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COSO Framework: ICFR Assessments

COSO Framework: ICFR Assessments

As the leading provider of Audit, Compliance and COSO Framework CPE training, Corporate Compliance Seminars has reviewed the best practices currently available in the SOX Compliance community. We have focused this CPE seminar on What - When - Where - Why - How to Test.


We cover how to assess the effectiveness of Internal Controls over Financial Reporting all the way down to individual business process controls and their linkage to the COSO Framework components and principles.


This eight-hour COSO Framework training course will provide an understanding of approaches for the assessment of controls within various layers of ICFR under COSO Framework:

  • Entity Level Governance Controls

  • Tone at the Top Controls

  • Management Controls within Business Processes

  • The Second Line of Defense: Risk Management, Compliance, Financial Analysis, Quality, Inspection

  • Internal audit

  • External audit

  • Regulatory


It will help you look for ways to improve the effectiveness and efficiency of a system of internal controls and audits of controls. This seminar will start the process of positioning an organization to assess its compliance with Sarbanes-Oxley (SOX) Sections 302 and 404.


This internal control training course provides each attendee will receive 8 CPE Event Hours (YB). A certificate of completion will be provided.


Join us for this enlightening CPE event on using the COSO Framework for managing ICFR and take a significant step towards mastering the COSO Framework. Let's embark on this learning journey together!

  • Details on Event Presentation

    Offered on Wednesday-Thursday once every six 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:

    • COSO Framework Myths, Definitions and Concepts

    • Categories of "Control Deficiencies"

    • COSO Framework Illustrative Tools

    • Seven layers of defense concerning ICFR

    • Scoping the ICFR Assessment

    • Best practices in policy and protocol management

    • Effective use of Control Self-Assessments

    • Sample sizes for Key Control testing

    • Why are employees non-compliant

    • Measuring "Control Maturity

  • Learning Objectives

    Attendees will learn how to:

    • Ensure compliance with policies and procedures

    • Discuss strengthening the health of the organization

    • Avoid "carelessness" in day-to-day business processing

    • Assess the maturity of existing controls and how to improve their implementation

    • Manage policies and protocols

    • Set the expectations related to the prevention and detection of fraud

    • Discuss considerations and next steps for COSO 2013 usage during the transition period, including available tools and resources

  • Key Issues on the Agenda

    Section 1 - COSO Framework : Myths, Definitions and Concepts

    • Myths about controls

    • COSO Framework definition of internal control

    • 2002 Sarbanes-Oxley Act

    • PCAOB Auditing Standard 5

    • SEC Guidance for Public Companies

    Section 2 - COSO Framework: Effective Internal Control

    • Categories of "Control Deficiencies"

    • Reasonable assurance

    • Management's judgment

    Section 3 - COSO Framework: Illustrative Tools

    • Overall assessment

    • Component evaluation

    • Principle evaluation

    • Internal control deficiencies

    Section 4 - COSO Framework: Seven Layers of ICFR

    • Traditional lines of defense

    • Risk management

    • Getting the right information

    • Business resilience

    • New defensive strategies

    Section 5 - COSO Framework: Scoping the Assessment

    • Management's risk assessment

    • External auditor's risk assessment

    Section 6 - COSO Framework: Self Assessments and Process Documentation

    • Control self-assessments

    • Business process narratives

    Section 7 - COSO Framework: Internal Control Testing

    • Control testing

    • Assertions of the key controls

    • Control mix

    • Business process controls

    • Entity controls

    • Sample size and level of risk

    • Control effectiveness

    • Control certifications

    Section 8 - COSO Framework: The Maturity Model

    • Control maturity

    • CMMI levels of maturity

    • Internal control reliability model

    Section 9 - COSO Framework: External Audit

    • PCAOB Audit Standard #5

    • Inspection issues

    • Knowledge transfer

    • External auditor's assessment

    Section 10 - COSO Framework: The PMO

    • How to manage the assessment program

    • Project management

    • Project scoping

    • Project killers

    • Project deliverables

    Section 11 - COSO Framework: Forming an Opinion

    • Opining

    • Effective assessment planning

    • Weaknesses

    • Sufficient evidence

    Section 12 - COSOFramework: Rightsizing

    • Reassessing risks

    • Pareto's Law - 80-15-5

    • Culture of compliance

    • Sufficient evidence

  • 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.

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