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ICoFR Essentials: Best Practices and Strategies



Internal Control Over Financial Reporting (ICoFR) is a crucial process for organizations to maintain the accuracy and integrity of their financial statements. This training course will provide an in-depth understanding of the principles and best practices of ICoFR to ensure that financial statements are free from material misstatements.

Course Objectives:

At the end of this course, the participants will be able to:

  • Understand the importance of ICoFR for financial reporting
  • Identify the components of ICoFR and their significance
  • Evaluate the effectiveness of an organization's ICoFR
  • Develop practical strategies for designing, implementing, and testing ICoFR
  • Understand the role of technology in enhancing ICoFR

Targeted Audience:

  • This course is designed for financial managers, internal auditors, compliance officers, and anyone involved in financial reporting.

Course Outlines:

Unit 1: Overview of Internal Control Over Financial Reporting (ICoFR)

  • Regulatory requirements for ICoFR
  • Components of ICoFR: Control environment, Risk assessment, Control activities, Information and communication, and Monitoring
  • Importance of ICoFR in preventing fraud
  • Examples of ICoFR failures and their impact on financial statements

Unit 2: Frameworks for designing ICoFR: COSO and COBIT

  • Risk assessment and its role in designing effective ICoFR
  • Control activities and their types
  • Segregation of duties and its importance
  • Internal control documentation and process mapping

Unit 3: Control testing and its types

  • Internal control walkthroughs
  • Testing of design effectiveness vs. operating effectiveness
  • Evaluation of internal control deficiencies
  • Reporting on ICoFR deficiencies

Unit 4: Automation and technology in ICoFR

  • Role of IT in ICoFR
  • Continuous monitoring and its benefits
  • Data analytics for ICoFR
  • Challenges in implementing technology-based ICoFR

Unit 5: Communication of ICoFR to external auditors and stakeholders

  • Role of audit committees in ICoFR oversight
  • Risk management and its integration with ICoFR
  • Sustainability reporting and its impact on ICoFR
  • Best practices for maintaining effective ICoFR

Unit 6 & 7: Site visit and practical workshop

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