Do you want an efficient organization? Want to prevent fraud? Produce reliable financial statements? Ensure regulatory compliance? The COSO Framework is the ultimate solution. This course will give you a solid understanding of the internal control concepts in order to apply and implement a comprehensive an cost effective system of internal controls.
Course ID: COSO
Making Sense of the Updated COSO Framework: What you need to know to create an effective system of Internal Control
- After completing this course participants will be able to describe the principal components of internal controls, identify key controls, evaluate the effectiveness of a system of internal control, explain the differences between and impact of the levels of deficiencies.
- Discuss the impact of the 2013 COSO guidance on the components and principles of internal control
- Identify the 5 elements of internal control and how they function in the overall system of internal control
- Examine the 17 principles of internal control and how they integrate into the 5 elements
- Compare and contrast management responsibilities vs. auditor responsibilities
- Discuss the various ways a small business can mitigate control deficiencies
- Review the role technology plays in both strengthening and weakening internal controls
- Differentiate between control deficiencies, significant deficiencies, and material weaknesses
- Review the various tools for documenting an understanding of an entity’s internal controls
DESIGNED FORAccountants and managers responsible for designing and maintaining internal controls, and auditors conducting evaluations of internal controls.
FIELD OF STUDY