Internal Controls and Risk Management: Covering the Basics

In this session (Part I), we cover the basic principles, core concepts, and key component parts of an internal accounting controls system (IACS). We first discuss IACS from key stakeholders’ (management, staff, and Board) points of view. We then look at IACS from ten key control areas pointing out purpose and control challenges for each of the ten areas. We also touch on the importance of the integration of technology and policies, building and maintaining operating reserves, and regular training and documentation. Watch now to begin building out your IACS plan.