COSO Framework: ICFR Assessments
Elevate your expertise in Internal Control over Financial Reporting (ICFR) by mastering the COSO Framework. Join our immersive eight-hour CPE training seminar designed for internal auditors, compliance professionals, and financial executives. Get a comprehensive understanding of the COSO 2013 framework, strengthen your ICFR processes, and earn 8 NASBA-Approved CPE credits to enhance your professional credibility.
Why Attend?
1. Deepen Your Understanding of ICFR - Explore the critical principles and components of the COSO Framework to manage risks effectively and enhance financial reporting accuracy.
2. Strengthen Your Compliance with SOX Regulations - Gain practical tools to assess and improve controls aligned with Sarbanes-Oxley (SOX) compliance, specifically Sections 302 and 404.
3. Enhance Internal Control Systems - Learn best practices for evaluating and improving internal control processes across governance, risk management, and business operations.
4. Earn 8 CPE Credits - Expand your knowledge while adding NASBA-Approved CPE certifications to your professional credentials.
What You’ll Learn
This expert-led course equips participants with the skills to assess and enhance ICFR controls using COSO’s principles.
Course Highlights:
1. ICFR Assessment Techniques
- Understand key governance controls at the entity level.
- Explore frameworks for risk management, compliance, financial analysis, and more.
- Link business process controls to COSO components and principles.
2. Seven Layers of Defense for ICFR
- Learn traditional and new risk management strategies.
- Develop a defensive approach to ensure resilience and efficiency.
3. Best Practices for Internal Control Testing
- Discover methods for control testing, certification, and addressing deficiencies.
- Understand how to scope assessments effectively for internal and external audits.
4. COSO Maturity Model for Controls
- Analyze the maturity of internal control systems using COSO and CMMI frameworks.
- Develop strategies for measurable improvements in control effectiveness.
Key Topics Covered:
- COSO Framework concepts and myths.
- Risk assessment and scoping for effective ICFR.
- Self-assessment and control testing techniques.
- Managing SOX compliance projects while avoiding pitfalls.
- Aligning ICFR with PCAOB auditing standards and SEC guidance.
Benefits of Attending
- Improve System Efficiency: Learn ways to boost the effectiveness and efficiency of ICFR controls.
- Hands-On, Practical Training: Participate in interactive exercises to solidify your understanding of COSO principles.
- Gain Strategic Insight: Understand how to anticipate and address control weaknesses.
- Expand Compliance Knowledge: Prepare for regulatory changes and stay ahead in ICFR implementation practices.
Event Details
- Format: Two-day virtual seminar with four-hour sessions each day (group internet-based).
- Schedule: Offered once every eight weeks on Wednesday and Thursday from 10:00 a.m. to 2:30 p.m. CST. Includes a 30-minute lunch break each day.
- CPE Credits: 8 NASBA-Approved CPE credits (Auditing).
- Cost: $560.
- Private Training Available: Customizable schedules for groups of 2 or more participants.
Who Should Attend?
This in-depth training is ideal for professionals responsible for maintaining, evaluating, or improving ICFR systems, including:
- Internal Auditors: Strengthen your approach to control assessment and reporting.
- Financial Executives: Gain insights into managing ICFR strategy and regulatory compliance.
- Risk and Compliance Professionals: Learn tools for improving internal controls to mitigate risks.
Why ICFR and COSO Are Essential
The COSO Framework is the gold standard for internal control systems, offering a roadmap to enhance an organization’s risk management, governance, and audit processes. Effective ICFR ensures:
- Regulatory Alignment: Meet SOX compliance by assessing and improving financial reporting controls.
- Organizational Accountability: Build confidence in your internal controls and audit practices.
- Resilience and Accuracy: Foster a culture of compliance and strengthen financial reporting precision.
Register Now
Take the next step toward becoming an expert in ICFR assessments and the COSO Framework. Gain actionable knowledge, interactive tools, and professional recognition with 8 CPE credits.
Register today to refine your skills and uphold the integrity of financial reporting in your organization!
Details on Event Presentation
Offered on Wednesday-Thursday once every eight weeks in two four hour sessions for 8 CPE credits.
The sessions will run from 10:00 a.m. to 2:30 p.m. Central Time Zone.
