P3 overview - internal controls - part 1

In this lesson

1. 0:00 Internal controls and board responsibility
2. 0:25 COSO model framework explained
3. 1:20 Ethics framework and threats to independence
4. 2:21 COSO cube dimensions and structure
5. 3:50 Accounting models for control improvement
6. 5:19 Beyond profit: strategic performance frameworks
7. 7:04 Balanced scorecard and value for money
8. 9:03 Cost of quality and project management
9. 10:43 Limitations of internal control systems
10. 11:48 Data protection and legal responsibilities

About this lesson

You'll discover how the five components of Coso—control environment, risk assessment, control activities, information and communication, and monitoring—work together to manage risk at every level. You'll also see how ethics ties directly into internal controls through Cima's ethical framework and the threats to independence (advocacy, self-review, familiarity, and self-interest). Understanding these principles helps you spot ethical risks in exam scenarios and real business situations. Beyond Coso, this video introduces the accounting and management techniques that strengthen internal controls: from traditional tools like budgeting and variance analysis to modern approaches like lifecycle costing, target costing, and lean techniques. You'll understand why focusing solely on profit isn't enough—and how frameworks like the balanced scorecard and value for money help organisations measure what actually drives performance. Finally, you'll recognise the real-world limitations of internal controls. They cost money, can only anticipate known risks, and depend on people who can make mistakes or even override them. This part sets you up for part two, where you'll dig deeper into specific control activities and how to apply them strategically.

Duration: 12m