Understanding COSO Framework Compliance - In-Person

Being offered on Wednesdays at 1:30 p.m. to 3:30 p.m.

We can schedule private events on your timetable for two or more attendees.

NASBA Program Disclosure

Program Level of Understanding: Basic

Prerequisites: None

Advance Preparation: None

Delivery Format: On-site Training (Group-Live); Seminar (Group-Live)

NASBA Field(s) of Study: Auditing, Information TechnologyCPE Credits: 2, based on 50 minutes of instruction per hour

The seminar reviews the following:

• Top Ten Internal Controls in the COSO Framework

• Top Down risk-based Approach to the COSO Framework

• The Importance of Internal Controls in Mitigating Risk for Your Organization

• Best Practices Learned from the Sarbanes-Oxley Act (SOX)

• Internal Control Frameworrks: COSO Framework and COBIT

• Risk Management, Business Process Management, and Key Controls

• Testing the Effectiveness of Internal Controls

• Preventing and Detecting Corporate Fraud

Attendees will:

• Understand the structure of the COSO Internal Control Framework

• Be able to describe the "top-down, risk-based" approach to assessing internal control, and be able to compare this approach to their current approach

• Be able to classify the types of internal controls to manage business operations

• Be able to identify the compliance requirements of the Sarbanes-Oxley Act and apply the best practices to their current practice

Introductions
Section 1 - Defining Internal Control & The Objectives

• COSO 2013 Structure

• Defining Internal Control

• Business Objectives drive the internal control processes

Section 2 - Components of the COSO 2013 Framework

• The Five Components

• The proper order of the COSO Components

• Internal Control labeling

Section 3 - Principles and Points of Focus within the Frameworks

• Principles matter

• Points of Focus are further attributes

Section 4 - Effective Internal Control

• Integration of the controls

• Limitations of the internal controls

This CPE event focusing on Understanding COSO 2013 Framework Compliance provides a comprehensive exploration of the essential components and best practices related to achieving compliance with the Committee of Sponsoring Organizations of the Treadway Commission (COSO) 2013 framework. This in-person event serves as a valuable resource for professionals seeking to strengthen their understanding of the COSO framework, its principles, and the practical approaches to implementing effective internal controls within their organizations.

Key areas covered in this event may include:

• COSO Framework Fundamentals: In-depth analysis of the COSO 2013 framework, including its core principles, components, and the interrelated aspects essential for establishing a robust system of internal control, enabling participants to grasp the foundational elements underpinning effective compliance.

• Risk Assessment and Control Environment: Exploration of the methodologies and considerations involved in risk assessment, as well as the development and maintenance of a sound control environment aligned with the COSO framework, equipping attendees with insights into cultivating a risk-aware culture and bolstering organizational resilience.

• Monitoring and Adapting to Change: Guidance on the monitoring processes and mechanisms essential for evaluating the effectiveness of internal controls, along with strategies for adapting to evolving business landscapes and regulatory environments in a manner consistent with the COSO framework's requirements.

• Practical Implementation and Best Practices: Practical insights and best practices for implementing the COSO 2013 framework within organizations, including real-world case studies and scenarios that illustrate successful approaches to compliance and the benefits derived from aligning with the framework's principles.

By delving into these pivotal aspects, the in-person CPE event endeavors to empower professionals with the knowledge and tools necessary to navigate the nuances of the COSO 2013 framework, thereby fostering a culture of effective internal control and governance aligned with industry best practices.

It's fantastic to see your commitment to expanding your knowledge after the CPE event on the COSO Framework. Here are some authoritative sources, along with their web links, to further enhance your understanding:

• Guide to COSO Framework and Compliance: This comprehensive guide provides insights into implementing the COSO Framework, particularly focusing on assessing its five components, including the control environment and risk assessment.
• The 2013 COSO Framework & SOX Compliance: This source offers information on establishing structure, authority, and responsibility within the framework, emphasizing the importance of commitment to competence and accountability in the compliance process.
• Fundamentals of the COSO Framework: A valuable resource that delves into the fundamentals, pillars, and steps to implement the COSO Framework, offering an in-depth understanding of its core elements.
• DeloitteESGNow — Using the COSO Framework: Deloitte's insights on using the COSO Framework post its 2013 revision to encompass all forms of reporting, including internal, external, financial, and sustainability.
• COSO Internal Control – Integrated Framework (2013): A whitepaper offering insights into the compliance objective of the COSO Framework, particularly related to the entity's compliance with applicable laws and regulations.

By exploring these authoritative sources, attendees can further enhance their understanding of the COSO Framework and its implications for compliance, enabling them to apply this knowledge effectively within their organizational contexts.