Risk & Internal Control

Learning Outcome

On completion of their studies students should be able to: evaluate types of risk facing an organization, evaluate risk management strategies and internal controls, evaluate governance and ethical issues facing an organization

Topics

1. Types and sources of risk for business organizations
2. Fraud related to sources of finance
3. Risk associated with international operations
4. The principle of diversifying risk
5. Minimizing risk of fraud
6. The risk manager role
7. Purposes of internal control
8. Elements in internal control system
9. Cost and benefits of maintaining the internal control system
10. The principles of good corporate governance based on those for listed companies
11. Recommendations for internal control (e.g. The Turnbull Report)
12. Recommended good practices of corporate governance (SOX in the USA, the King Report in South Africa etc)
13. Ethical issues identified professional accountants code
14. Mechanisms for detection in practice and supporting compliance