Management is responsible for preparing financial statements in accordance with U.S. GAAP. In taking responsibility for the preparation of financial statements, management both implicitly and explicitly asserts that the financial statements:
- contain information on transactions that actually occurred
- that the amounts fairly represent the realizable values of assets or amounts of obligations owed, and
- that the transactions were reported in the proper accounting period.
Management is also responsible for assessing risk across the enterprise and maintaining an adequate system of internal controls to manage risk and ensure accurate financial reporting, including the safeguarding of assets against unauthorized use, disposition or acquisition.
Internal control risk assessment systems, or frameworks, are guided by concepts developed to provide a level of assurance that the controls established will prevent or detect errors or fraud that would cause the financial statements to be misstated and therefore not providing reliable, accurate and complete information.
Internal Controls over Financial Reporting – Part 1
July 17, 2024 | 1:30 pm – 3:30 pm CDT
Part 1 will cover the concept of internal control and enterprise risk management frameworks established under COSO 2013 and 2017, respectively, and will take a look at the new Global Internal Audit Standards that serve as a basis for evaluating the quality of the internal audit function. The regulatory requirements for banks over $500 million and those over $1 billion in assets and the common areas of oversight that should be the focus on management, the Board of Directors, and members of the internal audit team.
Internal Controls over Financial Reporting – Part 2
July 18, 2024 | 1:30 pm – 3:30 pm CDT
Part 2 will focus on the development of risk and control matrices and how to identify key controls, secondary controls and operating controls. Also covered in Part 2 will be the financial statement assertions that management’s system of internal controls should be designed to support.
Examples and exercises on how to apply financial statement assertions to common banking transactions and sample risk and control matrices will be provided.
Who Should Attend
Individuals seeking to understand management’s responsibility for financial reporting under U.S. GAAP, to include assessing risk across the enterprise, and how to build a framework for documenting and monitoring a bank’s system of internal controls, to include members of management, the board of directors, members of the accounting and internal audit departments.