Building a Strong System of Internal Controls in Your Government

Description:
A strong system of internal controls is not only a deterrent to fraud but also supports greater efficiency and legal compliance. This seminar addresses the importance of internal controls as defined by the COSO (Committee of Sponsoring Organizations) framework. It equips the participant to understand the components of a superior system and how to apply these principles to improve the current control environment within their organization.   

The seminar is organized around the five interrelated components of COSO:  control environment, risk assessment, control activities, information and communication and monitoring and will specifically address issues of separation of duties and controls related to accounts payable/cash disbursements, cash receipts, payroll and capital spending including procurement and receiving.   

Speakers: 
Anthony Cervini, CPA, CFE, Principal Local Government Audit Leader, Sikich
Mary O’Connor, ASA, CRE, CMI, CFE, Principal, Forensic and Valuation Services, Sikich
Jennifer Paprocki, CPRP, Executive Director, Fox Valley Park District

Agenda
Speaker Bios

Learning Objectives: Participants completing this session will be able to:

•  Define internal control and understand the five components of an effective internal control system.
• Enhance control documentation over significant transaction classes by using COSO as a guide to the internal control framework. 
• Understand the principle of separation of duties and the functions it means to separate. 
•  Understand risk assessment and the role of the finance and management professionals and elected officials in the process.
• Develop a monitoring plan using internal audit concepts.
• Collaborate with other local government finance professionals to apply COSO standards to your government’s current control system.