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Critical New COSO Internal Control Framework Concepts (COS4)

  • Format Live Seminar
  • Credits 4
  • Level Intermediate
  • Field of Study Auditing (4)

To register for a live seminar, visit the sponsoring state society’s website.

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Overview

All successful entities, regardless of nature, size, and complexity, must have a well-designed and effectively operating system of internal controls over reliable financial reporting, in addition to managing other risks. This course will provide practical guidance on exactly what a sound system of internal controls “looks like” and the resulting impact on the reliability of financial statements, particularly for smaller entities. In addition, we will explore COSO’s 2013 updates to the original 1992 Internal Control - Integrated Framework to better manage the unique and challenging risks of today’s entities.

Major Topics

  • Important differences between the 1992 version of the framework and the 2013 COSO guidance
  • Key components of internal control per the COSO Internal Control - Integrated Framework, and the significant role each plays in the design and operating effectiveness of internal control over reliable financial reporting
  • Evaluating design and implementation of an entity’s design on internal controls, including impact on risk of material misstatement in financial statements
  • Testing controls for operating effectiveness, including determining sufficiency and appropriateness of the nature, timing, and extent of control testing procedures
  • Special considerations when using outside service organizations
  • Key concepts of the Enterprise Risk Management that expands on internal control, providing a more robust and extensive focus of broader risk management

Learning Objectives

  • Explain the evolution of internal control concepts since the origination of the 1992 version of COSO’s Internal Control-Integrated Framework, including important new concepts contained in the updated 2013 version
  • Describe important internal control concepts related to evaluating the design, implementation and operating effectiveness of internal control over reliable financial reporting
  • Be familiar with a more extensive enterprise-wide risk management approach guided by COSO’s Enterprise Risk Management
  • Be familiar with practical implementation tips and examples

Who should take this course:


Accountants both in public and private practice responsible for designing, evaluating, and/or monitoring internal controls over financial reporting

Experience with designing, evaluating, or monitoring internal controls

None

No

No

No

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