Understanding COSO Framework Compliance

The seminar reviews the following:

• Top Ten Internal Controls

• Top Down risk-based Approach to the Internal Control Framework

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

• Best Practices Learned from the Sarbanes-Oxley Act

• Internal Control Frameworks of 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 Framework Structure

• Defining Internal Control

• Business Objectives drive the internal control processes

Section 2 - Components of the COSO Framework

• The Five Components

• The proper order of the COSO Framework Components

• Internal Control labeling

Section 3 - Principles and Points of Focus within the COSO Framework

• 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 "Understanding COSO Framework Compliance," provides a comprehensive exploration of the COSO Framework and its implications for compliance.

This educational program aims to equip participants with a thorough understanding of the key components of the COSO Framework, including its internal control principles, framework updates, and practical applications within the realm of compliance.

By delving into these critical aspects, the event seeks to empower attendees with the knowledge and insights necessary to ensure effective compliance with the COSO Framework, ultimately contributing to sound governance, risk management, and control processes within their organizations.

It's fantastic to see your commitment to expanding your knowledge after the CPE event on the COSO Internal Control 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 internal control 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 2013 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 2013 Framework and its implications for compliance, enabling them to apply this knowledge effectively within their organizational contexts.