Focus and Features
The updated COSO Internal Control – Integrated Framework released in the middle of 2013, is intended to supersede the original 1992 version on December 15, 2014. Thus, organizations that have been using or intend to use COSO, should now transition to or adopt the new COSO 2013.
This 3-day seminar is a consolidated but condensed version of the following 3 separate courses on COSO 2013, which normally require a total of 6 days. The shortened version is possible as it is presumed that the participants have solid prior knowledge and experience in applying the original COSO Framework in their company/organization and their COSO-based Internal Audit process.
Understanding the New COSO 2013
A logical starting point is to have solid understanding of COSO 2013, as embodied in the 4 volume document released by the COSO Board. This seminar aims to facilitate participants' understanding of the new COSO 2013 Framework, its basic concepts, and how its principles-based approach can be used as guide in the design, implementation, and evaluation of an internal control system.
Implementing COSO 2013
Equipped with a good understanding COSO 2013, the next logical step is to implement the COSO 2013 Framework in the organization. Critical to a successful COSO implementation is the acceptance and commitment of all the members of the organization, not just the Internal Audit Team. This seminar aims to deepen the participants' understanding of COSO 2013, see best practices in implementing a control model, and how to develop a COSO Implementation or Transition Plan.
2013 COSO Based Auditing
Subsequent to implementing or transitioning an organization into COSO 2013, the next step following a "Plan-Do-Check-Act" management process, is to conduct an assessment of the adequacy and effectiveness of the internal control system. The seminar aims to assist Internal Auditors and other parties charged with the responsibility for the evaluation and continuous improvement of the internal control system in an organization, and how the COSO Frameworks can be used in their evaluation and in the internal audit process.
What You Will Learn
Day 1 - Understanding COSO 2013
COSO Background & History
COSO Internal Control – Integrated Framework
Closer Look at COSO Elements
Day 2 - Implementing COSO 2013
COSO 2013 Control Mapping
Evaluating Internal Control
Day 3 – COSO Based Auditing
COSO-Based Auditing Application
Summary & Next Steps
1. Participants should already have good working knowledge of the original COSO 1992 as applied in the internal audit process, and some familiarity with COSO 2013.
2. Documentation and Presentation of your organization's current COSO-Based Auditing Process, Tools & Techniques
3. Audit Engagement Process - Planning, Fieldwork, Communicating, Monitoring, & QAIP
4. Pre-work required: