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Using COSO Framework for Compliance and SOX

Using COSO Framework for Compliance and SOX

Navigating Compliance with COSO Framework: A Detailed Workshop for SOX and Beyond


In the intricate world of compliance, understanding and applying the COSO Framework can significantly enhance the structure and effectiveness of your organization’s internal controls under SOX. Designed for professionals who aim to deepen their expertise and elevate their approach to compliance, our workshop on "Using COSO Framework for Compliance and SOX" offers a comprehensive exploration into leveraging this COSO Framework to not only meet but exceed regulatory requirements.


Event Insights: This multiday webinar is an essential deep-dive into the COSO Framework, tailored specifically for those seeking to integrate its principles into their Sarbanes-Oxley (SOX) compliance efforts and broader organizational governance. Through expert-led sessions, you'll gain the knowledge and tools necessary to effectively apply COSO Framework standards, enhancing your strategic approach to risk management, internal control, and compliance to SOX.


When: Set aside time for this enriching workshop that promises to transform your perspective on compliance using the COSO Framework.

Duration: 16 CPE Hours dedicated to unraveling the complexities of the COSO Framework and its application in today’s SOX compliance landscape.

Mode of Delivery: Engage with thought leaders and peers in a Group Internet-Based setting, fostering a rich learning environment that transcends geographical boundaries.


Ideal For:

  • SOX compliance officers and audit professionals looking to refine their knowledge and application of the COSO Framework to public company compliance.
  • Internal auditors and risk management specialists seeking to enhance their toolkit with the COSO Framework’s structured approach.
  • Managers and executives responsible for SOX compliance, eager to embed COSO Framework's principles into their organizational practices.


Key Takeaways:

  • A clear, in-depth understanding of the COSO Framework and its five components, enabling a holistic approach to internal control and risk management.
  • Practical strategies for integrating the COSO Framework into SOX compliance efforts, ensuring a robust and effective internal control system.
  • Insight into aligning the COSO Framework with objectives, driving efficiency and effectiveness across compliance initiatives.
  • Tools and tips for communicating the value and implications of the COSO Framework to stakeholders, fostering a culture of transparency and accountability.


Workshop Features:

  • Interactive discussions led by experts with extensive experience in the COSO  Framework implementation and SOX compliance.
  • Opportunities for Q&A, ensuring a comprehensive understanding of workshop material and its practical application in your professional context.


Your Journey Toward Compliance Mastery Starts Here: Take a proactive step towards mastering the COSO Framework and elevating your organization’s compliance and governance standards.


Join us in this workshop and become part of a community of professionals committed to

excellence in governance, risk management, and compliance. This is your moment to transform compliance challenges into opportunities for growth and resilience.

  • Details on Event Presentation

    Offered on Tuesday-Thursday once every six 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:

    • Top Down risk-based Approach Defined for the COSO Framework

    • Best Practices to Control Environment Documentation and Assessment

    • Entity Level Control Documentation to the COSO Framework

    • Risk Assessment Documentation

    • How to Manage Communication with External Auditors and Audit Committee

    • Workshops focused on Major Deliverables

  • Learning Objectives

    Attendees will learn how to:

    • Provide top down risk assessments and their application to the creation of internal controls

    • Apply COSO Framework to the compliance requirements of the Sarbanes-Oxley Act

    • Discuss relationship with their external auditors under PCAOB Auditing Standards

    • Identify methods for improving their internal controls using the COSO Framework

  • Key Issues on the Agenda

    Section 1 - Introduction and Overview

    • About Us and About Your Instructor

    • Who are You? What are Your Needs?

    • Overview of Agenda Tailored to Your Needs

    Section 2 - History Lesson

    • What is "Internal Control" and Why Are Controls So Important?

    • What is "Risk"? Can Risk Be Managed?

    • Background of Internal Control Legislation

    • Regulatory Requirements from the SEC, PCAOB and Others

    • History of the COSO Committee

    Section 3 - The COSO Framework ICIF: Then and Now

    • Why was the COSO Framework ICIF Developed?

    • The Original COSO Framework

    • What Happened to Prompt the Update?

    • The Current COSO Framework

    Section 4 - Compliance Methodologies

    • Control-Based

    • Coverage-Based

    • Risk-Based

    • Discussion of Preferred Methods

    Section 5 - Sarbanes-Oxley Act

    • What Happened in Year 2000?

    • The Details of the SOX Act

    • Compliance Requirements

    • Whistleblower Activity

    • Benefits of SOX Compliance

    Section 6 - The Watchdog: PCAOB

    • Who are "They" and why were "They" formed?

    • The PCAOB Perspective

    • Enforcement Action - Dealing with External Auditors

    • PCAOB Alerts

    Section 7 - COSO Framework "Control Environment"

    • What is Your "Tone of Control"

    • The Influence of Entity Controls

    Section 8 - COSO Framework "Risk Assessment"

    • Guidance from COSO ERM

    • Defining, Documenting and Assessing Risk

    Section 9 - COSO Framework "Control Activities"

    • What are Control Activities?

    • The Seven Layers of Control

    • Testing and Documenting the Controls

    • The Design of Controls

    • The Operation of Controls

    • Assessing the Effectiveness of Controls

    Section 10 - COSO Framework"Information and Communication"

    • What Gets Communicated? When? To Whom?

    • Up, Down and Outside the Organization

    Section 11 - COSO Framework "Monitoring Activities"

    • What Should Be Monitored? When? How? Who?

    Section 12 - Planning the COSO Framework Compliance Assessment

    • Project Management Methodologies

    • Defining Your Risks

    • Assessing Risk in Your Organization

    • Determining the Risk Response

    • Documenting the Plan

    Section 13 - Performing the Assessment

    • Assessing Entity Level Controls

    • Assessing Process Level Controls

    • Assessing IT General Controls

    • Assessing the Segregation of Duties

    • Internal Control Testing

    • Sampling Techniques - Documentation Examples

    Section 14 - Concluding the Assessment

    • Evaluating Internal Control Deficiencies

    • What is the Severity?

    • CAPs and Accountability

    • Remediation Activity

    • Re-Testing

    • Opining

    • Summarizing for Executives and Boards

    Section 15 - Documentation

    • Control and Compliance Self-Assessments

    • The Maturity Model

    • How Do We Document COSO Framework Compliance?

    • Client Examples

    Section 16 - Summary, Wrap-Up and Going Forward

    • Recap of COSO FrameworkCompliance

    • Adjusting Compliance in Subsequent Years

    • Your Roadmap to Success!

  • 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.

    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.

    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.

    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.

    5. The Institute of Internal Auditors (IIA)

    • Internal Auditing and SOX: Features articles, research, and tools for internal auditors involved in SOX compliance.

    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.

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