Internal Control over Financial Reporting

Students will be those from the Office of the Chief Financial Officer and other supporting offices who participate in the assessment of ICOFR and are looking to better understand their role and responsibilities.

• Understand and apply a structured and systematic approach to ICOFR
• Define and explain the relevant terminology, concepts, and requirements
• Identify the roles and responsibilities of the participants in the ICOFR process
• Explain relationships between the key programmatic and financial stakeholders
• Implement an ICOFR program
• Prepare a documented and supported Statement of Assurance on ICOFR

Internal Control Legislative Requirements

• Building Background
• Increasing Demand for Accountability
• Internal Control Legislative Background
• Internal Controls
• Agency Managers
• The Balancing Act
• Broad Categories of Internal Controls
• Basic Elements of Every Internal Control System
• Points to Remember About Internal Controls
• Lesson Wrap-Up

Roles of the Government Accountability Office (GAO)

• Building Background
• Responsibilities for the Standards: GAO
• GAO’s Five Standards for the Control Process
• Annual Evaluation Process
• Lesson Wrap-Up

Roles and Responsibilities of the Office of Management and Budget (OMB)

• Building Background
• Responsibilities for the Standards: GAO and OMB
• OMB and Internal Control Systems
• Noteworthy Cases of Improper Financial Reporting
• Objectives of Financial Reporting
• Lesson Wrap-Up

Planning the Assessment

• Building Background
• Planning
• Organizing the Process
• Establish a Senior Assessment Team
• Determine Overall Approach: A Top-Down Focus
• Determine Materiality
• Determine Key Processes Supporting Material Line Items
• Document Key Processes
• Integrate and Coordinate Review Activities
• Plan Monitoring and Testing Approach
• Develop Documentation Standard
• Lesson Wrap-Up

Evaluating Internal Control at the Entity Level

• Building Background
• Evaluating Internal Control at the Entity Level
• GAO’s “Internal Control Management and Evaluation Tool”
• An Outstanding Internal Control System
• Lesson Wrap-Up

Evaluating Internal Control at the Process Level

• Building Background
• Evaluating Internal Control at the Process Level
• Documenting Key Business Processes and Related Key Controls
• Understanding Key Financial Reporting Processes
• Review the Process for Risk
• Rate the Risk
• Identify and Document Control Objectives
• Documenting Controls
• Outside Service Providers
• Lesson Wrap-Up

Testing at the Transaction Level

• Building Background
• Testing at the Transaction Level
• Risk-Based Approach
• Evaluate the Adequacy of the Existing Internal Control System (Testing)
• A Generic Look at Testing
• Lesson Wrap-Up

Concluding, Reporting, and Correcting Deficiencies and Weaknesses

• Building Background
• Concluding, Reporting, and Correcting
• Concluding on Effectiveness
• Reporting
• Correcting Deficiencies and Weaknesses
• Lesson Wrap-Up