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Surgent's Key COSO Concepts: Managing Risk to Achieve Your Business Objectives (COS4)

  • 09/17/2020
  • 8:00 AM - 11:30 AM
  • COS4-2020-01-WEBNR-261-01

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All successful entities, regardless of nature, size, and complexity, must have a well-designed and effectively operating system of internal controls over reliable financial reporting, in addition to managing other risks. This course will provide practical guidance on exactly what a sound system of internal controls “looks like” and the resulting impact on the reliability of financial statements, particularly for smaller entities. In addition, we will explore COSO’s 2013 Internal Control - Integrated Framework that is used to better manage the unique and challenging risks of today’s entities.

Objectives:

  • Explain the evolution of internal control concepts, culminating in the 2013 version of COSOs Internal Control-Integrated Framework
  • Describe important internal control concepts related to evaluating the design, implementation, and operating effectiveness of internal control over reliable financial reporting
  • Be familiar with a more extensive enterprise-wide risk management approach guided by COSOs Enterprise Risk Management
  • Be familiar with practical implementation tips and examples

Topics Discussed:

  • Important elements of the 2013 COSO guidance and how they can be applied to manage threats to an entitys ability to achieve its objectives
  • Key components of internal control per the COSO Internal Control - Integrated Framework, and the significant role each plays in the design and operating effectiveness of internal control over reliable financial reporting 
  • Evaluating design and implementation of an entitys design on internal controls, including impact on risk of material misstatement in financial statements
  • Testing controls for operating effectiveness, including determining sufficiency and appropriateness of the nature, timing, and extent of control testing procedures
  • Special considerations when using outside service organizations
  • Key concepts of the Enterprise Risk Management that expands on internal control, providing a more robust and extensive focus of broader risk management

    Designed for: Accountants both in public and private practice responsible for designing, evaluating, and/or monitoring internal controls over financial reporting

    Level: Intermediate

    Instructor: Jen Louis, CPA

    CPE Credits: 4

    Area of Study: Auditing (Technical) (4)

    Prerequisite: Experience with designing, evaluating, or monitoring internal controls


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    Grand Forks, ND 58201

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     (701) 775-7111
    or (877) 637-2727
    Email: info@ndcpas.org

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