ComplianceOnline

Internal Control for Smaller Entities - A Practical Cost - Effective Guide to Strengthening Internal Controls - 4 hrs Webinar

Instructor: Anne M. Marchetti
Product ID: 701881
  • Duration: 4 hr

Training CD

$595.00
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(For multiple locations contact Customer Care)
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Why Should You Attend:
This 4 hours webinar explores the unique challenges associated with smaller entities when designing, building and/or assessing a system of internal control. Practical implementation solutions that will effectively strengthen the internal control environment while requiring minimal cost, resources and time will be outlined.

Learn why it is most important to focus on Entity Level controls, the Control Environment as well as Risk Assessment & Fraud for an efficient cost-effective solution. Suggestions for assessment of the current system of internal control will be presented. Implementation options and considerations will be offered which will allow participants to consider appropriate solutions for their organization.

Duration:
4 hours of instruction, 15 min break

Agenda: Eastern (Pacific)

  • 12:00-12:15pm (9:00-9:15am Pacific) Module 1: Introduction - Internal Control for Smaller Entities (0:15)
  • 12:15-12:30pm (9:15-9:30am Pacific) Module 2: Smaller Entity Internal Control Challenges (0:15)
  • 12:30-12:45pm (9:30-9:45am Pacific) Module 3: COSO Framework - Overview (0:15)
  • 12:45-1:15pm (9:45-10:15am Pacific) Module 4: Entity Level Controls - Considerations & Solutions (0:30)
  • 1:15-2:00pm (10:15-11:00am Pacific) Module 5: Control Environment - Considerations & Solutions (0:45)
  • 2:00-2:15pm (11:00-11:15am Pacific) Break (0:15)
  • 2:15-3:00pm(11:15-Noon Pacific) Module 6: Risk Assessment & Fraud - Considerations & Solutions (0:45)
  • 3:00-3:30pm (Noon-12:30pm Pacific) Module 7: Internal Control Assessment (0:30)
  • 3:30-4:00pm (12:30-1:00pm Pacific) Module 8: Implementation Guidance/Recommendations (0:30)
  • 4:00-4:15pm (1:00-1:15pm Pacific) Q&A (0:15)

Target participants:

  • Public or private entity CEO’s, CFO’s, Controllers and all those involved in the Accounting, Finance and/or Financial Reporting function.

Course Syllabus:

1.Introduction (0:15)
Interactive discussion that builds the foundation for internal control challenges and solutions to be presented throughout the course. Topics include the following:

  • Public, private and non-profit entity requirements regarding internal control
  • Financial reporting objectives, risk assessment and internal control

2.Smaller Entity Internal Control Challenges (0:15)
Interactive discussion that details the perceived benefits and challenges associated with building a strong system of internal control within a smaller entity including:

  • Segregation of duties
  • Management override
  • BOD and employee expertise
  • IT controls

3.COSO Framework Overview (0:15)
Interactive discussion that details the COSO Framework components as well as their relationship and importance in designing, building and/or assessing a system of internal control.

4.Entity Level Controls - Considerations & Solutions (0:30)
Interactive discussion that outlines examples of entity level controls as well as implementation solutions regarding the following:

  • Period-end Financial Reporting
  • Selection of Accounting Policies
    • General IT Controls
    • Depreciation
    • Revaluation
  • Contingencies
  • Deferred Taxes

5.Control Environment - Considerations & Solutions (0:45)
Interactive discussion that summarizes the principles of the Control Environment as well as provides suggestions regarding strengthening of internal control in these areas including:

  • Integrity & Ethical Values
  • Board of Directors
  • Organizational Structure

6.Risk Assessment & Fraud - Considerations & Solutions (0:45)
Interactive discussion that provides a review of management risk assessment and fraud risk requirements. The presentation will include practical guidance for the rapid development, documentation and implementation of a Risk Assessment program as well as a Fraud Risk assessment.

7.Internal Control Assessment (0:30)
Interactive discussion that outlines options for rapid and detailed assessment of the current internal control environment including the use of different documentation tools (flowcharts, matrices, CSA, etc…).

8.Implementation Guidance/Recommendations (0:30)
Interactive discussion that outlines guidance regarding implementation including prioritization.

Instructor Profile:
Anne M. Marchetti, Anne M. Marchetti has 25 of years of finance and accounting experience in both private industry and public accounting. She is a Sarbanes-Oxley subject matter expert focused on the design, implementation, analysis and optimization of internal control systems and corporate governance and risk management programs. As a thought leader in this area, she developed a compliance methodology in conjunction with a delivery framework and has spoken at numerous conferences as well as published several articles on this particular subject. Ms. Marchetti has worked globally with both public and private entities in most industries as well as organizations of all sizes. She regularly interacts with Big Four, middle market and local external audit firms as a liason on behalf of these organizations.

Ms. Marchetti served as the Global Service Line Director – Governance and Risk Management Practice at Parson Consulting. As the Practice Director she worked with numerous clients on Sarbanes-Oxley compliance initiatives and frequently collaborated as well as presented to Board’s of Directors in regard to Sarbanes-Oxley compliance, Corporate Governance and Enterprise Risk Management. Ms. Marchetti leverages this experience with a unique blend of technical skills which include management of ERP software implementations from a technology, process and accounting perspective. She has designed training programs for Board of Directors and Audit Committees as well as end users and consultants on various business software applications, Sarbanes-Oxley compliance, ERM in addition to IFRS and has conducted over 200 formal training seminars.

Anne is a member of the AICPA faculty and regularly provides instruction on the following:

  • International Financial Reporting Standards
  • International versus U.S. Accounting
  • Current Issues and Critical Ethical Judgements
  • Internal Control Design & Documentation
  • Management Assessment of Internal Control
  • Auditor’s Risk Assessment Process: Tackling the New Risk Assessment SAS’s
  • Identifying and Communicating Internal Control Deficiencies Under SAS 115
  • Internal Control Deficiencies: Assessment and Reporting Under SAS 115

Ms. Marchetti served as an assistant controller for a manufacturing company and held positions in public accounting as well as provided expertise in consolidation and financial reporting with Hyperion Solutions.

Anne currently operates Account-Ability Consulting and provides advisory and consulting services in the areas of Sarbanes-Oxley compliance, internal controls optimization, corporate governance, enterprise risk management, IFRS, financial system implementation and training/education.

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