Internal auditing and compliance Risk Management
For internal auditors and managers who want to understand and expand their roles related to financial reporting, as well those who simply need a “refresher” course on financial accounting concepts, this course is the ideal way to get up to speed. Beyond a basic accounting class, this course will enable participants to approach financial auditing with renewed confidence.
Taking on such topics as “common recipes for cooking the books,” and covering information flow from business process, to financial statement, and more, this course will help participants understand how key business processes relate to financial statements, as well as the impact of information technology on financial statements.
Participants will obtain a deep understanding of and appreciation for the necessity of a strong and well equipped compliance function within any financial services institution. Through lecture, class exercises, interactive participation, simulation, and case studies, participants will review the need for financial services regulation, the markets/participants/institutions/instruments over which regulation proceeds, the use of the compliance function as a risk mitigator, the various methods and approaches to compliance with regulatory requirements, establishment of a well-functioning compliance department, and the skills required to succeed as a compliance officer.
Through intense analysis of specific cases concerning insider trading, compliance and ethical lapses, money laundering, rule violations (both inadvertent and purposeful), delegates will obtain keen insights to reduce the risk of regulatory and compliance problems and to foster a culture of compliance within their own firms.
Risk aligned Legal Personnel
- Define key accounting terms and understand accounting rules, equations, and basic principles.
- Understand what journal entries are and demonstrate how they are used for accounting purposes.
- Understand GAAP hierarchy and identify the rules, rule makers, and rule breakers.
- Understand the financial auditing process and recall The IIA -Practice Advisories associated with financial auditing.
- Identify the basic COSO principles of internal control, including key controls and their characteristics.
- Identify finance related management assertions and learn how to utilize them in the audit process.