TR 07- FI- 02

INTERNAL CONTROL

Basic

Course

-

welcome & introduction

January 2010

EU Twinning Project TR 07-FI-02

TR 07- FI- 02

WELCOME!

YOUR HOSTS

YOUR FACILITATORS

but mainly

YOURSELVES!

TR 07- FI- 02

COURSE OUTLINE

Please refer to your pre-course material

By: COSO Component

Through: Short Presentations & Guidance

Facilitated Group Discussions & Feedback

Group Case Study Material & Feedback

Leading to: The Advanced Course

and

Action

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FOR ALL GROUP WORK

THERE WILL NOT NECESSARILY BE A RIGHT OR WRONG ANSWER

THERE SHOULD ALWAYS BE A BEST ANSWER IN THE CIRCUMSTANCES

PLEASE ORGANISE YOURSELVES for each sessionA CHAIR AND RAPPORTEUR

PLEASE BE ACTIVE – ALL WITH OPPORTUNITY TO CONTRIBUTE

WE WILL FACILITATE AS NECESSARY

FEEDBACK WILL BE MAINLY WITHIN THE GROUP with some feedback all together

TR 07- FI- 02

INTERNAL CONTROL – A PRACTICAL DEFINITION

RESPONSE TO RISK

TR 07- FI- 02

INTERNAL CONTROL – A PRACTICAL DEFINITION

RESPONSE TO RISK

or

TR 07- FI- 02

INTERNAL CONTROL – A PRACTICAL DEFINITION

PURPOSE(S) – Objective(s)/Target(s)

RESPONSE TO RISK that is

MANAGERIAL IDENTIFIED

CONSIDERED ASSESSED

SYSTEMATIC ADDRESSED

A & UPDATED

TR 07- FI- 02

INTERNAL CONTROL – A PRACTICAL DEFINITION

PURPOSE(S) – Objective(s)/Target(s)

RESPONSE TO RISK that is

MANAGERIAL IDENTIFIED

CONSIDERED ASSESSED

SYSTEMATIC ADDRESSED

A & UPDATED(behaviours/skills) (COSO model) (procedures/steps)

TR 07- FI- 02

HENCE the COSO CUBE

Control Environment

Control Activities

Information & Communication

Monitoring

Risk Assessment

UNIT

A

ACTIVITY

1

Compliance

Reporting

Operations

Strategic

TR 07- FI- 02

THE NEED FOR CHANGE

P = (D x V x FS) > R

P: progress/development/change

D: level of dissatisfaction with the status quo

V: desirability of the proposed change i.e. vision for change

FS: the first practical steps

R: resistance to change and inertia

TR 07- FI- 02

GROUP SESSION 1 introduction & change

1 introduce & organise yourselves

2 address the questions in the outline

FOCUS YOUR THOUGHTS & RESPONSES ON:

INTERNAL CONTROL – A PRACTICAL DEFINITION

AND

THE NEED FOR CHANGE ‘FORMULA’

ANY QUESTIONS?