Surgent's Key COSO Concepts: Managing Risk to Achieve Your Business Objectives (Self-Study)

Code: JSODCOS4

Date Valid for one year from purchase date
Format Self-Study (On-Demand)
CPE credits CPE 4.0
Field(s)
of study
Auditing - Technical (4.0)
Fees
Standard member fee $89.00
checkmarkStandard nonmember fee $89.00

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Description

All successful entities, regardless of nature, size, and complexity, must have a well-designed and effectively operating system of internal controls over reliable financial reporting, in addition to managing other risks. This course will provide practical guidance on exactly what a sound system of internal controls "looks like" and the resulting impact on the reliability of financial statements, particularly for smaller entities. In addition, we will explore COSO's 2013 Internal Control - Integrated Framework that is used to better manage the unique and challenging risks of today's entities.

Who should take this program?

Accountants both in public and private practice responsible for designing, evaluating, and/or monitoring internal controls over financial reporting

Major subjects

  • Important elements of the 2013 COSO guidance and how they can be applied to manage threats to an entity's ability to achieve its objectives
  • Key components of internal control per the COSO Internal Control - Integrated Framework, and the significant role each plays in the design and operating effectiveness of internal control over reliable financial reporting
  • Evaluating design and implementation of an entity's design on internal controls, including impact on risk of material misstatement in financial statements
  • Testing controls for operating effectiveness, including determining sufficiency and appropriateness of the nature, timing, and extent of control testing procedures
  • Special considerations when using outside service organizations
  • Key concepts of the Enterprise Risk Management that expands on internal control, providing a more robust and extensive focus of broader risk management

Learning objective(s)

  • Explain the evolution of internal control concepts, culminating in the 2013 version of COSO's Internal Control-Integrated Framework
  • Describe important internal control concepts related to evaluating the design, implementation, and operating effectiveness of internal control over reliable financial reporting
  • Be familiar with a more extensive enterprise-wide risk management approach guided by COSO's Enterprise Risk Management
  • Be familiar with practical implementation tips and examples

Notes:

Course code Code JSODCOS4
Sponsor Surgent
NASBA ID#: 103212
Level Intermediate
Format Self-Study (On-Demand)
Prerequisites Prereq. Experience with designing, evaluating, or monitoring internal controls
Advance
prep
None