Internal Controls Over Financial Reporting: The Basics for Getting Started
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:
- Establishing and maintaining an adequate system of internal controls over financial reporting, including the safeguarding of assets against unauthorized use, disposition or acquisition.
- Internal control 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.
This webinar will discuss the requirements for a financial institution when management is required to assess the effectiveness of the bank’s system of internal controls over financial reporting.
What You’ll Learn
- The framework established under COSO 2013
- Regulatory requirements for banks over $500 million and those over $1 billion in assets
- The development of risk and control matrices and how to identify key controls, secondary controls and operating controls
- 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 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.
Cynthia Dopjera, a Certified Public Accountant, has 38 years of experience focused on accounting and regulatory reporting for financial institutions. During the first 18 years of her career, Ms. Dopjera held various positions with responsibility across all operational areas, to include accounting, internal audit, Call Report preparation and review while working for community as well as regional banks.
In 2000, Ms. Dopjera joined the public accounting firm of Harper & Pearson Company, P.C., where she served as Practice Leader for the firm’s financial institutions practice covering community and regional institutions. The firm’s services included financial statement audit, accounting, tax preparation and filing, internal control audit, Call Report audit, loan and asset quality review, and design and implementation of internal controls over financial reporting frameworks for institutions regulated under FDICIA and Sarbanes-Oxley. In 2018, Ms. Dopjera retired from Harper & Pearson Company, and currently provides accounting, consulting, and training services to financial institutions.
Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts $279
- Available Upgrades:
- 12 Months OnDemand Playback + $110
- 12 Months OnDemand Playback + CD + $140
- Additional Live Access + $75 per person