As part of their Sarbanes-Oxley compliance efforts or enterprise risk management programs, many internal auditors are involved in training process owners to assess risks and take responsibility for managing internal controls. This presentation was developed to help with this training activity, and covers the following topics:
- Your role as a process owner (general expectations and immediate action items)
- What are risks? (definition and risk assessment process)
- Risk considerations
- Description of relevant financial statement assertions
- What are internal controls?
- Internal control myths and facts
- Internal control structure
- Concepts and objectives
- Control focus
- Control techniques (preventative and detective techniques)
- Conclusion
- Appendix - COSO components defined
