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Internal Audit and Risk Management: A Critical Framework for Singaporean Businesses

In today’s increasingly complex business landscape, risk management has become a top priority for organizations in Singapore. The proliferating uncertainty and volatility have intensified the challenge of managing business operations, making it essential to implement robust internal controls and risk management strategies.

The Importance of Internal Controls and Risk Management

The Institute of Singapore Chartered Accountants (ISCA) is offering an introductory course on internal controls and risk management, designed specifically for business leads, non-finance professionals, and those involved in day-to-day operations. This comprehensive program will equip participants with the knowledge and skills to build a strong control environment for their organization.

Programme Outline

The course will cover key areas, including:

  • Recognizing the Importance of Internal Controls: Understanding the importance of internal controls in maintaining a strong control environment.
  • Understanding Principles of Internal Control: Identifying the principles that govern effective internal control practices.
  • Identifying the 5 Components of Internal Control in the COSO Framework: Discovering the five components of internal control as outlined by the Committee of Sponsoring Organizations (COSO).
  • Discovering the Components of an Effective Control Environment: Understanding the essential elements that make up a robust control environment.
  • Determining the Design and Operating Effectiveness of Existing Internal Control Practices: Evaluating the effectiveness of existing internal controls in maintaining a strong control environment.
  • Learning Key Control Activities for Various Transaction Cycles: Acquiring knowledge on key control activities for various transaction cycles, including revenue and receipts, procurement and payment, fixed assets and inventory, payroll and staff claims.

Training Methodology

The program will employ a lecture-style approach, with practical illustrations involving case scenarios, real-life cases, and interactive polls. This hands-on learning approach will provide participants with the opportunity to engage actively with the course material.

Schedule and Fees

The course is scheduled to take place on November 8, 2024, at ISCA House in Singapore. The fee for members is $473.06 (inclusive of GST), while non-members will be charged $564.62.

Programme Facilitator(s)

Mr. Ho Tuck Chuen, a seasoned Chartered Accountant with over 40 years of experience in various industries, will lead the program. He has held C-suite positions in many companies and sits on Audit Committees of several organizations.

Competency Mapping

The course is designed to provide participants with 7 hours of competency mapping. This ensures that participants meet the required competency standards in internal audit and risk management.

Funding

Unfortunately, no funding is available for this program.

Join Us and Be a Difference Maker!

By participating in this comprehensive program, you will gain the knowledge and skills necessary to build a strong control environment for your organization. Register now and be part of a community that is committed to excellence in internal audit and risk management.