8 Topics
5 Days
40 Sessions
Programme Overview
Training Description
Session Objectives
- Understand the fundamental principles of internal control in a financial context. Identify and assess key risks in the budgeting and expenditure cycles. Design and implement effective control activities for financial processes. Master the art of budget variance analysis and reporting. Leverage technology to automate and strengthen internal controls.
About the Course
Fiscal Guardianship: Internal Controls for Budgeting and Expenditure is a practical training course designed to strengthen participants’ ability to establish, implement, and monitor internal controls across the budgeting and expenditure management cycle. The course focuses on safeguarding financial resources, preventing errors and fraud, improving compliance, strengthening authorization processes, and ensuring that expenditure remains aligned with approved budgets and organizational objectives.
Fiscal Guardianship: Internal Controls for Budgeting and Expenditure is a practical training course designed to strengthen participants’ ability to establish, implement, and monitor internal controls across the budgeting and expenditure management cycle. The course focuses on safeguarding financial resources, preventing errors and fraud, improving compliance, strengthening authorization processes, and ensuring that expenditure remains aligned with approved budgets and organizational objectives.
Curriculum & Topics
8 Topics | 40 Sessions
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Workshop 1.1:
The components of the COSO framework for internal control.
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Workshop 1.2:
The critical role of internal controls in financial management.
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Workshop 1.3:
The relationship between internal controls and fraud prevention.
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Workshop 1.4:
The legal and regulatory environment for financial controls.
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Workshop 1.5:
Case studies on the consequences of poor controls.
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Workshop 2.1:
The process of identifying and assessing risks in the budget cycle.
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Workshop 2.2:
Common risks in forecasting, allocation, and budget adjustments.
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Workshop 2.3:
Techniques for quantifying the impact and likelihood of risks.
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Workshop 2.4:
The link between risk assessment and control design.
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Workshop 2.5:
Practical exercises on building a risk register for a budget.
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Workshop 3.1:
Implementing segregation of duties in budget preparation.
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Workshop 3.2:
The role of authorization and approval in budget management.
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Workshop 3.3:
How to use financial forecasts to create a control baseline.
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Workshop 3.4:
Controls for managing budget transfers and revisions.
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Workshop 3.5:
Best practices for documenting and communicating the budget.
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Workshop 4.1:
The importance of a complete procurement-to-pay process.
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Workshop 4.2:
Implementing controls in the purchasing and requisition stages.
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Workshop 4.3:
The role of three-way matching (invoice, receiving report, and purchase order).
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Workshop 4.4:
Controls for payments and disbursements.
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Workshop 4.5:
Practical exercises on identifying weaknesses in an expenditure process.
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Workshop 5.1:
Leveraging Enterprise Resource Planning (ERP) systems for controls.
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Workshop 5.2:
Automation of routine approval workflows.
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Workshop 5.3:
The use of data analytics to detect anomalies and fraud.
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Workshop 5.4:
Implementing controls for automated payments and digital transactions.
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Workshop 5.5:
Case studies on technological solutions for internal controls.
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Workshop 6.1:
Key performance indicators (KPIs) for evaluating control effectiveness.
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Workshop 6.2:
The role of budget vs. actual variance analysis.
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Workshop 6.3:
Setting up a continuous monitoring program.
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Workshop 6.4:
Reporting on control deficiencies to management and auditors.
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Workshop 6.5:
Practical exercises on creating a monitoring dashboard.
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Workshop 7.1:
The "fraud triangle" and its application in financial controls.
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Workshop 7.2:
Common types of fraud in budgeting and expenditure.
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Workshop 7.3:
Data analytics techniques for identifying red flags.
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Workshop 7.4:
The importance of a fraud-response plan.
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Workshop 7.5:
Case studies on real-world fraud scenarios.
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Workshop 8.1:
A comprehensive capstone project on a fictional company's financial controls.
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Workshop 8.2:
Participants work in groups to design a control system for a specific process.
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Workshop 8.3:
Presenting your control framework to the class for peer feedback.
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Workshop 8.4:
A final Q&A and best practice sharing session.
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Workshop 8.5:
Developing a personal action plan for improving controls in your organization.
