Certified Internal Control Professional (CICP)
Course Code: FA13
►Course Objective
- Define the GRC system
- Devise controls that are appropriate for the risks at hand
- Implement segregation of duties and internal controls in the accounting department and business cycles
- Safeguard information technology systems and data centers
- Design and maintain financial controls
- Comply with financial and other external reporting requirements
►Target Audience
- Accounting professionals
- Financial executives
- Auditors
- Financial analysts
- Bankers
- Investment bankers
- certified financial and accounting personnel especially accounting managers and controllers.
►Course Outline
:Day 1
Introduction to corporate control environment
- Introduction to GRC: governance, risk and compliance
- Introduction to ERM
- GRC system: governance, risk and controls
- Risk response and related internal controls
- Purpose of internal controls
- Compliance requirements through internal controls
- Compliance requirements for oversight boards
- Examples of compliance requirements
- Other considerations: fraud prevention and customer satisfaction
- The human element role in controls
- Technology role in implementing controls
- Segregation of duties in business cycles
- Required reporting in business cycles
- Approvals and authorization in business cycles
- Risks to corporation in lack of control in the cycle
- Costs of controls and controlling costs in business cycles
- Controlling assets and inventory movements within the company
- Preventing fraud through proper controls
Day 2:
Implementing controls in business cycles
- Controls in purchase and payment cycle
- Controls in inventory and costing cycle
- Controls in HR and payroll cycle
- Controls in sales and collection cycle
- Controls in fixed assets life cycle
Day 3:
Admin controls for IT and facility
- Safeguarding data
- Access to communication systems
- Security reports
- Controlling access to building
- Controls on maintenance and repairs
- Safety and security controls
- Legal implications on some safety measures
- Required reporting in administration
Day 4:
Financial controls
- Controlling access to financial assets
- Controls on financial reporting
- Controls through budgets
- Controls through management reporting
- Implementing financial controls through policies and procedures
Day 5:
External reporting
- Centralization or decentralization of reporting
- Financial reporting requirements
- Reporting to labor related authorities
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