Guidance on internal controls is important and the seminal document Internal Control -  Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) provides an excellent framework for organizations to follow. Unfortunately, organizations often place too much emphasis on the wrong control components under the misguided premise that control activities (i.e., policies and procedures) are the most critical elements of an organization's success. This misplaced focus can cause managers to respond with strong-but wrong-preventive controls over day-to-day activities, which ultimately frustrates efforts to correct an organization's real problems.

 

The audio conference will cover the following topics:
 
· Why internal controls are important and your responsibilities under that system
· Internal control frameworks
· Understanding COSO
· Risk assessment models
· Assessing and changing control systems
· Strong controls, but the wrong controls-when to recommend preventive controls versus detective controls
· Effectively conveying audit results and internal control findings
 
It's time to identify and implement the right controls to prevent a recurrence of past practices, which have harmed major organizations involved in fraud and scandals over the years. This audio conference will explore internal control concepts that can make for a high-performing organization and offer managers and auditors tools to assess internal controls within their organizations.

To share their practical experiences in auditing and views toward the future of auditing are: David R. Hancox, CGFM, CIA, Audit Director, Office of the State Comptroller, State of New York; and Mary Peck, CIA, CCSA, CGAP, Director of Internal Controls, New York State Office of Mental Retardation and Developmental Disabilities.

Please join us for two hours of lively discussion about this important and timely topic. In addition to the speakers' commentary, 20 minutes is set aside for questions.