Using the COSO Framework (Currently Unavailable)
Author: Robert K Minniti
| CPE Credit: |
2 hours for CPAs |
This on-demand course is designed to review the use of 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 conducting a risk assessment and developing various types of internal controls.
Publication Date: March 2018
Designed For
CFOs, CEOs, business owners, business managers, internal auditors, external auditors, corporate accountants, government accountants and risk management personnel.
Topics Covered
- Five components of the COSO Framework
- Conducting a risk assessment
- Various types of internal controls
- Obtaining an Understanding of the Control Environment
- Requirements for Internal Control
- Responsibility for Internal Controls
- COSO Framework for Internal Control
- COSO 2013 Component Evaluation
Learning Objectives
- Recognize the five COSO components
- Identify preventive & detective controls
- Describe the COSO Framework components
- Differentiate principles with respect to risk assessment
- Identify components of internal controls and why they are important
- Recognize how to best conduct ongoing/separate evaluations an entity should complete
- Identify the laws to require companies to have internal controls over financial processes
- Describe when the COSO Framework was originally developed and then revised
- Identify principles with respect to the control environment
- Differentiate components of the COSO Framework
- Recognize principles with respect to the monitoring component of the COSO Framework
- Identify processes supporting oversight responsibility
- Recognize the components of the COSO Framework for internal control
- Recognize the requirements for internal controls
- Describe COSO 2013 Component Evaluation
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)
Program Prerequisites
None
Advance Preparation
None
