Today’s competitive business environment is rapidly evolving - the digital economy, cloud technology, remote work, cybersecurity. Leadership and expectations of the finance function are also evolving rapidly, resulting in diverse definitions of good governance, management responsibility, and appropriate internal control. Depending on the size of the organization, the title now used to describe this vital function has also become more varied: Controller, Director of Finance, Accounting Manager, VP Finance and even CFO. As expectations of this key function continue to broaden to incorporate IT, HR and operations responsibilities, one of the main challenges facing CPA’s is to assume increasing operational responsibilities yet maintain efficient and cost-effective internal controls and segregation of duties. The risks to the organization have broadened, resulting in increased risk to the CPA as the leader of the finance function, and personally as a director or officer. Through discussion and exercises using actual real-world examples, we will work through two key cycles, the Purchase-To-Pay process, and the Order-To-Cash process, with the goal of understanding the conditions for the successful implementation of internal controls in the current SME context.
Topics Include:
· Current trends and emerging issues that impact internal control
o Expanded role of the financial leader in the SME
o Cloud computing and data security
o Cybersecurity
o Enterprise 4.0
o Internet of things
o Accounting process automation tools
o Third-party handling of certain key business functions such as vendor procurement
· Governance and leadership in the SME context
o Governance role and responsibility for internal controls
o Leadership role and responsibility for internal controls
o Finance function role and responsibility for internal controls
o Other key stakeholders having an interest in internal controls
· Overview of the COSO Enterprise Risk Management (ERM) internal control model.
· Case study: Steps for implementing internal controls in a Sales process.
Order-To-Cash (O2C)
o Process analysis
o Risk assessment
o Control objectives
o Designing controls
o Control Assessment
· Case study: Steps for implementing internal controls in a Purchasing process.
Purchase-To-Pay (P2P)
o Process analysis
o Risk assessment
o Control objectives
o Designing controls
o Control Assessment
· Using a checklist approach to effective implementation of internal controls.
· Establishing the conditions for the successful implementation of internal controls
Applicable for
This seminar will be of benefit to those who occupy roles in the financial management function of the organization, its risk management, or its governance.
· The seminar is oriented to all levels; those beginning their careers in the management of the finance function, new controllers and directors of finance, and seasoned professionals looking to explore emerging issues related to internal controls.
· This seminar is oriented towards SME organizations, but the material is of benefit to all organization types including not-for-profit organizations.
Learning Objectives
By the end of this course, participants should be able to:
· Increase awareness of emerging trends and issues such as cloud computing and cybersecurity that impact internal controls, and CPAs in the SME context.
· Recognize the governance and leadership conditions for success when setting up internal controls.
· Evaluate risks linked to internal controls and adapt the controls of the organization according to its tolerance and ability to take risks.
· Use two key business cycles, Purchase-To-Pay (P2P) and Order-To-Cash (O2C), to analyze and prepare appropriate control recommendations including: process analysis, risk assessment, and control objectives.
· Using the COSO Enterprise Risk Management (ERM) methodology, design and evaluate adequate controls for each of two key processes: P2P and O2C
· Identify the links between the expanded role of the controller, increased risk of errors and fraud, and appropriate internal controls.
· Identify the roles and responsibilities of the various stakeholders of the organization as relates to adequate internal controls in the SME context.
Seminar Leader: Stuart Hartley
What to Expect
· This is a Live Virtual Seminar where class size has been limited to allow for an interactive learning environment.
· This seminar will not be recorded.
· Course materials, links and credentials will be emailed to you two business days before the seminar. Once sent, the email will also be found in your Account Communication tab of the CPA Manitoba Member Portal.
· Live webinars have varying levels of expected interaction, and some may require webcam and microphone capabilities – if you have concerns about the interaction required for this course, please email [email protected]
CPA Manitoba PD Terms and Conditions