Internal Controls

Course Code: ACCT 4501

Academic Year: 2022-2023

This course will provide students with a broad understanding of internal controls in organizations. Students will learn how to perform a risk assessment for an enterprise and how to distinguish key risks and controls from non-key risks. The course will examine concepts in the design of internal control frameworks while making connections to such models as the Canadian Criteria of Control Committee (CoCo) and the Committee of Sponsoring Organizations of the Treadway Commission (COSO). It will also explore the role internal control plays in coordinating management systems as well as how they can assist management in efficiently achieving its objectives. Students will also learn about the limitations of controls and the importance of balancing the cost of implementing controls with the benefits derived. The work of the internal auditor and external auditor with regard to internal control will be explored, and the role that internal control plays in planning the external audit will also be discussed.