Review of the COSO Framework (Currently Unavailable)

Author: Robert K Minniti

This course is designed to review the COSO Framework for Internal Controls. The course will cover the five components of the COSO Framework: the control environment, control activities, information & communication, risk assessment and monitoring. We will discuss various types of internal controls as well as methods for developing effective internal controls.

Publication Date: May 2016

Designed For
CFOs, CEOs, business owners, business managers, internal auditors, external auditors, corporate accountants, government accountants and risk management personnel.

Topics Covered

• History of COSO
• Five COSO compontents
• Various types of internal controls
• Methods for developing effective internal controls

Learning Objectives

• Identify the history of COSO
• Review the five COSO components
• Develop preventive and detective controls
• Differentiate between automated and manual controls
• Identify how a company should perform within the internal control framework
• Differentiate statements about the Control Environment of the COSO framework
• Recognize how principles relate to the five components of the COSO Internal Control Framework and which is often considered the most important
• Describe how COSO defined one aspect of Information & Communication
• Identify when a company demonstrates that is evaluates and communicates deficiencies
• Recognize factors in obtaining an understanding of the control environment
• Describe the first law to require companies to have internal controls over financial processes
• Identify who has the responsibility for internal controls
• Recognize how the COSO framework for internal control evolved
• Recognize Control Activity
• Recognize how to demonstrate a company's commitment to Integrity and Ethical Values
• Recognize how to demonstrate that a company identifies and analyzes significant change in its organization
• Identify how a company demonstrates that a company uses relevant information
• Differentiate statements regarding the COSO Component Evaluation methodology

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
None

Advance Preparation
None