Understand the fundamentals of internal controls, the need for additional controls, and gain insights into cybersecurity issues.
Internal controls are a subject with which most people have a passing familiarity, but they are often simply perceived as rules in a book or policy manual that someone else made up. This presentation will help the persons responsible for internal controls to recognize when controls, or additional controls, are needed. They will have what may be a refresher on the basics of internal controls, with information on controls that are not just for financial issues or fraud, but for other issues that arise. Newer concerns related to cyber issues will be addressed. Further, examples will be provided showing roadblocks to implementation, and ways to address such issues.
Learning Objectives
- You will be able to explain why internal controls are critical for an organization’s overall management and operations.
- You will be able to identify potential risks and vulnerabilities.
- You will be able to recognize common roadblocks to the implementation of internal controls.
- You will be able to discuss newer concerns related to cybersecurity within the context of internal controls.
Agenda
Introduction
- Internal Control Is Management’s Responsibility
5 Basic Components of an Internal Control System
- Control Environment
- Tone at the Top
- Careful With the Laser-Focus
- Risk Assessment
- Identify Potential Risks and Vulnerabilities
- Do Not Use a Mallet to Swat Flies
- Control Activities
- Identify, Design, and Implement Control Objectives
- Segregation of Duties
- Access Controls
- Preapproval Controls
- Software Patches
- Information and Communication
- Document Policies and Procedures
- Implementation Problems
- Monitoring
- Detective Controls
- Incident Reporting, Investigation, and Cyber Concerns
- Disciplinary Measures
Speakers
Mark W. Johnson, CGFM, JD,
Office of the State Auditor- Senior attorney with the Mississippi State Auditor’s Technical Assistance Division
- Former Director of Accounting with the Mississippi Secretary of State
- More than 15 years’ experience training audit, accounting, and law-related subjects on a regular basis (more than monthly)
- Current or former Certified Government Finance Manager, Certified Internal Auditor, Certified Public Manager
- Former President, Jackson Chapter, Association of Government Accountants
- Book-length publications include Managing Using the Diamond Principle, Mississippi State Boards Handbook
- J.D. degree, University of Mississippi School of Law; B.S. degree in accounting, Belhaven College
- Chairman, Mississippi Public Employees Credit Union
Who Should Attend
This live webinar is designed for accountants, CPAs, CFOs, controllers, finance managers and directors, city managers, county and municipal officials, administrators and executive directors, and attorneys.
