Description
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 EnvironmentRisk AssessmentControl ActivitiesInformation & CommunicationMonitoring This course is designed to focus on the Control Activity component and the three separate principles that support this component. Control Activity is named as the third component within COSO 2013. Control Activities are actions defined through policies and procedures that help ensure management directives to mitigate risks to the achievement of objectives are carried out. Control activities are performed at all levels of the organization and at various stages of business processes and technology. The organization selects and develops control activities that contribute to the mitigation of risks to the achievement of objectives to acceptable levels. The organization selects and develops general control activities over technology to support the achievement of objectives. The organization deploys control activities through policies that establish what is expected and procedures that put policies into place. Management and the external auditors must understand each of these principles and be able to adequately support that they exist, 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 three principles and important concepts that companies need to understand and support in order to provide that the principles are in place and functioning. We also discuss concepts related to mapping the principles to controls within the organization. If you would like Continuing Education Credit (e. g. CPE, CE, CPD, etc.) for this course, it is available if you take this course on the Illumeo dot com platform under course title: COSO 2013 Control Activity Compliance. Illumeo is certified to provide CPE in over two dozen different professional certifications covering finance, accounting, treasury, internal audit, HR, and more. However, in order to receive CPE credit the courses must be taken on an 'approved-by-the-governing-body' CPE platform, and for over two dozen corporate professional certifications, that is the Illumeo platform. Go to Illumeo dot com to learn more.
