Using COSO Framework for Compliance and SOX
Unlock the power of the COSO Framework with our comprehensive training event, designed to help compliance officers, auditors, and risk management professionals build stronger internal controls and ensure SOX compliance. This interactive workshop provides the knowledge, tools, and strategies you need to elevate your compliance approach while earning 16 NASBA-Approved CPE credits.
Why Attend?
1. Master the COSO Framework - Gain practical expertise in applying the five COSO Framework components to enhance compliance, governance, and risk management processes.
2. Elevate Your SOX Compliance Strategies - Learn how to integrate the COSO Framework to meet and exceed Sarbanes-Oxley Act (SOX) requirements, ensuring a robust internal control system.
3. Gain Hands-On Experience - Participate in interactive discussions and workshops led by industry experts, focusing on real-world applications and best practices.
4. Earn 16 CPE Credits - Strengthen your professional credentials while enhancing essential skills for compliance and internal control management.
What You’ll Learn
This workshop equips you with the tools to align the COSO Framework with compliance efforts and implement effective internal control systems.
Course Highlights:
1. Comprehensive Overview of COSO Framework
- Explore the evolution of the COSO Framework and its components.
- Understand the role of internal controls in today’s complex regulatory environment.
2. COSO Framework Applications for SOX Compliance
- Learn how to apply the framework for effective risk management and control activities.
- Discover strategies to meet SOX requirements using COSO principles.
3. Enhancing Internal Controls
- Build stronger internal control documentation and assessment techniques.
- Improve your organization’s entity-level controls and risk assessments.
4. Communicating and Monitoring Controls
- Discover tools for effective communication of compliance activities with stakeholders.
- Learn strategies to monitor and evaluate control effectiveness over time.
5. Addressing Regulatory and Audit Challenges
- Understand how to manage external auditor relationships under PCAOB standards.
- Identify strategies to address control deficiencies and remediation steps.
Key Topics Covered:
- History and updates to the COSO Framework
- Risk assessment and controls for SOX compliance
- Testing internal controls and documenting results
- Building a compliance assessment plan using risk-based methodologies
- Communicating with external auditors and governance committees
- Monitoring compliance effectiveness and accountability
Benefits of Attending
- Deeper Understanding of Internal Controls: Leverage the COSO Framework to improve control systems and compliance strategies.
- Enhanced Risk Management Capabilities: Use risk-based methodologies to identify and mitigate organizational risks.
- Career Advancement: Gain 16 NASBA-Approved CPE credits to enhance your professional standing and grow your expertise.
- Practical Techniques for Governance Success: Apply actionable tools to foster transparency, accountability, and compliance in your organization.
Event Details
- Schedule: Offered every eight weeks from Tuesday to Thursday, 9 a.m. to 3 p.m. CST, with a lunch break from 12 p.m. to 12:30 p.m.
- Duration: 16 hours across three days.
- Format: Live, interactive online sessions (Group Internet-Based).
- CPE Credits: 16 NASBA-Approved CPE credits in auditing, business law, and compliance.
- Cost: $1,500.
- Private Training Available: Flexible scheduling for two or more attendees.
Who Should Attend?
This workshop is designed for professionals eager to elevate their compliance and governance skills, including:
- Compliance Officers: Strengthen your approach to regulatory requirements and SOX compliance.
- Auditors: Develop techniques for assessing internal controls aligned with COSO principles.
- Risk Management Professionals: Gain comprehensive tools to identify and manage organizational risks effectively.
The Importance of COSO Framework in Compliance
The COSO Framework is the foundation of effective governance, internal controls, and risk management, critical for today’s compliance landscape. By mastering its principles, you’ll:
- Mitigate Risks: Identify control weaknesses and mitigate compliance risks proactively.
- Build Effective Systems: Implement structured controls to meet and exceed SOX regulations.
- Foster Organizational Growth: Inspire transparency and accountability while driving efficiency in compliance processes.
Register Now
Take the step to elevate your expertise and secure your organization’s compliance success. Join this highly informative workshop to gain invaluable insights into the COSO Framework, enhance your SOX compliance strategies, and earn 16 CPE credits to advance your career.
Register today to master the tools of governance and bring confidence to your compliance efforts!
Details on Event Presentation
Offered on Tuesday-Thursday once every eight weeks in three six hour sessions for 18 CPE credits.
The sessions will run from 9:00 a.m. to 3:00 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.
NASBA Program Disclosures
Program Level of Understanding: Basic
Prerequisites: None
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Auditing, Business Law, Business Management & Organization, Behavioral Ethics
CPE Credits: 18, based on 50 minutes of instruction per hour
CPE Event Highlights
The seminar reviews the following:
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Top Down risk-based Approach Defined for the COSO Framework
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Best Practices to Control Environment Documentation and Assessment
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Entity Level Control Documentation to the COSO Framework
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Risk Assessment Documentation
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How to Manage Communication with External Auditors and Audit Committee
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Workshops focused on Major Deliverables
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Learning Objectives
Attendees will learn how to:
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Provide top down risk assessments and their application to the creation of internal controls
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Apply COSO Framework to the compliance requirements of the Sarbanes-Oxley Act
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Discuss relationship with their external auditors under PCAOB Auditing Standards
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Identify methods for improving their internal controls using the COSO Framework
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Key Issues on the Agenda
Introductions
Section 1 - Introduction and Overview-
About Us and About Your Instructor
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Who are You? What are Your Needs?
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Overview of Agenda Tailored to Your Needs
Section 2 - History Lesson
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What is "Internal Control" and Why Are Controls So Important?
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What is "Risk"? Can Risk Be Managed?
