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
Instructor
Lynn Fountain
Lynn Fountain has over 38 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She is a highly sought-after trainer and international speaker. In addition, Ms. Fountain has assisted numerous companies with enterprise risk management frameworks, internal audit processes and financial accounting. She also serves as a discussion leader for the AICPA for numerous classes finance, accounting and risk management topics.
Ms. Fountain is the author of three separate technical books. Her first book released in 2015 by the Institute of Internal Auditors Foundation is entitled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. Her second book “Leading the Internal Audit Function” was released in October 2015 by Taylor & Francis Publications. This book serves as the initial launch for a series of leading practice internal audit and information technology publications. Her third book “Ethics and the Internal Auditor’s Dilemma” was released in December 2016.
Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.