The 2014 Green Book (which is the most recent update) contains the latest version of the federal government's standards for internal control, which is used by federal agencies and other government entities. These standards identify the five components of a comprehensive system of internal controls, as well as the 17 principles upon which those components are based. It is the essential tool for the development of a solidly-constructed system of internal controls. In the Green Book Explained course, we summarize the contents of the Green Book, while also inserting many tips, notations and examples along the way to clarify how it is to be used.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Recognize the principles of internal control on which the Green Book is based.
Identify how a system of internal controls assists an entity.
Specify the responsibilities for a system of internal controls.
Recognize how control deficiencies are evaluated.
State the uses of a contingency planning system.
Specify how employees are made responsible for internal controls.
Identify the responses to identified risks.
Recognize the components of the fraud triangle.
Specify the differences between different levels of controls.
Major Topics
Applicability f the Green Book
How the Green Book is Used
The Cost Conundrum
The Control Environment Component
The Risk Assessment Component
The Control Activities Component
The Information and Communication Component
The Monitoring Component
The Control Development Process
The Endless Loop of Internal Controls
