Internal Controls, C-SOX, SOX, Bill 198, NI 52-109 – Overview, Training and Implementation
This executive summary provides the information content of a “white paper” article developed by Edelkoort Smethurst Schein CPA’s LLP of Edelkoort Smethurst Schein CPA’s LLP, which in turn can be used as a training guide for management and staff alike, to acquaint them with the basic concepts, and to provide specific guidance on implementing and maintaining an Internal Control Framework.
It was developed as a result of requests from publicly traded companies who required this type of training. In addition to this article, there are numerous templates which are available to support internal control oversight programs, along with a power point presentation which summarizes and emphasizes the key points. It is designed to assist organizations with a general understanding of internal controls, how internal controls can support operational and financial objectives, and the body of work that has evolved during the last several decades in the public realm of corporate governance and compliance.
About the author – Edelkoort Smethurst Schein CPA’s LLP, CMC
Edelkoort Smethurst Schein CPA’s LLP has over 30 years of internal audit and financial management experience. This article and training material is based on experience with all aspects of auditing, CEO / CFO Certification implementation at publicly traded entities in Canada, and ongoing internal controls compliance.
Table of Contents
1. Internal Controls “101” – the basics (theory, regulatory, and best practices)
• Best Practices
2. Internal Controls “201” – rolling out internal controls frameworks and oversight
• Refresh from Internal Controls “101”
• Transitioning internal controls to Business Units:
• Business Process, Entity Level, IT General Controls, and IT Application Controls
• Internal Controls Matrix
• Testing (Design, Sampling, Walkthroughs, Documentation)
• Roll out Timeline and Reporting
• Top 10 Steps for Efficiencies
• Software to support Internal Control testing and reporting
Please contact Edelkoort Smethurst Schein CPA’s LLP if you or your organization is interested in reading the complete article or require further internal controls training, along with the presentation and templates.
Edelkoort Smethurst Schein Chartered Professional Accountants LLP
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Burlington, Ontario, Canada L7L 6A3
Edelkoort | Smethurst | Schein CPAs LLP is located in Burlington Ontario servicing the Golden Horseshoe and Greater Toronto Area and beyond. The firm is fully licensed with CPA Ontario to provide assurance, tax and accounting services as well as registered as tax preparers with the Canada Revenue Agency (CRA) & Internal Revenue Service (IRS). The firm is also registered as an IRS Certified Acceptance Agent.
All blog posts published on this site are for informational purposes only and do not constitute professional advice. Readers should contact a professional to discuss their individual situation. Neither the author or the accounting firm shall accept any liability for any reliance placed on the information posted.