This course provides practical guidance on evaluating and improving internal control systems in smaller organizations. It updates CPA members on internal control standards and frameworks, and explores key topics including fraud prevention, the Sarbanes Oxley legislation, COSO, Canadian auditing standards and assertions, and practice inspection findings on internal control evaluation in Canada. CPAs will gain practical knowledge and will be able to lead on internal control issues in their smaller entities. The main components of Internal Control will be outlined, including Operations, Financial Reporting, and Compliance. Internal Control evaluation will be explored, as well as control activities and processes that can be put into place. 

Note: The contents of this course have some overlap with on-demand courses Fraud Prevention and Introduction to Internal Control.  Recommendation is to take one of these three courses.

Learning Objectives

  1. Recognize the relationship between successful internal control and governance. 
  2. Identify warning signs in the absence of effective internal controls.
  3. Examine why people commit fraud and key principles to detect and mitigate risk.
  4. Implement the COSO framework and identify anticipated challenges. 
  5. Discuss Canadian auditing assertions in relation to internal control.  
  6. Analyze Practice Inspection findings (deficiencies and suggestions).

Topics Covered

  • Components of internal control
  • Absence of effective internal control systems
  • Warning signs of problems
  • Canadian auditing standards and audit assertions
  • SOX and Canadian SEC requirements
  • Findings of Public Companies Audit Oversight Board
  • Canadian Practice Inspection Findings

What others have said about this course

  • The course was detailed extremely and most of all, it helped the Employees to better understand about Internal Control. It exceeded my expectation and I appreciate the overview of this course. Additionally, all information is delivered clearly for us to understand it clearly. Excellent work!

  • Loving this course too much! It served as a one-stop-shop for anything related to internal controls. The presentation was very concise, clear, and well-organized! It was a great and beneficial course for everyone. Until next time!

  • The course content was presented in a very easy to understand format and terminology.


Founder and Lead Instructor, UltimQuest Knowledge Inc.

Arun K. Mathur, FCPA, FCA, LPA

Arun is Partner at Gerald Duthie & Co. LLP, where he provides professional services to a diverse group of clients. Arun is also Owner and Lead Instructor at UltimQuest Knowledge Inc. He has been delivering corporate training on improving governance, ethics, internal control, performance measurement and related topics. He provides live and online training through CPA bodies across Canada and Bermuda. Arun served for several years on the Board for HealthForce Ontario Marketing and Recruitment Agency, and was also Chair of the Finance and Audit Committee there and for the Trillium Gift of Life Network. He has served on the CMA Ontario's Review Committee prior to the merger.
CPA Alberta
University of Windsor
CPA Canada