Review of the COSO Framework

Learning Objectives

• To analyze the COSO framework.
• To identify the components of the COSO internal control model.
• To match the principles of the COSO framework to the components COSO framework.
• 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.

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. However 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 Framework is a system used to establish internal controls to be integrated into business processes. Collectively, these controls provide reasonable assurance that the organization is operating ethically, transparently, and following established industry standards.

This CPE course is designed to review the COSO framework for internal controls. Speaker Dr. Robert Minniti will cover the five components of the COSO framework: the control environment, control activities, information & communication, risk assessment, and monitoring.

In this online CPE Audit webinar, we will also discuss various types of internal controls as well as methods for developing effective internal controls. 

This course covers the following Major Topics: 

• Obtaining an Understanding of the Control Environment
• Definition of Internal Controls
• Requirement for Internal Controls
• THE GREEN BOOK
• COSO Framework for Internal Control
• COSO Component Evaluation
• Evaluating Internal Controls

Overview

• Obtaining an understanding of the control environment

  3 mins
• Responsibility for internal controls

  8 mins
• Risk Assessment

  32 mins
• Information & Communication

  47 mins
• COSO Component evaluation

  62 mins
• Selects and develops control activities

  75 mins