Online Seminar

Implementation of Internal Controls in the Small to Mid-size Enterprise (SME) Context

JAN 26 - Jan 27, 2023

Online

DATE

JAN 26 - JAN 27

2023

TIME

8:30 AM - 12:30 PM

WHO CAN ATTEND

All

PD HOURS

7.5 Hours

ETHICS HOURS

0 Hours

STATUS

Registration closed on

Jan 23, 2023

EVENT DESCRIPTION

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NOTE: This course description has been revised and reflects updates for 2022. If you have any questions, please contact pdevents@cpaontario.ca

SCHEDULE

  • January 26, 2023, 8:30am - 12:30pm
  • January 27, 2023, 8:30am - 12:30pm
  • Many Small to Mid-size Enterprise’s (SME’s) are privately held and have diverse expectations of good governance, management responsibilities, 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. This is a hands-on seminar intended to give new, and experienced, financial leaders an opportunity to explore and discuss implementation of internal controls in the SME context, using the COSO Enterprise Risk Management Methodology.

    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.

    Learning Objectives

    By the end of this seminar, participants will be able to:

    • Increase awareness of emerging trends and issues such as cloud computing and cybersecurity that impact internal controls, and CPA’s 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 Content

    • Current trends and emerging issues that impact internal control
      • Expanded role of the financial leader in the SME
      • Cloud computing and data security
      • Cybersecurity
      • Enterprise 4.0
      • Internet of things
      • Accounting process automation tools
      • Third-party handling of certain key business functions such as vendor procurement
    • Governance and leadership in the SME context
      • Governance role and responsibility for internal controls
      • Leadership role and responsibility for internal controls
      • Finance function role and responsibility for internal controls
      • 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)
      • Process analysis
      • Risk assessment
      • Control objectives
      • Designing controls
      • Control Assessment
    • Case study: Steps for implementing internal controls in a Purchasing process.
    • Purchase-To-Pay (P2P)
      • Process analysis
      • Risk assessment
      • Control objectives
      • Designing controls
      • Control Assessment
    • Using a checklist approach to effective implementation of internal controls.
    • Establishing the conditions for the successful implementation of internal controls

    Who Will Benefit

    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.

    Prerequisite Knowledge

    • No prerequisite seminars are required
    • Internal Controls - Industry Sector is recommended
    • Participants should be familiar with, or have some experience in, the finance function of an organization, specifically in the purchasing and/or sales cycles
    • Participants should be familiar with the COSO Enterprise Risk Management framework

    PRICING

    $325.00 Personal Passport

    $380.00 Organization Passport

    $479.00 Member

    $479.00 Student

    $589.00 Public

    Status: Registration closed on Jan 23, 2023

    LOCATION

    Online

    SPEAKER(S) BIO

    Philip Maguire, CPA, CA is a principal at Glenidan Consultancy, an accounting practice specializing in compliance and internal audits. He has assisted companies with market capitalizations for more than 30 years and is also Founder and Managing Director of Executive Mentors, an organization that mentors Canada’s next generation of entrepreneurs and business leaders.

    SPECIAL INSTRUCTIONS

    This course is a live webinar. You must attend the live course to receive verifiable CPD hours. We recommend you join five minutes prior to the scheduled starting time. To get the full experience of this interactive course, use a computer that has video and microphone capabilities.

    Electronic material can be accessed one week prior to the course at https://pdlms.cpaontario.ca/ and should be downloaded in advance.

    Registration, cancellation, withdrawal and all other CPA Ontario PD Seminar policies can be found here.