FMN Accounting  |  Format: Flash

Process Tips to Increase ICFR Effectiveness

Course Overview
Internal control over financial reporting continues to be an intense focus of regulators. Are there actually benefits to a company of a more proactive versus a reactive system towards internal controls, or is it just a compliance exercise? Ron Kral, a partner with Kral Ussery LLC, reviews the related purposes and benefits of internal control over financial reporting. Kral answers the question of why some companies succeed while others struggle with their system of internal control. He offers five tips for increasing the effectiveness of an organization�s ICFR process.

Learning Objectives
Upon successful completion of this segment, you should be able to:

  • Recognize the key elements of internal control as defined in COSO's Internal Control � Integrated Framework;
  • Identify the reasons that companies struggle to recognize the dynamic nature of ICFR;
  • Recognize the related purposes and business benefits of ICFR; and
  • Identify the things a company can do to increase the effectiveness of their ICFR process.

    Catalog Number: FMN1334-FM
    CPE Credits: 2 Registry / 2 QAS
    Author: FMN Online
    Advanced Preparation:
    Work experience in financial reporting or accounting, or an introductory course in accounting.
    Course Level: Update
    Field of Study: Accounting
    Content Partner: FMN Online
    QAS: QAS Certified based on 50 minute hours.
    Course Type: Self-Study
    Minimum Passing Grade: 70%
      You are allowed 2 attempts to pass the final exam in a 30 day period. You will be locked out of the final for 30 days after any second failure.
    Soft/Hardware Reqs.:  Adobe Acrobat® Reader for the .pdf files
     56k or Greater Internet Connection
     Modern DHTML Compatible Browser
     Ram: 256 MB minimum
     Sound card with speakers/headphones
     Windows or Mac OS
    Release/Expiration Dates: Jan 10, 2020 / Aug 14, 2021