode of Ethics\n Attribute Standards\n Performance Standards\n Assurance &\; Consulting Services\n Implementation Standards\n Practice Adviso ries\n\nCONTROL ENVIRONMENT\n\n Vital components of the control environme nt of a company\n Characteristics of effective key control environment co mponents\n Anti-fraud considerations\n\nRISK ASSESSMENT\n\n Definition o f risk assessment\n Purpose of risk assessment\n Ways to assess risks\n Types of risks\n Managing risks\n\nCONTROL ACTIVITIES\n\n 10 most commo nly implemented control activities\n Classification of control activities \n Characteristics of an effective internal control\n Design effectivene ss vs. operating effectiveness of controls\n Assessing design and operati ng effectiveness\n Data analytics and data visualization\n\nINFORMATION A ND COMMUNICATION\n\n Types of information and communication\n Methods us ed to disseminate information\n Assessing information and communication\n Effective communication flow\n\nLEADING THE INTERNAL AUDIT TEAM\n\n Lea dership skills\n Handling difficult auditees\n Managing strategic confli cts with key stakeholders\n Recruiting the right auditors\n Internal aud itors and the requirement for strong presentation skills\n Winning the cl osing meeting\n\nMONITORING\n\n Definition of monitoring\n Benefits of m onitoring\n Different monitoring mechanisms\n Characteristics of effecti ve monitoring\n\nINTERNAL CONTROLS FOR THE PROCUREMENT TO PAYMENT PROCESS\ n\n Types of procurement and payment fraud\n Key risks areas of the proc urement to the payment process\n Key control activities for relevant sub- processes:\n Purchase requisition and ordering\n Vendor qualification an d selection\n Payment\n Accounts payables and reconciliation\n Developi ng a procurement and payment controls checklist\n\nINTERNAL CONTROLS FOR T HE REVENUE AND CASH MANAGEMENT PROCESSES\n\n Types of revenue and receipt s fraud\n Key risks areas of the revenue and cash management processes\n Key control activities for relevant sub-processes:\n\n Credit assessment and review\n Sales ordering and invoicing\n Cash receipts and collectio n\n Recording and reconciliation\n\n\n Developing a revenue and cash man agement controls checklist\n\nINTERNAL CONTROLS FOR THE INVENTORY MANAGEME NT PROCESS\n\n Types of fraud relating to inventory\n Key risk areas of inventory management\n Key control activities for relevant sub-processes: \n Inventory requisition\n Inventory receipt\n Inventory issuance\n Sa feguarding and accountability\n Inventory transfer and disposal\n Develo ping an Inventory Management Controls Checklist\n\nINTERNAL CONTROLS FOR T HE FIXED ASSETS MANAGEMENT PROCESS\n\n Types of fraud relating to fixed a ssets\n Key risk areas of fixed assets management\n Key control activiti es for relevant sub-processes:\n Asset requisition and acquisition\n Cap italization\n Safeguarding and accountability\n Transfer and disposal\n Developing a fixed assets management controls checklist\n\n \; ATTACH;FMTTYPE=image/jpeg:https://x8ti.com/wp-content/uploads/2024/09/Scre enshot_20240906-145648_Chrome.jpg CATEGORIES:Audit, Compliance and Governance LOCATION:Berlin Training Courses\, Hotel Adlon Kempinski Berlin\, Berlin\, Germany\, Germany X-APPLE-STRUCTURED-LOCATION;VALUE=URI;X-ADDRESS=Hotel Adlon Kempinski Berli n\, Berlin\, Germany\, Germany;X-APPLE-RADIUS=100;X-TITLE=Berlin Training Courses:geo:0,0 END:VEVENT BEGIN:VTIMEZONE TZID:Europe/Berlin X-LIC-LOCATION:Europe/Berlin BEGIN:STANDARD DTSTART:20261025T020000 TZOFFSETFROM:+0200 TZOFFSETTO:+0100 TZNAME:CET END:STANDARD END:VTIMEZONE END:VCALENDAR