Skip Ribbon Commands
Skip to main content
Sign In
The Institute of Internal Auditors North AmericaBreadcrumb SeparatorTraining and EventsBreadcrumb SeparatorCoursesBreadcrumb SeparatorCOSO 2013: Implementing the Framework
IIARF Icon
Course Description Course Outline Bring Us On Site  

COSO 2013: Implementing the Framework

Course Description

Print-friendly Course Description and Outline

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.

PLEASE NOTE:
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.

Course Duration: 2 day(s)
CPE Hours Available: 16
Knowledge Level: Intermediate
Field of Study: Auditing
Prerequisites: 
Ideally, participants will have familiarity with 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 components.
Advance Preparation: 
​None
Delivery Format: On-site Training (Group-Live); Seminar (Group-Live)

 

COSO Internal Control – Integrated Framework (IC-IF)

  • Discuss the attributes of internal control as it relates to COSO.
  • Discuss the three categories of objectives for internal control.
  • Describe the requirements for effective internal control.
  • Describe the key components, principles, and points of focus in the COSO Internal Control – Integrated Framework (IC-IF).
  • Review a supplemental resource that can be used to determine implications for internal auditors.

Risk Assessment

  • Compare and contrast the COSO IC-IF with the COSO Enterprise Risk Management (ERM) – Integrated Framework.
  • Describe the key concepts of the four risk assessment principles.
  • Evaluate controls related to the risk assessment principles.
  • Determine whether the principles related to the risk assessment component are present and functioning.
  • Discuss risk assessment implications that internal auditors should consider when planning and conducting audits.

Control Environment

  • Describe the key concepts in the five control environment principles.
  • Evaluate controls related to the control environment principles.
  • Determine whether the principles related to the control environment component are present and functioning.
  • Discuss control environment implications that internal auditors should consider when planning and conducting audits.

Control Activities

  • Describe the key concepts in the three control activities principles.
  • Evaluate controls related to the control activities principles.
  • Determine whether the principles related to the control activities component are present and functioning.
  • Discuss control activities implications that internal auditors should consider when planning and conducting audits.

Information & Communication

  • Describe the key concepts in the three information and communication principles.
  • Evaluate controls related to the information and communication principles.
  • Determine whether the principles related to the information and communication component are present and functioning.
  • Discuss information and communication implications that internal auditors should consider when planning and conducting audits.

Monitoring Activities

  • Describe the key concepts of the two monitoring activities principles.
  • Evaluate controls related to the monitoring activities principles.
  • Determine whether the principles related to the monitoring activities component are present and functioning.
  • Discuss monitoring activities implications that internal auditors should consider when planning and conducting audits.

Using the COSO Internal Control Integrated Framework

  • Clarify the implications that the updated COSO IC-IF presents to the internal audit profession and individual internal audit activities.
  • Identify examples of how COSO-based questions can be used to add value during audit engagements.
  • Demonstrate how COSO-based practices can be used during internal audit engagements.

Wrap Up

  • List major concepts, techniques, and skills learned during the course.
  • Develop an outline for an action plan to apply select concepts, techniques, and skills.
  • Identify opportunities to use the updated IC-IF in your internal audit process and increase the value of your assurance and consulting services in your organization.
  • Identify opportunities to support management in its efforts to maintain a strong internal control environment.

​​Most courses can be delivered through on-site training. You might be surprised that the organization leading the profession is just as committed to the delivery of affordable training.

Contact us by calling +1-407-937-1388 or send an e-mail to GetTraining@theiia.org.​

LocationsDates
Micro Tek Training Facility - Tampa, FL
Tampa, FL
Details and pricing
May 6-7,
2014
Micro Tek Dallas
Dallas, TX
Details and pricing
May 20-21,
2014
Micro Tek Training Facility - Chicago
Chicago, IL
Details and pricing
June 10-11,
2014
Wynn Las Vegas
Las Vegas, NV
Details and pricing
June 18-19,
2014
Micro Tek Training Facility - Washington, DC
Washington, D.C.
Details and pricing
July 8-9,
2014
MicroTek Training Facility - Denver, CO
Denver, CO
Details and pricing
July 29-30,
2014
Breakers - Palm Beach
Palm Beach, FL
Details and pricing
August 27-28,
2014
Micro Tek Training Facility- San Francisco, CA (New location)
San Francisco, CA
Details and pricing
September 23-24,
2014
Micro Tek Training Facility - Chicago
Chicago, IL
Details and pricing
October 7-8,
2014
Micro Tek Training Facility - Houston, TX
Houston, TX
Details and pricing
November 11-12,
2014
Micro Tek Training Facility- San Francisco, CA (New location)
San Francisco, CA
Details and pricing
November 20-21,
2014
Disney's Contemporary Resort
Orlando, FL
Details and pricing
December 8-9,
2014
Disney's Contemporary Resort
Orlando, FL
Details and pricing
December 8-9,
2014
Micro Tek Training Facility - New York
New York, NY
Details and pricing
December 16-17,
2014