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