COSO 2013 Internal Control Framework: Implementation by Internal Audit

The Institute of internal Auditors Philippines, Inc.

The Institute of Internal Auditors (IIA) Philippines is a professional organization dedicated to the advancement of the internal audit profession in the country. Our members, who work in internal auditing, risk management, governance, internal control, information technology audit, education and security, came from various industry or sectors in the Philippines and belong to a global network of almost 200,000+ professionals from more than 170 countries and territories sharing a common vision of a global profession of internal auditing.

The Institute of Internal Auditors Philippines Inc. (IIAP) was registered with SEC in 1982 and formerly known as The Institute of Internal Auditors, Inc. – Manila Chapter. It was founded on August 14, 1948 by Mr. Santiago F. Dela Cruz Sr. along with a small group of accountants actively engaged in the profession. Mr. Dela Cruz, who is considered to be the moving spirit of the association, is the same man who, two years earlier than IIAP, co-established the Philippine College of Commerce and Business Administration (PCCBA) which we now know as the University of the East.

The IIAP despite some struggles during its formative years was able to attain full-fledged stature as a professional association upon earning its “Institute” status from The Institute of Internal Auditors (IIA Global) in 1990. At the time, IIAP is 1 of the 6 (six) chapters in the Pacific Region (others were in Bombay, Tokyo, Sydney, Melbourne and Ceylon). On its 75th Anniversary Celebration and Global Business Meeting last 16-17 July 2016 at New York Hilton Midtown, the IIAP was acknowledged as the 3rd Chapter organized by the IIA Global since the latter’s founding in 1941 still then headquartered in New York City, USA

Event Details

The COSO Internal Control-Integrated Framework is the original framework that has gained broad acceptance and is widely used globally. Since its release in 1992, business and operating environments have changed drastically, driving the need for an updated Framework.

In May 2013, the Committee on Sponsoring Organizations (COSO) released the updated Framework. The 2013 COSO IC-IF (COSO 2013) is intended to enable organizations to effectively and efficiently develop and maintain systems of internal control that can enhance the likelihood of achieving the entity's objectives and adapt to changes in the business and operating environments.

The International Standards for the Professional Practice of internal Auditing (IPPF) require Internal Audit Activities to evaluate and contribute to the improvement of governance, risk management, and control processes. Implementation and adoption by the Internal Audit of the COSO 2013 Framework, enables it to meet this responsibility, comply with the IPPF, and add value to their organization in accordance with its Mission.

This 4-day virtual course aims to enable participants to gain better understanding of the COSO 2013 Framework, its basic concepts, and how its principles-based approach can be used as a guide in the design, implementation, and evaluation of an internal control system.

Using a live case for the COSO mapping activity, participants will gain an appreciation of COSO from an internal audit perspective. Discussion of control model implementation best practices will provide insights on how the Internal Audit Office can initiate organization-wide implementation in their organization, as well as adopt a COSO-based methodology in the Internal Audit processes.

What You Will Learn

Part 1 – Understanding COSO 2013

I. COSO Background & History

The COSO Organization & Its Origin

Overview of COSO Frameworks & Guidance

Comparative Overview: COSO 2013 vs. COSO 1992

II. COSO Internal Control – Integrated Framework

The Need for a Control Model

COSO Internal Control Fundamental Concepts

III. Closer Look at COSO Elements

COSO Categories of Objectives

Control Environment Principles & Points of Focus

Risk Assessment Principles & Points of Focus

Control Activities Principles & Points of Focus

Information & Communication Principles & Points of Focus

Monitoring Activities Principles & Points of Focus

Part 2 – Implementing COSO 2013

IV. COSO 2013 Control Mapping (Live Case Activity)

The 3 Categories of Objectives

Control Environment

Risk Assessment

Control Activities

Information & Communication

Monitoring Activities

V. Evaluating Internal Control

Requirements for Effective Internal Control

Overall Assessment of a System of Internal Control

Assessment Template Walk-Through

Illustrative Scenarios Applying the Rules of

Present, Functioning & Operating in an Integrated Manner

Deficiency, Major Deficiency, Material Weakness

VI. COSO Organizational Implementation Options

CEB Implementation Template Walkthrough

Part 3 – COSO Based Auditing

VII. COSO-Based Auditing Application

Internal Audit Process

Entity & Activity Level Evaluations

COSO-Based Audit & Engagement Planning

Implementation Best Practices

VII. Summary & Next Steps

Next Steps and Action Plans

COSO Mapping Results & Gap Analysis

Implementation & Transition Project Planning

Self-Assessment & Revisit of Objectives

Speakers

Edna De Leon

Consultant at Rustans Commercial Corporation

Pre-Approved Special Rate

Standard Price₱7,500