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The COSO Internal Control–Integrated 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.
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 IC–IF. It does not address Sarbanes-Oxley, ICEFR, or SEC ramifications or is there an emphasis on financial reporting.
The IIA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website at www.learningmarket.org