Implementing Internal Control Standards
Under OMB's Uniform Guidance

An effective internal control system helps safeguard the tribe from fraud, abuse and loss of funding due to compliance violations. It also helps the tribe to adapt to shifting environments, evolving demands, changing risks and new priorities, while improving accountability in achieving the tribe's mission.

In this important class, we'll review the fundamental concepts of internal controls, and then walk you through how you can establish an effective system for your tribe — including how to best address specific requirements from federal funders for assessing and reporting on controls.

This class is perfect for tribal policy makers, program managers, and anyone involved in establishing or overseeing internal control measures.

T O P I C S   I N C L U D E
Internal Control Overview
  • Fundamental concepts of internal control
  • Establishing an effective internal control system:
    • Presentation of standards
    • Components, principles and attributes
    • Internal control and the entity
    • Roles in an internal control system
    • Objectives of an entity
  • Evaluation of an effective internal control system
Control Environment
  • Demonstrating commitment to integrity and ethical values:
    • Tone at the top
    • Standards of conduct
    • Adherence to standards of conduct
  • Exercising oversight responsibility:
    • Oversight structure
    • Oversight for the internal control system
    • Input for remediation of deficiencies
  • Establishing structure, responsibility and authority:
    • Organizational structure
    • Assignment of responsibility and delegation of authority
    • Documentation of internal control system
  • Demonstrating commitment to competence:
    • Expectations of competence
    • Recruitment, development and retention of individuals
    • Succession and contingency plans and preparation
  • Enforcing accountability:
    • Enforcement of accountability
    • Consideration of excessive pressures
Risk Assessment
  • Defining objectives and risk tolerances:
    • Definitions of objectives
    • Definitions of risk tolerances
  • Identifying, analyzing and responding to risks:
    • Identification of risks
    • Analysis of risks
    • Response to risks
  • Assessing fraud risk:
    • Types of fraud
    • Fraud risk factors
    • Response to fraud risks
  • Identifying, analyzing and responding to change:
    • Identification of change
    • Analysis of and response to change
Control Activities
  • Designing control activities:
    • Response to objectives and risks
    • Design of appropriate types of control activities
    • Design of control activities at various levels
    • Segregation of duties
  • Designing activities for the information system:
    • Design of the entity's information system
    • Design of appropriate types of control activities
    • Design of information technology infrastructure
    • Design of security management
    • Design of information technology acquisition, development and maintenance
  • Implementing control activities:
    • Documentation of responsibilities through policies
    • Periodic review of control activities
Information and Communication
  • Using quality information:
    • Identification of information requirements
    • Relevant data from reliable sources
    • Data processed into quality information
  • Communicating internally:
    • Communication throughout the entity
    • Appropriate methods of communication
  • Communicating externally:
    • Communication with external parties
    • Appropriate methods of communication
  • Performing monitoring activities:
    • Establishment of a baseline
    • Internal control system monitoring
    • Evaluation of results
  • Evaluating issues and remediate deficiencies:
    • Reporting of issues
    • Evaluation of issues
    • Corrective actions

*Topics subject to change.

Click here to find out how you can bring a Falmouth Institute seminar to your location!
© Copyright 2012 | Terms of Use | Privacy Policy