COSO Framework: ICFR Assessments

The seminar reviews the following:

• COSO Framework Myths, Definitions and Concepts

• Categories of "Control Deficiencies"

• COSO Framework 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

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

Section 1 - COSO Framework : Myths, Definitions and Concepts

• Myths about controls

• COSO Framework definition of internal control

• 2002 Sarbanes-Oxley Act

• PCAOB Auditing Standard 5

• SEC Guidance for Public Companies

Section 2 - COSO Framework: Effective Internal Control

• Categories of "Control Deficiencies"

• Reasonable assurance

• Management's judgment

Section 3 - COSO Framework: Illustrative Tools

• Overall assessment

• Component evaluation

• Principle evaluation

• Internal control deficiencies

Section 4 - COSO Framework: Seven Layers of ICFR

• Traditional lines of defense

• Risk management

• Getting the right information

• Business resilience

• New defensive strategies

Section 5 - COSO Framework: Scoping the Assessment

• Management's risk assessment

• External auditor's risk assessment

Section 6 - COSO Framework: Self Assessments and Process Documentation

• Control self-assessments

• Business process narratives

Section 7 - COSO Framework: 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 Framework: The Maturity Model

• Control maturity

• CMMI levels of maturity

• Internal control reliability model

Section 9 - COSO Framework: External Audit

• PCAOB Audit Standard #5

• Inspection issues

• Knowledge transfer

• External auditor's assessment

Section 10 - COSO Framework: The PMO

• How to manage the assessment program

• Project management

• Project scoping

• Project killers

• Project deliverables

Section 11 - COSO Framework: Forming an Opinion

• Opining

• Effective assessment planning

• Weaknesses

• Sufficient evidence

Section 12 - COSOFramework: Rightsizing

• Reassessing risks

• Pareto's Law - 80-15-5

• Culture of compliance

• Sufficient evidence

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

The CPE training event “COSO Framework: ICFR Assessments" is an essential seminar for individuals seeking comprehensive SOX compliance training. The seminar focuses on the COSO Framework from the Committee of Sponsoring Organizations of the Treadway Commission (COSO), which provides guidance on Internal Controls Over Financial Reporting (ICFR).

 

This training is ideal for professionals looking to understand the principles and components of the COSO 2013 framework, including its criteria for evaluating ICFR. The seminar covers the assessment process, including risk assessment, control activities, and monitoring, providing a complete understanding of ICFR Controls.

 

Participants will gain a thorough understanding of the ICFR Framework and its role in SOX compliance. The seminar is led by experienced instructors who use real-world examples, case studies, and interactive exercises to reinforce the concepts learned.

 

Upon completion, participants will receive a certificate of completion and Continuing Professional Education (CPE) credits. This ICFR training is a valuable opportunity for internal auditors, external auditors, internal control professionals, financial executives, and anyone involved in maintaining the effectiveness of an organization's ICFR system. Join the seminar and enhance your understanding of ICFR and SOX.