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Using the COSO Framework (Currently Unavailable)

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

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