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

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)