Local governments have a duty to put safeguards in place to protect the financial assets of the organization and to promote efficient and effective business operations. To meet this duty, a unit must develop a strong system of internal control. The exact nature of internal controls will vary significantly from one jurisdiction to the next due to differences in size, resources, and organizational structure. However, the basic framework of a control system is the same for all units. And it is the responsibility of the manager, finance officer, and others in upper-level managerial positions to establish and monitor the effectiveness of the internal controls.

In this session, participants will learn to develop and implement a strong system of internal control based on the two primary frameworks of internal control: the COSO Internal Control Framework and GAO Standards of Internal Control in the Federal Government (i.e., the “Green Book”). Participants will also learn how to incorporate controls into various financial processes, such as the daily deposit, procurement, accounts payable, accounts receivable, and grant accounting, and more.

Who Should Attend?:

This course provides a high-level review of many of the statutory requirements outlined in the Local Government Budget and Fiscal Control Act. Accordingly, this course is particularly relevant to newer finance officers and other finance professionals (0-5 years’ experience). However, any local government employee in a managerial position or finance position will benefit from taking this course.

After completing this course, participants will be able to:

• Identify and apply the five components of internal control outlined in the Green Book and COSO framework;
• Design and implement a system of internal control for various financial processes and functions; and

Implement internal controls that promote the effective administration of federal grant funds.