Effective Use of the COSO Framework - In-Person
Master the COSO Framework to Enhance Your Organization’s Internal Controls and Risk Management
The Effective Use of the COSO Framework – In-Person CPE Training Event is an interactive two-day seminar designed for professionals looking to improve their organization’s internal controls, refine risk management practices, and ensure alignment with regulatory standards. Participants will gain in-depth knowledge of the COSO Framework’s five core components—control environment, risk assessment, control activities, information and communication, and monitoring activities—through practical applications, real-life examples, and case studies.
Earn 16 NASBA-approved CPE credits and elevate your skills to design, evaluate, and enhance internal control systems that drive organizational success and compliance with industry standards.
Why Attend?
Earn 16 CPE Credits - Boost your professional credentials while mastering the COSO IT Framework which is one of the most widely used frameworks in corporate governance and internal auditing.
Enhance Compliance and Governance - Understand the COSO Framework’s principles-based approach to fortify risk management, accountability, and transparency within your organization.
Develop Practical Skills - Learn actionable strategies to conduct internal control assessments, mitigate risks, and document testing evidence effectively.
Learn from Industry Experts - Benefit from the extensive knowledge of seasoned professionals with hands-on experience implementing the COSO IT Framework.
What You’ll Learn
This seminar provides actionable insights into the practical application of the COSO IT Framework within organizations to improve corporate governance, risk management, and internal controls. Key learning objectives include:
Understanding the COSO Framework - Discover the five components, 17 principles, and 85 points of focus foundational to the COSO Framework.
Conducting Risk Assessments - Learn to identify and evaluate risks across financial, operational, compliance, and IT functions.
Building Robust Internal Control Systems - Explore methods for improving controls that support financial reporting integrity and operational efficiency.
Testing and Documenting Effectiveness - Develop skills to test internal control processes, gather evidence, analyze results, and document findings comprehensively.
Evaluating Deficiencies and Remediation - Understand how to identify control deficiencies and implement corrective actions effectively.
Preparing for ICFR Reporting - Gain clarity on SOX ICFR reporting requirements and ensure compliance with SEC mandates.
Seminar Highlights
This training emphasizes a hands-on approach with real-world examples and managerial insights. Key highlights include:
Interactive Learning Environment - Participate in group discussions and exercises to deepen your grasp of COSO-based internal control strategies.
Best Practices from Experts - Gain actionable insights from experienced practitioners specializing in internal control and risk management.
Comprehensive Resource Materials - Access tools and methodologies to implement internal controls aligned with organizational goals.
Key Agenda Topics
The seminar is structured to provide an in-depth understanding of core concepts and advanced applications. Key topics include:
Introduction to Internal Control Concepts
- Overview of the COSO Framework’s scope and relevance.
- Pareto’s Law, Moore’s Law, and their impact on internal controls.
Integration of Risk Management and Control Activities
- Entity-level controls within COSO.
- Linking business objectives to risks and internal controls to ensure coverage.
Conducting Risk Assessments
- How to integrate risk assessment processes within operations and financial reporting.
Identifying and Testing Internal Controls
- Steps to classify and evaluate controls as preventive, detective, manual, or automated.
- Sampling methodologies and techniques for operational effectiveness testing.
Evaluating Control Deficiencies
- Understanding how deficiencies impact financial statements and implementing remediation.
Opining on Internal Controls Over Financial Reporting (ICFR)
- Evidence gathering, reporting to external auditors, and aligning to SEC expectations.
Building a Culture of Compliance
- Practical steps to foster accountability and transparency using COSO-based frameworks.
Event Details
- Format: Live, in-person sessions guided by experienced industry facilitators.
- Schedule:
- Day 1 (Thursday): 9:00 a.m. – 5:00 p.m.
- Day 2 (Friday): 9:00 a.m. – 4:00 p.m.
- CPE Credits: Earn 16 credits upon completion.
- Cost: $1,440 per attendee.
- Locations: Multiple cities nationwide, with sessions available monthly.
- Prerequisites: None – open to professionals of all backgrounds looking to advance their internal control expertise.
Who Should Attend?
This program is ideal for professionals tasked with improving internal controls and risk management, including but not limited to the following roles:
- Internal Auditors strengthening COSO proficiency.
- Compliance Officers ensuring regulatory alignment.
- Finance Leaders looking to optimize ICFR systems.
- Risk Managers tasked with improving organizational resilience.
- IT Professionals focused on governance and cybersecurity.
Why COSO Framework Mastery Matters
Having a solid understanding of the COSO Framework is essential for any organization aiming to build robust internal controls, enhance compliance, and safeguard both operational and financial integrity. Mastering COSO empowers you to identify weaknesses proactively, mitigate risks, and ensure a resilient organizational framework in a dynamic regulatory environment.
Register Today
Don’t miss the opportunity to hone your skills and transform your organization’s internal controls and governance systems. Join the Effective Use of the COSO Framework – In-Person CPE Training Event to gain expert insights, practical tools, and 16 CPE credits while advancing your professional credentials.
