Good internal control system is one of the key factor to empower your corporate success. Proper internal audit, business can improves its “control environment” and makes the organization process-dependent.
Brochure
— Course Fee: RM 790.00 (Inclusive of 8% Service Tax) —
- Module 1: Introduction to internal audit
- Why required internal audit?
- Internal auditors’ roles and responsibilities
- Basic internal audit standards
- Module 2: Differences between internal and external audit
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- Statutory requirement for both type of audits, e.g. listed company’s audit and risk management committee
- Benefits to business by carry out internal audit
- Stakeholders needs for external audits, e.g. financial institution, suppliers, tax authorities and Companies Commission of Malaysia.
- Module 3: Relationship between internal audit and internal control
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- What is Internal Control – Turnbull reports (England).
- Internal controls are the mechanism, policies and process using by a company to endure the integrity of accounting and financial information. It also promote accountability and prevent fraud.
- Who are responsible for internal control?
- Methods to detect for weaknesses
- What are the possible rectification actions when weaknesses detected?
- Module 4: Why internal control is important and necessary for every company
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- What is business?
- Proper record keeping ensuring audit trial can be established
- To brief on step by step procedures on keeping records and every transaction need to have supporting documents and/or authorised approval for audit trail.
- Importance of Corporate Standard Operating Procedures (SOPs) and policies are in placed for every business to monitor their transactions and all staffs must adhere to the SOPs and policies.
- Module 5: Control procedures in finance departmentEssential control procedures for all areas below such as segregation of duties (preparer, reviewer and approval are different person), 3 way matching (invoice, delivery order and purchase order), assets/inventory count for existence and proper condition, different approved limit and proper hand over procedures when staff leaving, e.g. petty cash.
- Cash and Bank (Including petty cash). This also cover the cash management and banking facilities utilization
- Property, Plant and Equipment (Fixed assets)
- Accounts payable control which cover payment and aging analysis. Objective is to eliminating duplicate payments and the risk of fraud and error.
- Important of supplier purchase history and graph analysis (To detect fraud)
- No gift or entertainment policy
- Accounts receivable and collection history (how to treat contra transaction?)
- Issuance of credit note control
- Identifying areas of fraud in accounts receivable management, e.g. credit terms
- Inventories controls
- Analysis of variance to improve efficiency, e.g. bad debts percentage
- Q & A