Internal Control and COSO Essentials for Financial Managers, Accountants and Auditors (Currently Unavailable)

Author: Lynn Fountain

It's been more than 25 years since the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released its Internal Control—Integrated Framework (the original framework). The original framework is widely accepted as a leading framework for designing, implementing, and conducting internal control and assessing the effectiveness of internal control.

Since then, technology has drastically changed the business operating environment and the associated risks. In May 2013, the COSO foundation released an update to the framework.

The framework was updated due to global economic changes, enhanced information technology and increased shareholder expectations. Professionals must obtain a basic understanding of the concepts, principles and potential impact, including changes from the 1992 framework and the key COSO components and 17 principles.

This course provides an overview of the important concepts of COSO 2013. You'll learn about the important changes in the COSO framework and explore opportunities for management to place a renewed focus on internal control and enhance and solidify their Sarbanes-Oxley attestation.

Publication Date: November 2019

Designed For
External Auditors/Internal Auditors, Accountants and Finance professionals, Executive management/ Board members and Audit Committee members, and Legal and Compliance professionals.

Topics Covered

• Definition and Benefits of Internal Control
• Internal Control Basic Tenants
• COSO 2013 Benefits and Challenges
• Update and Key Changes
• Keys to COSO's 17 Principles
• Framework Application
• Needs Impact
• Compliance

Learning Objectives

• Describe Internal Control and its importance in today's business
• Identify reasons for COSO update and dissect key changes
• Recognize the basic tenants of Internal Control
• Recognize and apply the keys to the COSO 17 principles
• Identify how to perform a needs impact assessment and compliance plan
• Identify advantages and disadvantages of internal controls
• Recognize principles with respect to the control environment
• Describe correct statements with respect to the application of the Framework
• Identify changes to the COSO Framework

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None