2018 Winter Seminar

AGENDA: 

• Opening Remarks- Chapter President Bill Bell
• Internal Controls for Auditors and Program Managers Part 1
• 15 Minute Break 
• Internal Controls for Auditors and Program Managers Part 2
• Lunch (1 Hour Break)
• Protect those Assets-Brainstorming as part of an Audit
• 15 Minute Break
• Understanding OMB Circular A-123-Establishing Enterprise Risk Management-Risk Assessments
• Closing Remarks

Session Title:
Internal Controls for Auditors and Program Managers

Session Description:
This session covers internal control concepts applicable to both auditors and program managers. Part 1 provides an overview of internal control, fundamental concepts, and the importance of internal control; discussion of internal control frameworks and standards including the COSO Framework and GAO’s Green Book; the risk assessment process; and internal control assessment requirements on a government audit. 

Part 2 provides an overview of internal control techniques; discussion on leveraging a financial management system to enhance internal control; assessing internal control and communicating internal control deficiencies; and the  relationship of internal control deficiencies to the elements of an audit finding.

Concepts presented in both Part 1 and 2 will be illustrated through review and discussion of case studies. 

Session Learning Objectives:
1. Review fundamental concepts of internal control and why it is so important
2. Recognize internal control frameworks and standards and how they can be applied in strengthening a system of internal control
3. Discuss the risk assessment process and internal control techniques, including the types of internal controls that can be integrated and automated within a financial management system
4. Review the internal control assessment process and communication of control deficiencies

Session Title:
Understanding OMB Circular A-123

Session Description:
This session provides an overview of the revised OMB Circular No. A-123 (released June 2016). The session includes discussion on the Circular’s guidance to Federal Managers on improving the accountability and effectiveness of federal programs and operations by identifying and managing risks, establishing requirements to assess, correct, and reporting on the effectiveness of internal controls.

Session Learning Objectives:
1. Define management’s responsibilities for Enterprise Risk Management (ERM) and internal control
2. Recognize the need to integrate and coordinate risk management and internal control into existing business activities and as an integral part of managing an Agency 
3. Understand how to apply the concepts in the Circular to manage risks and improve accountability

Session Title:
Protect Those Assets

Session Description:
This session engages participants in a fraud risk brainstorming session as would be conducted during the audit planning phase. Participants divide into teams and brainstorm ways that fraud might be committed, evaluate fraud schemes, and react by modifying planned audit tests to determine if fraud is occurring.

Session Learning Objectives:
1. Identify and summarize fraud risks and control strengths and weaknesses through team brainstorming sessions
2. Recognize how to evaluate fraud schemes and modify planned audit tests to determine if fraud is occurring