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Background of Internal Control Legislation
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Regulatory Requirements from the SEC, PCAOB and Others
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History of the COSO Committee
Section 3 - The COSO Framework ICIF: Then and Now
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Why was the COSO Framework ICIF Developed?
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The Original COSO Framework
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What Happened to Prompt the Update?
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The Current COSO Framework
Section 4 - Compliance Methodologies
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Control-Based
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Coverage-Based
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Risk-Based
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Discussion of Preferred Methods
Section 5 - Sarbanes-Oxley Act
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What Happened in Year 2000?
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The Details of the SOX Act
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Compliance Requirements
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Whistleblower Activity
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Benefits of SOX Compliance
Section 6 - The Watchdog: PCAOB
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Who are "They" and why were "They" formed?
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The PCAOB Perspective
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Enforcement Action - Dealing with External Auditors
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PCAOB Alerts
Section 7 - COSO Framework "Control Environment"
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What is Your "Tone of Control"
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The Influence of Entity Controls
Section 8 - COSO Framework "Risk Assessment"
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Guidance from COSO ERM
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Defining, Documenting and Assessing Risk
Section 9 - COSO Framework "Control Activities"
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What are Control Activities?
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The Seven Layers of Control
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Testing and Documenting the Controls
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The Design of Controls
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The Operation of Controls
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Assessing the Effectiveness of Controls
Section 10 - COSO Framework"Information and Communication"
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What Gets Communicated? When? To Whom?
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Up, Down and Outside the Organization
Section 11 - COSO Framework "Monitoring Activities"
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What Should Be Monitored? When? How? Who?
Section 12 - Planning the COSO Framework Compliance Assessment
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Project Management Methodologies
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Defining Your Risks
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Assessing Risk in Your Organization
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Determining the Risk Response
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Documenting the Plan
Section 13 - Performing the Assessment
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Assessing Entity Level Controls
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Assessing Process Level Controls
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Assessing IT General Controls
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Assessing the Segregation of Duties
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Internal Control Testing
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Sampling Techniques - Documentation Examples
Section 14 - Concluding the Assessment
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Evaluating Internal Control Deficiencies
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What is the Severity?
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CAPs and Accountability
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Remediation Activity
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Re-Testing
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Opining
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Summarizing for Executives and Boards
Section 15 - Documentation
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Control and Compliance Self-Assessments
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The Maturity Model
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How Do We Document COSO Framework Compliance?
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Client Examples
Section 16 - Summary, Wrap-Up and Going Forward
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Recap of COSO FrameworkCompliance
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Adjusting Compliance in Subsequent Years
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Your Roadmap to Success!
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Summary of the Subject Matter
This CPE event "Using COSO for Compliance and SOX" is designed to offer a comprehensive examination of the COSO Framework's application in the context of compliance and the Sarbanes-Oxley Act (SOX). Attendees can expect an in-depth exploration of the integration of COSO principles into the compliance landscape, emphasizing the alignment with SOX requirements. The program aims to equip participants with practical insights into leveraging the COSO framework to enhance internal controls, risk management, and overall compliance effectiveness within their organizations.
This educational initiative seeks to empower professionals with a nuanced understanding of the COSO framework's role in promoting transparency, accountability, and governance, particularly in the context of regulatory compliance such as SOX.
By participating in this event, attendees can gain valuable perspectives on implementing best practices for using the COSO Framework that foster robust compliance mechanisms aligned with industry standards and regulations.
Authoritative Sources
Given the comprehensive nature of the "Using COSO for Compliance and SOX" CPE training event, participants and those interested in deepening their understanding of this subject can greatly benefit from exploring additional authoritative resources.
These resources support the learning objectives and agenda topics covered in the event, offering further insights into applying the COSO Framework to enhance internal controls, risk management, and overall compliance effectiveness. Here's a curated list of authoritative sources:
Authoritative Sources on COSO Framework and SOX Compliance
1. Committee of Sponsoring Organizations of the Treadway Commission (COSO) - COSO Frameworks
- Official COSO Website: The central hub for all COSO-related materials, including detailed information on the Internal Control — Integrated Framework. COSO.org
2. U.S. Securities and Exchange Commission (SEC)
- SOX Compliance Section: Provides an overview of the Sarbanes-Oxley Act, including its implications for public companies and auditors in using the COSO Framework. SEC.gov
3. Public Company Accounting Oversight Board (PCAOB)
- Guidance on PCAOB Standards: Offers insights into the standards set by the PCAOB for auditors of public companies, as mandated by SOX. PCAOBus.org
4. American Institute of Certified Public Accountants (AICPA)
- Resource Center on COSO Frameworks: Contains a wealth of resources, including guidance on implementing the COSO framework within organizations. AICPA.org
5. The Institute of Internal Auditors (IIA)
- Internal Auditing and SOX: Features articles, research, and tools for internal auditors involved in SOX compliance. TheIIA.org
Additional Readings and Resources
- "Internal Control—Integrated Framework" by COSO: The COSO Framework's documention itself is essential reading for anyone looking to implement or understand the COSO Framework's guidelines concerning internal control.
- "Sarbanes-Oxley For Dummies" by Jill Gilbert Welytok: An accessible guide to understanding the complexities of SOX compliance.
- "Enterprise Risk Management — Integrating with Strategy and Performance" by COSO: For those looking to explore beyond internal controls, this publication provides insights into integrating ERM with organizational strategy.
These resources are foundational to anyone participating in the "Using COSO for Compliance and SOX" CPE event or seeking to advance their knowledge and practice of corporate governance, risk management, and compliance. Engaging with these materials can provide a broader context, enhance learning outcomes, and equip individuals with the tools needed to promote transparency, accountability, and effective governance within their organizations.