BankNewswatch

Internal Controls over Financial Reporting
Two Part Series

July 17, 18, 2024 1:30 pm - 3:30 pm CDT Central Time

A BankWebinars.com Program

Click Here to register for program $549.00


This 2-part webinar will discuss the requirements for a financial institution when management is required to assess risk and the effectiveness of the bank’s system of internal controls over financial reporting. Enterprise risk management will be covered to provide participants with an overview of this very important risk management function.

Management is responsible for preparing financial statements in accordance with U.S. GAAP. In taking responsibility for the preparation of financial statements, management both implicitly and explicitly asserts that the financial statements:

  • contain information on transactions that actually occurred
  • that the amounts fairly represent the realizable values of assets or amounts of obligations owed, and
  • that the transactions were reported in the proper accounting period.

Management is also responsible for assessing risk across the enterprise and maintaining an adequate system of internal controls to manage risk and ensure accurate financial reporting, including the safeguarding of assets against unauthorized use, disposition or acquisition.

Internal control risk assessment systems, or frameworks, are guided by concepts developed to provide a level of assurance that the controls established will prevent or detect errors or fraud that would cause the financial statements to be misstated and therefore not providing reliable, accurate and complete information.

Internal Controls over Financial Reporting - Part 1

July 17, 2024 | 1:30 pm - 3:30 pm CDT

Part 1 will cover the concept of internal control and enterprise risk management frameworks established under COSO 2013 and 2017, respectively, and will take a look at the new Global Internal Audit Standards that serve as a basis for evaluating the quality of the internal audit function. The regulatory requirements for banks over $500 million and those over $1 billion in assets and the common areas of oversight that should be the focus on management, the Board of Directors, and members of the internal audit team.

Internal Controls over Financial Reporting - Part 2

July 18, 2024 | 1:30 pm - 3:30 pm CDT

Part 2 will focus on the development of risk and control matrices and how to identify key controls, secondary controls and operating controls. Also covered in Part 2 will be the financial statement assertions that management’s system of internal controls should be designed to support.

Examples and exercises on how to apply financial statement assertions to common banking transactions and sample risk and control matrices will be provided.

 

Instructors

Cynthia Dopjera, a Certified Public Accountant, has 40 years of experience focused on accounting and regulatory reporting for financial institutions. During the first 18 years of her career, Ms. Dopjera held various positions with responsibility across all operational areas, including accounting, internal audit, Call Report preparation and review while working for community as well as regional banks.