Register now and elevate your understanding of the COSO Framework to achieve operational excellence and compliance!
Details on Event Presentation
The sessions will be as follows:
Thursday – 9:00 a.m. to 5:00 p.m.
Friday - 9:00 a.m. to 4:00 p.m.
Offered in-person in various cites each month on Thursday-Fridays in two sessions.
NASBA Program Disclosure
Program Level of Understanding: Basic to Intermediate
Prerequisites: None.
Advance Preparation: A number of documents will be provided in advance.
Delivery Format: On-site Training (Group-Live); Seminar (Group-Live)
NASBA Field(s) of Study: Auditing
CPE Credits: 16, based on 50 minutes of instruction per hour
CPE Event Highlights
We will cover in this program:
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Tips and methods from COSO Framework and internal control experts.
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Understand the COSO Framework's principles-based approach.
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Identify and analyze ICFR risks.
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Develop tactics and strategies in improving an internal control system based on the COSO Framework.
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Learning Objectives
By the end of the course, participants will be able to:
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Identify the core principles in the COSO Framework.
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Understand the requirements tactical and strategic of internal control function.
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Understand internal control risk assessments.
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Identify the requirements of effective process documentation.
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Apply the methods for obtaining and presenting internal control testing evidence.
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Understand the components of an effective internal control assessment report.
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Conduct the follow-up and validation of resolutions to internal control issues.
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Key Issues on the Agenda
Introductions
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SOX ICFR Reporting Requirements
Section One - Internal Control Concepts and Challenges
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Pareto's Law
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Moore's Law
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The Business Model
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Five Layers of Business Objectives
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Integration of Internal Controls under the COSO Framework
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Internal Controls over Financial Reporting (ICFR)
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Six Layers of Key Controls for ICFR
Section Two - Available Internal Control Frameworks
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COSO Framework - 17 Principles and 85 Points of Focus
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ISACA Control Objectives for Information and Related Technologies (COBIT)
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Internal Control Program Charter
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How Effective is Your ICFR?
Section Three - Business Objectives to Risk Assessments
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The Business Model to Identified Risks
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Layers of Risk Assessment
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Operations Risk Assessment
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Compliance Risk Assessment
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Information Technology Risk Assessment
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Financial Statement Risk Assessment
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The Big Three Connections - Business Objective - Risk - Control
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Measuring Residual Risk vs Inherent Risk
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Entity Level Controls Integration within the COSO Framework
Section Four - Performing Risk Assessments within the Business Process
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Significant accounts and their transaction sources
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Application software and transaction flow within business processes
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Business Objectives - Risks - Internal Controls relationship
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Risk Assessment within the Business Process
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Business Process Assertions - CAVR-C
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Business process documentation standards
Section Five - Identifying Key Controls
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The labels controls carry - Entity - Process - ITGC - Preventive - Detective - Manual - Automated - Compensating - Review
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Key controls vs non-key controls
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Classifying controls in a business process exercise
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Information presented in reports and dashboards (IPE) Controls
Section Six - Assessing Design - Testing Effectiveness
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The walkthrough process
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Walkthrough interviewing using S.P.I.N.
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How to get to the facts
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Establishing a "Fact"
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Assessing the design of controls
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Elements maturity within business processes
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Testing for operation effectiveness of controls
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Methods of testing business process controls
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Sample size and sampling methodologies
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Defining and documenting an issue noted in testing
Section Seven - Evaluating Control Deficiencies and their future
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SEC's Definitions concerning Deficiencies
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Categories of Internal Control Deficiencies
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Determining materiality
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Documenting a deficiency
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Measuring the deficiency
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Determining the "Root Cause"
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Remediation
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Retesting
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Tracking of deficiencies (Exercise)
Section Eight - Opining and Certification
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COSO IT Framework Guidance on ICFR Assessments
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Assessment vs Audit
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SEC Requirements
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Evidence to support management's assessment
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Certification of "ICFR"
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Opining to the External Auditor & SEC
Section Nine - Summary
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Keys to successful ICFR assessment
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Building a culture of compliance
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Top COSO IT Framework key control programs
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Summary of the Subject Matter
This CPE event "Effective Use of the COSO Framework" provides an in-depth exploration of leveraging the Committee of Sponsoring Organizations (COSO) IT framework to enhance internal control processes within organizations. Attendees can expect a comprehensive analysis of the COSO IT framework's key components, including its role in strengthening risk management, corporate governance, and overall business performance.
During this event, participants will gain valuable insights into implementing the COSO IT framework to fortify internal controls, aligning with regulatory requirements, and fostering a culture of accountability and transparency. Furthermore, the event aims to equip attendees with practical strategies for integrating the COSO IT framework into their organizational structure, thereby optimizing operational efficiency and risk mitigation efforts.
By participating in this event, professionals can anticipate acquiring actionable knowledge and best practices for effectively utilizing the COSO IT framework to elevate their internal control systems and drive sustainable business growth.