It’s been more than 20 years since the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released its Internal Control—Integrated Framework (the original framework).
The new framework will become effective in December 2014. Professionals must first obtain a basic understanding of the concepts, principles and potential impact, including changes from the 1992 framework and the key COSO components and related principles.
COSO 2013 maintains the same five components previously identified within the 1992 framework. These include:
- Control Environment
- Risk Assessment
- Control Activities
- Information & Communication
This course is designed to focus on the Risk Assessment component and the four separate principles that support this component.
Risk Assessment involves a dynamic and iterative process. It considers changes in the external environment/business model that may impede achievement of objectives. Every entity faces a variety of risks from both internal and external sources. Risk assessment forms a basis by which risk will be managed.
- The organization must specify objectives with sufficient clarity to enable the identification of risks relating to the objective.
- The organization identifies risks to the achievement of its objectives across the entity and analyzes risks as a basis for determining how the risks should be managed.
- The organization considers the potential for fraud in assessing risks to the achievement of objectives.
- The organization identifies and assesses changes that could significantly impact the system of IC.
Management and the external auditors must understand each of these principles and be able to adequately support that they exist and are appropriately designed and functioning. In addition, the components must effectively work in combination to provide for a positive attestation to internal controls.
The course dissects the four principles and important concepts that companies need to understand and support in order to provide that the Risk Assessment principles are in place and functioning. We also discuss concepts related to mapping the principles to controls within the organization.
- Defining Risk Assessment component for COSO 2013.
- Examining the four principles supporting the risk assessment component..
- Articulation of the 32 Points of focus that supports the four principles of the risk assessment component.
- Utilizing these points of focus most efficiently in your transition process.
- Design of principles vs. execution – understanding the critical difference.
- How the Risk Assessment component connects to the other four components of COSO.
A highly interactive format, where all delegates will be encouraged to engage and participate, share and gain from each other’s knowledge and experience. The lectures will rely on a bullet-based slide presentation enriched by group discussions around case studies, videos and checklists wherever applicable.
Through a multiple-instructional setting, the goal is to achieve the learning objectives by means of virtual technologies that match personal learning styles and by the inclusion of non-linear learning that aims at the development of just-in-time skills of adult learners.
At the same time and in order to allow participants maximum flexibility of scheduling, the learning will be conducted in an allochronic manner. Using a state-of-the-art training architecture, RMA will combine self-learning with assessments and online discussions.
The pedagogics – adapted explicitly to professionals in full-time work – will help train participants through several experiences: absorb (read); do (activity); intermingle (socialize); mirror (relate to one’s own reality).
DURATION: 4 days [ 5 Hours each day]
VENUE: Virtual or Onsite
DATE[TBC]: For registration/booking, please send a mail to: firstname.lastname@example.org or call: 08021003297;07034248767;09071941111