Total Credits: 7 including 7 CPE
AGENDA:
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
Melinda DeCorte has 25 years of accounting, auditing and government financial management experience. She directs, manages, and serves in a quality assurance capacity for financial statement audit engagements conducted in accordance with Government Auditing Standards (GAS). She also has extensive advisory experience for multiple governmental agencies, primarily focusing on internal controls and risk assessments, financial statement preparation, financial system implementation, and evaluating agencies for audit readiness and compliance with internal control standards and generally accepted accounting principles.
In addition to client engagements, Melinda’s corporate leadership roles include serving on the Sikich Board of Managers, and as the leader for government audit services.
Ms. DeCorte is an active member of AGA and will assume the role of AGA National President-Elect in July 2025. She previously served on the National Governing Board as a Director for Chapters (Area 3) from July 2019 through June 2022 and as Chair of the AGA’s Professional Ethics Board from July 2019 through June 2022.
Melinda was recently named on Forbes inaugural list of America’s Top 200 CPAs. Prior to her career in public accounting, Melinda served as a commissioned officer in the United States Army, Finance Corps.