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Applying the Dynamic Nature of The COSO Framework

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Before starting this self study program, please go through the instructional document.

Overview

  • The COSO Model
    4 mins
  • Control Environment
    24 mins
  • Factors Demonstrating Commitment to Integrity and Ethical Values
    30 mins
  • Principles Related to Risk Assessment
    47 mins
  • Information and Communication
    63 mins
  • Control Activities
    83 mins

Course Description

Many organizations have gone through extensive efforts to comply with Sarbanes-Oxley and other internal control regulations to ensure accuracy in their financial statements. But financial statement controls cover only a small area of risk and often ignore the far greater risks resulting from weak operational and other financial controls. Accountants believe that COSO represents a means for developing internal controls to prevent and detect errors and fraudulent activities.  As described in its definition, however, it is a much more dynamic system used to achieve management’s goals of reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations.

The COSO model can be applied to projects as broad as developing a plan for a new business to objectives as specific as reducing the cost of maintaining a business asset.  It can be applied to an entire entity, a department within the entity, a process performed by a department, or a specific transaction that is part of the process.

This Online CPE Webinar covers following Key Topics:

  • Overview of COSO framework
  • 5 components of COSO framework : Control environment, Control activities, Information & Communication, Risk assessment and Monitoring
  • 17 principles supporting the components of COSO framework
  • Points of focus that reduce the principles to individual characteristics.

In this Online CPE Webinar, attendees will learn how to apply the process using examples related to establishing an entity, avoiding errors or fraud that reduce the reliability of financial statements, and achieving a specific objective such as increasing the sales associated with a specific product. 

Learning Objectives

  • To identify the 5 components of the COSO internal control model
  • To match the 17 principles of COSO framework to the 5 components COSO framework
  • To recall the points of focus that apply to each of the seventeen principles
  • To identify ways of applying the COSO model to the achievement of large and small objectives
  • To identify the differences between automated and manual controls

Who Should Attend?

  • Auditors
  • Certified Management Accountant
  • Chief Accounting Officer
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Entrepreneurial CPA
  • Young CPA

Testimonial

4.6

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WD

The examples and personal experiences the instructor shared were very informative.