Course Detail

Understanding the COSO Framework for Internal Controls

Description:

Internal controls over financial reporting are used to prevent, detect, and correct misstatement. They also help to reduce the chance that fraud will occur. The auditor is required to obtain an understanding of an entity's controls as part of the risk assessment process. This workshop will provide participants with an opportunity to explore the design of controls over the significant systems typically found in a small and medium-sized client through the use and understanding of the COSO framework.

Highlights:

  • Background on internal controls
  • COSO Framework
  • Understanding the design of controls at the entity level and at the activity level
  • Control activities

Objectives:

Participants will be able to:

  • Describe the evolution of internal controls and its impact on the profession
  • Recognize the professional requirements and guidance related to internal control considerations in an audit, including their relationship to risk assessment
  • Develop a basic understanding on how to test and audit internal controls
  • Identify and assess the principles of the COSO Framework related to entity-level controls that applies to the control environment, risk assessment, information and communication, and monitoring
  • Apply and document understanding of control activities elements of the COSO Framework

Prerequisites:

Basic audit course or experience

Designed For:

Audit practitioners who are working on audits of non-public companies, as well as accountants in industry who want to improve their entity's internal controls.

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