Watch a qualified CPA instructor teaching the course and access a copy of the same course material that is provided to attendees of an in-person session. 

After registering for a Video on Demand course, CPA Saskatchewan will send you information on how to access the course within 2 business days.

Click HERE for more information on Video-On-Demand courses.

OBJECTIVE:
The seminar will present common internal control deficiencies specifically related to internal controls over financial reporting in a small-to-medium sized company and examine potential solutions, using discussion and exercises. Participants will identify key controls in the financial statement reporting process to address some of the main risks, including the importance of addressing segregation of duties. Furthermore, the seminar will explore the effect of technology on internal controls in small-to-medium sized companies and discuss how to monitor the internal controls in the participants’ own organizations.

• recognize the relevant concepts of the COSO framework and how they relate to your company,
• identify key controls to address some of the main risks in each component of the framework related to controls over financial reporting,
• identify the importance of addressing segregation of duties, management override and potential for fraud,
• understand the effect that technology may have on the development of strong controls and how technology can promote or hinder effective internal controls in a small to medium sized company,
• understand the importance of documentation and monitoring of internal controls, and
• develop an action plan for improvement in internal controls throughout the organization.

•  Importance of internal controls over financial reporting
• Management’s responsibility for internal controls
• Identification of main risk areas and risk assessment in financial reporting
• COSO
• Control environment
• Information systems and technology
• General IT controls
• Control activities
• Fraud types
• Components of the fraud triangle
• Professional skepticism
• Use of service providers
• Potential problems
• Documentation and monitoring 
• Types of documentation
• Consequences of non-compliance