Identifying and Implementing the Proper Balance of Internal Controls

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Internal Controls (IC) are in place for a reason. They help maintain the control environment and establish efficient and effective processes. They also serve as a mitigation technique for identifying when processes have changed and when procedures need to be adjusted. In today’s business world, all personnel must understand the concept of internal control, how they should be utilized and their benefits.

The purpose and value of internal controls are often misunderstood and misapplied by management. Internal controls should be viewed as a value-oriented activity that assists the organization in the effective execution of its objectives. Properly designed and executed controls are the key to ensuring this view.

 A previous course “The Manager’s Responsibility for Internal Control,” addressed these concepts at a higher level. This course further explores the types of ICs, how they can be properly utilized and the cost benefit considerations for implementation.

Internal control is a process designed to provide reasonable assurance regarding the achievement of objectives in the following areas:

• Effectiveness and efficiency of operations
• Reliability of financial reporting
• Compliance with applicable laws and regulations
• Safeguarding assets

Basic Course Information

Learning Objectives

• Explore basic concepts, myths and facts of Internal Controls (IC).
• Discover typical control types.
• Identify why controls fail.
• Identify a framework to develop the right balance of controls.
• Explore the differences between automated and manual controls and recognize the various testing processes

Major Subjects

• Introduction to identifying and implementing the proper balance of internal controls
• Concepts, myths and facts of internal controls
• Risks vs controls
• Typical control types
• Understanding controls and why they fail
• Framework for controls identification

Lynn Fountain has over 37 years of experience spanning public accounting, corporate accounting and consulting. 22 years of her experience has been working in the areas of internal and external auditing. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. 

Ms. Fountain has held two Chief Audit Executive positions for international companies. In 2011, as the Chief Audit Executive for an international construction/ engineering firm, she was involved in the active investigation of a joint venture fraud.  The investigation included work with the FBI and ultimately led to indictment of the perpetrators and recovery of $13M.  Ms. Fountain is currently engaged in her own training and consulting business and is a regular trainer for the AICPA.

Ms. Fountain is the author of three separate technical books.  “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations” was published by the Institute of Internal Auditors Research Foundation. “Leading The Internal Audit Function” and “Ethics and The Internal Auditor Political Dilemma” were published by Taylor & Francis In addition,

Ms. Fountain has performed as an adjunct instructor for the School of Business for Grantham University and developed the first internal audit curriculum for the School of Business at the University of Kansas.  Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate (non-active).

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