Using COSO Framework for Compliance and SOX

The seminar reviews the following:

• Top Down risk-based Approach Defined

• Best Practices to Control Environment Documentation and Assessment

• Entity Level Control Documentation

• Risk Assessment Documentation

• How to Manage Communication with External Auditors and Audit Committee

• Workshops focused on Major Deliverables

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 control frameworks

Introductions
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!

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 that foster robust compliance mechanisms aligned with industry standards and regulations.

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)

• 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. 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: 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 framework document itself is essential reading for anyone looking to implement or understand COSO's guidelines for 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.