There will be a lunch break from 12:00 noon to 12:30 p.m. each day.
We can schedule private events on your timetable for two or more attendees.
CPE Event Highlights
The seminar reviews the following:
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COSO Framework Myths, Definitions and Concepts
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Categories of "Control Deficiencies"
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COSO Framework Illustrative Tools
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Seven layers of defense concerning ICFR
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Scoping the ICFR Assessment
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Best practices in policy and protocol management
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Effective use of Control Self-Assessments
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Sample sizes for Key Control testing
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Why are employees non-compliant
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Measuring "Control Maturity
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Learning Objectives
Attendees will learn how to:
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Ensure compliance with policies and procedures
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Discuss strengthening the health of the organization
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Avoid "carelessness" in day-to-day business processing
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Assess the maturity of existing controls and how to improve their implementation
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Manage policies and protocols
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Set the expectations related to the prevention and detection of fraud
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Discuss considerations and next steps for COSO 2013 usage during the transition period, including available tools and resources
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Key Issues on the Agenda
Section 1 - COSO Framework : Myths, Definitions and Concepts
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Myths about controls
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COSO Framework definition of internal control
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2002 Sarbanes-Oxley Act
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PCAOB Auditing Standard 5
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SEC Guidance for Public Companies
Section 2 - COSO Framework: Effective Internal Control
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Categories of "Control Deficiencies"
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Reasonable assurance
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Management's judgment
Section 3 - COSO Framework: Illustrative Tools
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Overall assessment
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Component evaluation
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Principle evaluation
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Internal control deficiencies
Section 4 - COSO Framework: Seven Layers of ICFR
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Traditional lines of defense
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Risk management
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Getting the right information
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Business resilience
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New defensive strategies
Section 5 - COSO Framework: Scoping the Assessment
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Management's risk assessment
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External auditor's risk assessment
Section 6 - COSO Framework: Self Assessments and Process Documentation
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Control self-assessments
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Business process narratives
Section 7 - COSO Framework: Internal Control Testing
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Control testing
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Assertions of the key controls
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Control mix
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Business process controls
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Entity controls
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Sample size and level of risk
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Control effectiveness
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Control certifications
Section 8 - COSO Framework: The Maturity Model
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Control maturity
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CMMI levels of maturity
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Internal control reliability model
Section 9 - COSO Framework: External Audit
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PCAOB Audit Standard #5
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Inspection issues
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Knowledge transfer
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External auditor's assessment
Section 10 - COSO Framework: The PMO
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How to manage the assessment program
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Project management
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Project scoping
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Project killers
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Project deliverables
Section 11 - COSO Framework: Forming an Opinion
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Opining
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Effective assessment planning
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Weaknesses
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Sufficient evidence
Section 12 - COSOFramework: Rightsizing
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Reassessing risks
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Pareto's Law - 80-15-5
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Culture of compliance
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Sufficient evidence
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NASBA Program Disclosure
Program Level of Understanding: Basic
Prerequisites: None
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Auditing
CPE Credits: 8, based on 50 minutes of instruction per hour
Summary of the Subject Matter
The CPE training event “COSO Framework: ICFR Assessments" is an essential seminar for individuals seeking comprehensive SOX compliance training. The seminar focuses on the COSO Framework from the Committee of Sponsoring Organizations of the Treadway Commission (COSO), which provides guidance on Internal Controls Over Financial Reporting (ICFR).
This training is ideal for professionals looking to understand the principles and components of the COSO 2013 framework, including its criteria for evaluating ICFR. The seminar covers the assessment process, including risk assessment, control activities, and monitoring, providing a complete understanding of ICFR Controls.
Participants will gain a thorough understanding of the ICFR Framework and its role in SOX compliance. The seminar is led by experienced instructors who use real-world examples, case studies, and interactive exercises to reinforce the concepts learned.
Upon completion, participants will receive a certificate of completion and Continuing Professional Education (CPE) credits. This ICFR training is a valuable opportunity for internal auditors, external auditors, internal control professionals, financial executives, and anyone involved in maintaining the effectiveness of an organization's ICFR system. Join the seminar and enhance your understanding of ICFR and SOX.