FAC823 - Enterprise Risk Management and Internal Control

Outline information
Semester
Schools offering this subject
Last revision date Sep 24, 2018 12:11:32 AM
Last review date Dec 3, 2018 12:15:40 AM

Subject Title
Enterprise Risk Management and Internal Control

Subject Description
It is widely agreed that one of the most effective corporate anti-fraud weapons is prevention and detection through effective enterprise risk management and internal control. This course will examine the roles and responsibilities of corporate boards of directors and management in directing effective anti-fraud programs. The course material will include legislation such as the Sarbanes-Oxley Act, and will study enterprise risk management, the internal control environment, ethics, professional standards and professional responsibilities.

Credit Status
One credit of the professional requirements in the post-graduate certificate program in Fraud Examination & Forensic Accounting.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

  1. Define and explain internal control and formulate internal control systems based on the fundamental concepts of the definition.
  2. Describe the components of the control environment, risk assessment and control activities and better understand the overall control environment.
  3. Describe types of controls including authorities, accounting and accountability and safeguards.
  4. Apply the steps necessary in understanding an enterprise's internal control system and assess control risk for each major type of transaction.
  5. Describe the necessity for ensuring compliance with internal control objectives.
  6. To better understand the role that enterprise risk management, internal audit and internal controls fulfills in fraud prevention and detection.
  7. To better understand computers, algorithms, software and internal audit.
  8. Describe the role of the board of directors and the audit committee within the internal audit framework.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecacollege.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.