Workshop on COSO Framework on Internal Control and Financial Reporting

Program overview:

The COSO Framework, developed by the Committee of Sponsoring Organisations of the Treadway Commission, is a widely recognised and utilised 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.

Course Outline:

Day 1: Review the COSO Framework for Internal Control

• Control Environment
• Control Activities
• Risk Assessment
• Information & Communication
• Monitoring

Day 2: Risk Identification and Risk Assessment.

• Overview of COSO Enterprise Risk Management.
• Identifying financial statement misstatements due to errors
• Identifying financial statement misstatements due to fraud
• Identifying compliance risks
• Identifying operations risks

Day 3: Mitigation and Evaluation of Risks

• Risk assessment checklist
• Assessing the severity of the risk
• Assessing the likelihood of the risk
• Risk Mitigation Measures
• Evaluation of Risk Control Measures.

Day 4:  Types of internal controls

• Preventive controls
• Detective controls
• Mitigating and compensating controls

      Other Operational Controls

• Internal controls for financial reporting
• Internal controls for compliance
• Internal controls for operations

Day 5: Evaluation of the internal controls

• Evaluating and assessing internal controls
• Key preventive controls
• Key detective controls
• The importance of monitoring controls

Cost-effective internal controls

• Using good internal controls to reduce audit costs
• Cost vs. Benefits analysis of controls
• Using internal controls as part of the enterprise risk management process

This course package includes: Course material in soft copy, Tea break, Lunch, City tour, and certificate of attendance.

A Core 1.5 laptop with the soft copy of the course material loaded with a carrying bag will be presented to the participants at the end of the course.

Note: Payment is either USD or the prevailing parallel market rate. We do not accept the government official rate.

Training Methodology: Lectures, discussions, exercises, case studies, and audio-visual aids will be used to reinforce these teaching/learning methods

Course Booking

Please use the “book now” or “inquire” buttons on this page to either book your space or make further enquiries.