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COSO 2013: ICFR Assessments

Offered four times a quarter on Tuesday-Wednesdays at 10:00 a.m. to 2:30 p.m. Central Time in two four hour sessions.

As the leading provider of Audit, SOX Compliance and COSO 2013 CPE training, Corporate Compliance Seminars has incorporated within it's events the best practices currently available in the SOX Compliance community.

We have focused this SOX CPE event on the 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 the individual business process controls.

This eight-hour COSO training course will provide an understanding of approaches for the assessment of controls within various layers of ICFR under COSO 2013:

  • 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 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.

Our instructors are experts in risk management, auditing, corporate accounting, executive management, information technology and CPA firm operations. Our goal is to provide expert advice on COSO ERM, COSO, FDICIA, COBIT, NIST, ITIL, CMMI, FCPA, PCAOB standards, AICPA standards and cyber risk management.

This 8 CPE event is designed for the internal control, internal auditor and other professionals who wish to improve their internal control tradecraft skills.

The cost of this internal control  training course is $495.00 per attendee.

Each attendee will receive 8 CPEs Hours (YB). A certificate of completion will be provided.

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

CPE Event Highlights

The seminar reviews the following:

  • COSO Myths, Definitions and Concepts

  • Categories of "Control Deficiencies"

  • COSO 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 Items on the Agenda

Section 1 - COSO 2013: Myths, Definitions and Concepts

  • Myths about controls

  • COSO 2013 definition of internal control

  • 2002 Sarbanes-Oxley Act

  • PCAOB Auditing Standard 5

  • SEC Guidance for Public Companies

Section 2 - COSO 2013: Effective Internal Control

  • Categories of "Control Deficiencies"

  • Reasonable assurance

  • Management's judgement

Section 3 - COSO 2013: Illustrative Tools

  • Overall assessment

  • Component evaluation

  • Principle evaluation

  • Internal control deficiencies

Section 4 - COSO 2013: Seven Layers of ICFR

  • Traditional lines of defense

  • Risk management

  • Getting the right information

  • Business resilience

  • New defensive strategies

Section 5 - COSO 2013: Scoping the Assessment

  • Management's risk assessment

  • External auditor's risk assessment

Section 6 - COSO 2013: Self Assessments and Process Documentation

  • Control self-assessments

  • Business process narratives

Section 7 - COSO 2013: 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 2013: The Maturity Model

  • Control maturity

  • CMMI levels of maturity

  • Internal control reliability model

Section 9 - COSO 2013: External Audit

  • PCAOB Audit Standard #5

  • Inspection issues

  • Knowledge transfer

  • External auditor's assessment

Section 10 - COSO 2013: The PMO

  • How to manage the assessment program

  • Project management

  • Project scoping

  • Project killers

  • Project deliverables

Section 11 - COSO 2013: Forming an Opinion

  • Opining

  • Effective assessment planning

  • Weaknesses

  • Sufficient evidence

Section 12 - COSO 2013: Rightsizing

  • Reassessing risks

  • Pareto's Law - 80-15-5

  • Culture of compliance

  • Sufficient evidence