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Implementing & Documenting Internal Accounting Controls
Creating a control system, the included activities, and related documentationPreview the first lesson free — get full access to all 6 lessons.
Advanced Provider : Lori Hauck 6 Lessons · 17m in Arabic, German, English, Spanish, French, Portuguese, Chinese
Course Description
The internal control systems are a vital part of running businesses properly. In order to create a control plan, business leaders must review the procedures and activities within the company to see where separating duties and implementing other measures may help maintain the integrity of the business. Documenting the resulting controls is important in order to train current and future employees, as well as to review the processes at regular intervals to confirm the practices are still being implemented and followed despite employee turnover. Documentation also allows management to review processes and related controls as the business evolves, helping them recognize when control activities don’t need to be changed.
In this course, you’ll learn how an internal control system is created, implemented, and documented. Planning a control system assesses the risks a business faces in their industry and environment. The company’s financial activities are reviewed for the areas where controls could be implemented to assure the function is carried out properly. The control activities become the framework for the internal control plan, which is documented in a company’s policies.
What You'll Learn
- Understand what control activities are and how they support business integrity
- Examine the processes for creating an internal control system, including assessing business risks
- Distinguish between preventative and detective financial controls
- Document internal controls, processes, and procedures within company policies
- Explore how to review financial activities to identify where controls can be implemented
- Discover why continually monitoring controls is necessary as a business evolves
Key Takeaways
- Internal control systems are a vital part of running businesses properly and help maintain the integrity of the business.
- Creating a control plan involves reviewing company procedures and activities to see where separating duties and other measures may help.
- Documenting controls is important for training current and future employees and for reviewing processes at regular intervals despite employee turnover.
- Planning a control system assesses the risks a business faces in its industry and environment, and financial activities are reviewed for areas where controls could be implemented.
- The control activities become the framework for the internal control plan, which is documented in a company's policies.
Frequently Asked Questions
What will I learn in this course?
You will learn how an internal control system is created, implemented, and documented, including what control activities are, the processes for creating internal controls, how to document control processes and procedures, and why continually monitoring controls is necessary.
What topics do the lessons cover?
The lessons cover an Introduction, Creating a Control System, Preventative Financial Controls, Detective Financial Controls, Documenting Internal Controls, and a Test Your Knowledge section.
What skills does this course help develop?
This course helps develop skills in Financial Regulations, Internal Controls, and Strategic Decision Making.
Why is documenting internal controls important?
Documentation is important to train current and future employees, to review processes at regular intervals to confirm practices are still being followed despite employee turnover, and to help management recognize when control activities need to change as the business evolves.
