Internal Controls 101 Training
This five-video training series created by ReliabilityFirst focuses on internal controls basics for entity compliance personnel as well as industry subject matter experts (SMEs). There are three topic videos and two guided knowledge assessments for participants to check their understanding of the material.
Internal controls are an increasingly important component of any entity’s reliability and compliance program. However, this doesn’t mean that internal controls are only relevant to compliance personnel or solely for an audit! As highlighted in this course, internal controls are not only important to your compliance story, but also in our everyday work tasks and personal lives.
Intended Audience: This course is intended for anyone new to internal controls or who would like a refresher, from compliance personnel to industry SMEs.
Objectives: At the completion of this course, the audience will be familiar with common internal controls terminology, have a rudimentary understanding of the GAO Green Book internal controls framework and its application to the industry, understand how internal controls apply to the Compliance Oversight Plan (COP), and be introduced to creating strong risk assessment programs.
Agenda: This course covers the following topics in suggested viewing order:
- Controls Basics (19 minutes, 34 seconds)
• Internal controls terminology
• Examples of controls in daily life
• Walk-through internal controls example, showing iterative mitigation steps while highlighting internal controls terminology and processes - Controls Basics: Knowledge Assessment (11 minutes, 53 seconds)
• Guided knowledge assessment based on the content in Controls Basics - Internal Controls Framework (21 minutes, 8 seconds)
• Example GAO Green book internal controls framework
• Examples of the framework components and principles
• Industry example using the framework, highlighting areas of improvement to the example and how to incorporate into existing work processes - Internal Controls Framework: Knowledge Assessment (14 minutes, 42 seconds)
• Guided knowledge assessment based on the content in Internal Controls Framework - Addressing Risk leads to Creation of Controls (15 minutes, 15 seconds)
• Internal controls and the Compliance Oversight Plan (COP)
• Building a strong risk assessment program
• Risk assessment methodologies, where to start, and common control failure points
Questions: Any questions on this content should be directed to the RF Compliance Department, using the form via the drop down on the Contact Us page.