Introduction to Internal Control

This course provides practical guidance on evaluating and improving internal control systems in any organization. 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 organizations. 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 Internal Control in Smaller Entities. Recommendation is to take one of the 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's included in the course price?

  • 1 hour of verifiable PD
  • Certificate of completion
  • Access to course materials 24/7

Instructor

Arun K. Mathur, FCPA, FCA, LPA

Founder and Lead Instructor, UltimQuest Knowledge Inc.

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.