COSO 2013: Implementing the Framework

The COSO Internal ControlIntegrated Framework is the original framework

that has gained broad acceptance and is widely used around the world. In
the 20 years since its inception, business and operating environments have
changed drastically (i.e., more technologically driven, more global, more
complex), which has driven the need for an updated Framework.
This course examines how a principles-based approach can be used to
design, implement, maintain, and evaluate a system of internal controls. You
will have an opportunity to discuss the implications that the updated
Framework presents to the internal audit profession and to individual internal
audit activities. You will also identify opportunities for using the updated
Framework in your internal audit process and increase the value of your
assurance and consulting services.
COSO has universal applicability, regardless of industry, sector, department
size, etc. We recommend auditors and key management stakeholders
attend. This course is appropriate for a variety of audiences who have an
interest in learning about the 2013 Framework.

PLEASE NOTE:
This course is designed for someone who has a good practical
understanding of what internal control is and how to apply it. It is helpful
to have an understanding of the original (1992) COSO Internal Control
Integrated Framework and how it applies to assessing controls in terms of
the COSO categories of objectives and the five internal control components
(shown in the COSO cube). We will be reviewing what is new in the updated
version and how it impacts your internal control system. At the end of the
class, you will prepare an outline to develop your own action plan to assist
you in evaluating your internal control system against the new Framework.
This course is primarily designed to address the full COSO ICIF. It
does not address Sarbanes-Oxley, ICEFR, or SEC ramifications or is
there an emphasis on financial reporting.

Course Duration:
2 Days
CPE Hours Available:
16 CPE
Knowledge Level:
Intermediate
Field of Study:
Auditing
Prerequisites:
Ideally, participants will have familiarity with the original (1992) COSO
Internal ControlIntegrated Framework and how it applies to assessing
controls in terms of the COSO categories of objectives and the five
components.
Advance Preparation:
None
Delivery Format:
Seminar, On-site

Course Outline:
COSO Internal ControlIntegrated Framework (IC-IF)

Discuss the attributes of internal control as it relates to COSO.

Discuss the three categories of objectives for internal control.

Describe the requirements for effective internal control.

Describe the key components, principles, and points of focus in the

COSO Internal Control Integrated Framework (IC-IF).

Review a supplemental resource that can be used to determine

implications for internal auditors.

Risk Assessment

Compare and contrast the COSO IC-IF with the COSO Enterprise
Risk Management (ERM) Integrated Framework.

Describe the key concepts of the four risk assessment principles.

Evaluate controls related to the risk assessment principles.

Determine whether the principles related to the risk assessment

component are present and functioning.

Discuss risk assessment implications that internal auditors should

consider when planning and conducting audits.

Control Environment

Describe the key concepts in the five control environment principles.

Evaluate controls related to the control environment principles.

Determine whether the principles related to the control environment

component are present and functioning.

Discuss control environment implications that internal auditors should

consider when planning and conducting audits.

Control Activities

Describe the key concepts in the three control activities principles.

Evaluate controls related to the control activities principles.

Determine whether the principles related to the control activities

component are present and functioning.

Discuss control activities implications that internal auditors should

consider when planning and conducting audits.

Information & Communication

Describe the key concepts in the three information and

communication principles.

Evaluate controls related to the information and communication

principles.

Determine whether the principles related to the information and

communication component are present and functioning.

Discuss information and communication implications that internal

auditors should consider when planning and conducting audits.

Monitoring Activities

Describe the key concepts of the two monitoring activities principles.

Evaluate controls related to the monitoring activities principles.

Determine whether the principles related to the monitoring activities

component are present and functioning.

Discuss monitoring activities implications that internal auditors should

consider when planning and conducting audits.

Using the COSO Internal Control Integrated Framework

Clarify the implications that the updated COSO IC-IF presents to the
internal audit profession and individual internal audit activities.

Identify examples of how COSO-based questions can be used to add

value during audit engagements.

Demonstrate how COSO-based practices can be used during internal

audit engagements.

Wrap Up

List major concepts, techniques, and skills learned during the course.

Develop an outline for an action plan to apply select concepts,

techniques, and skills.

Identify opportunities to use the updated IC-IF in your internal audit

process and increase the value of your assurance and consulting
services in your organization.
Identify opportunities to support management in its efforts to maintain
a strong internal control environment.