Management Concepts

Overview of Internal Control Guidance

Available dates

Jan 6, 2020
USD 479
Feb 19, 2020
Washington, District of Columbia, United States
USD 479
USD 479 per day
Apr 15, 2020
Washington, District of Columbia, United States
USD 479
USD 479 per day
+6 more options


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About the course

An organization’s ability to effectively control financial resources; meet legal and regulatory obligations; and minimize the risk of fraud, waste, and abuse is vital to its health. Ensure your organization’s success through facilitated discussion-based learning that will enable you to establish and maintain compliance with relevant laws and regulations. You will examine the Federal Managers Financial Integrity Act (Integrity Act), GAO Standards of Internal Control, and OMB Circular A-123 to gain a deeper understanding of how these laws apply to the work you do.

Learning Objectives

  • Describe the need for agency internal controls
  • Discuss what is necessary to remain in compliance with GAO standards and all relevant laws and regulations
  • List the governing authorities that apply to internal controls and how they apply to the overall internal control process
  • Discuss risk in the federal government and the roles of risk assessment and risk management
  • Explain how internal controls are tested in an internal control review
  • Explain requirements and steps for developing and tracking a corrective action plan
  • Identify and report internal control deficiencies

Course Topics

Understanding Internal Controls

  • What Are Internal Controls?
  • Why Internal Controls Are Important
  • The Fundamental Components of Internal Controls
  • Internal Controls and Management
  • Module Capstone: Group Activity and Presentation on Internal Controls

GAO's Internal Control Standards

  • The GAO Standards
  • Applying the GAO Standards
  • Using GAO Guidance

Legal Requirements and the Internal Control Process

  • Internal Control Mandates
  • The Internal Control Requirements of the Integrity Act
  • Federal Manager's Guidance from OMB Related to Internal Control
  • How Internal Control Is Assessed

Risk Assessment

  • Risk
  • The Relationship Between Risk and Internal Control
  • The Three Major Types of Risk
  • Risk Management

Conducting an Internal Control Review

  • Conduct Internal Control Reviews
  • The Major Steps in an ICR
  • Testing Controls and Process

Corrective Action Plans

  • Take Corrective Actions
  • Track Internal Control and Corrective Action Plans

Internal Controls Reporting: Legal, Regulatory, and Agency Requirements

  • Prepare Reports on Results

Who should attend

This course is designed for anyone who wants to gain a general understanding of internal control.

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