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Columbia University Office of Internal Audit Internal Control Highlights
40 pages
English

Columbia University Office of Internal Audit Internal Control Highlights

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40 pages
English
Le téléchargement nécessite un accès à la bibliothèque YouScribe
Tout savoir sur nos offres

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Internal Control TrainingCOLUMBIA UNIVERSITY Office of Internal AuditMary DaleckiJanuary 30, 2008WelcomeIntroductionSchedule– 2:00 to 4:00Breaks– 10 minute break at 3:00Format– Interactive– Questions encouragedJanuary 30, 2008 Page 2Agenda Welcome- IntroductionWhat are Internal Controls? Why Do We Need Controls? •COSO•COBITApplying Controls in Your WorkplaceQ&AJanuary 30, 2008 Page 3Internal Controls What are they anyway?January 30, 2008 Page 4Internal ControlsInternal control is defined as a process or activity designed to provide the achievement of objectives in the following: – Effective and efficient operations – Reliable financial reporting– Compliance with laws and regulationsJanuary 30, 2008 Page 5Who is responsible for Internal Controls ?Board of TrusteesManagementAll EmployeesInternal Auditors? – Internal Auditors evaluate the effectiveness of Internal Controls focusing on finance, operations, systems and complianceExternal Auditors?– Provide independent assessment on the reasonableness of Columbia’s financial reportsJanuary 30, 2008 Page 6Key ConceptsInternal control depends on people - People at every level are accountable and responsible for their own processes and transactions. Managers are responsible for implementing policies & procedures. They monitor how well policies and procedures are adhered to.Sometimes managers have to design their own controls to accommodate specific business processes. January 30 ...

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management
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Publié par
Nombre de lectures 15
Langue English

Extrait

Internal Control Training
COLUMBIAUNIVERSITY Office of Internal Audit
Mary Dalecki
January 30, 2008
Welcome
Introduction
Schedule
– 2:00 to 4:00
Breaks
– 10 minute break at 3:00
Format
– Interactive
– Questions encouraged
January 30, 2008
Page 2
Agenda
Welcome- Introduction
What are Internal Controls?
Why Do We Need Controls?
• COSO
• COBIT
Applying Controls in Your Workplace
Q&A
January 30, 2008
Page 3
Internal Controls
What are they anyway?
January 30, 2008
Page 4
Internal Controls
Internal control is defined as a process or activity designed to provide the achievement of objectives in the following:
–
–
–
Effective and efficient operations
Reliable financial reporting
Compliance with laws and regulations
January 30, 2008
Page 5
Who is responsible for Internal Controls ?
Board of Trustees
Management
All Employees
Internal Auditors? – Internal Auditors evaluate the effectiveness of Internal Controls focusing on finance, operations, systems and compliance
External Auditors? – Provide independent assessment on the reasonableness of Columbia’s financial reports
January 30, 2008
Page 6
Key Concepts
Internal control depends onpeople -People at every level are accountable and responsible for their own processes and transactions.
Managers are responsible for implementing policies & procedures. They monitor how well policies and procedures are adhered to.
Sometimes managers have to design their own controls to accommodate specific business processes.
January 30, 2008
Page 7
COSO
The Committee of Sponsoring Organization (COSO) of the Treadway Commission is a private sector commission established in 1985 by five financial professional associations.
COSO studied reasons that led to fraudulent financial reporting and developed recommendations for public, private and government entities.
January 30, 2008
Page 8
“COSO ERM Cube”
January 30, 2008
Page 9
COSO Components
Administration
• Control Activities
• Information and Communication
• Monitoring
Middle & Senior Level Management
•
•
•
•
•
Internal Environment
Objective Setting
Risk Assessment
Event Identification
Risk Response
January 30, 2008
Page 10
Control Activities
Control activities occur throughout the organization at all levels and in all functions. They can be defined or driven by policies and implemented through procedures.
January 30, 2008
Page 11
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