Internal Controls: Capital Assets – Online| Self-Study

About this course

Learning objectives

This dynamic course has a detailed curriculum consisting of 6 lessons:

Lesson 1 — Internal Control Review

• Recall the definition of internal control.
• Recognize the three categories of objectives and the five interrelated components of an effective internal control system.
• Recall how objectives and components work together to create an effective internal control system.

Lesson 2 — Importance of Internal Control

• Recall why internal controls are valuable to an organization.
• Recognize internal control within Generally Accepted Government Auditing Standards (GAGAS) and the Single Audit Act.
• Recall how internal controls are a deterrent to fraud.

Lesson 3 — Capital Assets – An Overview

• Recall the definition of capital assets.
• Identify accounting for capital assets in government fund, proprietary fund and government-wide financial statement.

Lesson 4 — Effective Internal Controls Over Capital Assets

• Recall the control objectives relating to capital assets.
• Identify the connection between the capital asset objectives and the five interrelated components of an effective internal control system.
• Recall how fraud occurs in the capital asset function.

Lesson 5 — Segregation of Duties

• Recall the definition of segregation of duties.
• Identify duties should be segregated in the capital asset function.
• Recall how to complete a segregation of duties evaluator for a sample government.

Lesson 6 — Internal Control Deficiencies

• Recall internal control testing performed by external auditors.
• Recognize the components for reporting internal control deficiencies.
• Recognize the different types of internal control deficiencies.

Who should attend?

Internal Controls: Capital Assets is one of a series of four internal control courses designed primarily for state and local government employees who require knowledge of basic internal controls.

• Local governmental employees who require knowledge of internal controls over capital assets.
• Professionals with private sector experience who want to gain knowledge of internal controls over capital assets
• Accounting professionals preparing for the CPA exam or seeking continuing professional education
• Local government employees who seek to meet requirements of the Local Government Finance Officer Certification Program offered through the University of Georgia’s Carl Vinson Institute of Government

Continuing Education Information

The University of Georgia will award 0.46 Continuing Education Unit (CEU) or 5.5 CPEs upon successful completion of this course.

A University of Georgia CEU (Opens in a new window) transcript is available at any time upon written request.

A Certificate of Program Completion from the University of Georgia is awarded to all enrollees who complete the four-course series in a 12-month period.

Note: Carl Vinson Institute of Government University of Georgia National Registry Sponsor Number: 140808

In accordance with the standards of the National Registry of CPE sponsors, CPE credits granted are based on a 50-minute hour.

Field of Study: Auditing (Governmental)
Delivery Method: QAS Self Study
Advance Preparation: None
Program Level: Basic
Prerequisites: None