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Focus & Features
As auditors and compliance professionals, we often associate the concept of "good internal controls" from a financial accounting and administrative controls standpoint. Over the years and with the occurrence of major accounting frauds and internal control failures from Blue Chip Companies marked early on as "Too Big to Fail" entities, various standard-setting bodies have attempted to reinvent and redefine the concept of "Internal Controls" to address the concerns on the lapses by various compliance professionals. The Committee of Sponsoring Organizations of the Treadway Commission or "COSO," as an established standard-setting body, provided a common framework in the understanding and establishment of effective internal controls in all business systems.
What You Will Learn
This seminar's purpose is to provide internal auditors and compliance professionals on the basic understanding of internal controls from the COSO Framework (2013) point of view and its interrelationship between Company Objectives, Components and Entity Structure. The discussion will detail on the key components or levels and principles (italicized) of internal control:
Control Environment
- Commitment to integrity and ethical values,
- Independent board of director's oversight,
- Structures, reporting lines, authorities and responsibilities,
- Attract, develop, and retain competent people,
- People held accountable for internal control,
Risk Assessment
- Clear objectives specified,
- Risks identified to achievement of objectives,
- Potential for fraud considered,
- Significant changes identified and assessed,
Internal Control Activities
- Control activities selected and developed,
- General IT controls selected and developed,
- Controls developed through policies and procedures,
Information and Communication
- Quality information obtained, generated, and used,
- Internal control information internally communicated,
- Internal information externally communicated,
Monitoring Activities
- Ongoing and/or separate evaluations conducted, and
- Internal control deficiencies evaluated and communicated.
Case Studies and Group Presentation
Who Should Attend
This seminar is ideal for junior auditors and audit supervisors.
