Manager's and Auditor's Roles in Assessing Internal Control Course

Module 1: Internal Control – Key to Accountability

• Defines accountability and its relationship to internal control.
• Explores performance measurement and management functions that rely on internal controls.
• Examines financial and performance accountability in federal programs.
• Introduces the benefits and necessity of internal controls in managing public resources.

Module 2: Legislation, Standards, and Guidance

• Explains the Federal Managers’ Financial Integrity Act and related legislation.
• Details GAO’s Green Book and OMB Circular A-123 standards and principles.
• Introduces Enterprise Risk Management (ERM) and its connection to internal control systems.
• Covers the roles of auditors and managers in maintaining compliance and accountability.

Module 3: Establishing and Operating an Effective Internal Control System

• Outlines the five components and 17 principles of internal control.
• Describes how agencies should define objectives and implement controls.
• Discusses entity-level and transaction-level controls and fraud risk assessment.
• Identifies documentation requirements and best practices for system design.

Module 4: Assessing Internal Control

• Teaches methods for evaluating internal control design and effectiveness.
• Identifies key controls and explains how to document assessments.
• Discusses internal control assessment in audit planning and fieldwork.
• Includes approaches for reporting deficiencies and recommendations.

Module 5: Impact When Controls Fail

• Analyzes the consequences of control failures in federal operations.
• Identifies indicators of control weaknesses or breakdowns.
• Provides real-world case examples of mismanagement and fraud.
• Emphasizes the cost-effectiveness of proactive internal controls.

Module 6: Correcting Internal Control Deficiencies

• Describes the process for identifying, documenting, and prioritizing control deficiencies.
• Outlines the development of corrective action plans and timelines.
• Explains responsibilities of managers in monitoring and verifying corrections.
• Discusses communication of deficiencies within the organization.

Module 7: Reporting on Internal Control

• Explains the requirement for assurance statements and annual reporting.
• Describes the process for reporting material weaknesses and corrective actions.
• Outlines the roles of GAO, OMB, and federal agencies in the reporting process.
• Highlights the link between internal control reporting and agency transparency.