The COSO Framework, developed by the Committee of Sponsoring Organizations of the Treadway Commission, is a widely recognized and utilized framework for internal control and financial reporting. The framework guides designing, implementing, and conducting internal control and assessing its effectiveness.

This course is designed to address the procedures for conducting a risk assessment for errors and fraud. It will review risks for financial statement preparation, operations, and compliance.

The Methods for designing and assessing the effectiveness of internal controls, including the importance of monitoring the controls, will be discussed. Further, the instructors will review the COSO framework for internal controls and provide examples of how to implement the framework. Examples of preventive and detective controls will be illustrated and he will review the importance of internal controls and how they can reduce the time and cost of financial statement audits and reduce the risk of fines from compliance audits.

For whom:

This program is designed for Public Accountants, Fraud Examiners, Internal and External Auditors, Chief Financial Officers, Controllers, Accounting Managers, Accountants in Public and Private Sectors, Consultants, Risk Officers and Compliance Officers.

Learning Objectives:

At the end of the program, participants will be able to:

• conduct a risk assessment
• design internal controls
• evaluate and assess internal controls
• list and explain key preventive controls
• list and explain what the key detective controls are
• explain how good internal controls can reduce audit costs
• explain how good internal control can reduce the risk of penalties in compliance audits
• develop a comprehensive understanding of the COSO framework for internal controls.