Surgent's Internal Controls That Matter: Managing Risk With the Updated COSO Framework (COSF)

Course Details

Date

Self-Study

Location

Online

Field of Study

Accounting & Audit

CPE Credit

8 hours CPE credit

Level of Knowledge

Intermediate

Vendor

Surgent McCoy CPE, LLC

Prerequisites

Experience with designing, evaluating, or monitoring internal controls

Description

Technological advances, cybersecurity threats, increased regulatory scrutiny, globalization, and other challenges have caused entities and auditors to struggle with proper consideration of the cost-benefit of internal controls, recognizing that a well-designed system does not have to prevent or detect all internal control deficiencies -- just ones that matter most to the entity's objectives related to financial reporting, compliance, operations and strategy. This course provides practical guidance on what a sound system of internal controls "looks like" and its impact on the reliability of financial statements, particularly for smaller entities. In addition, a broader discussion of enterprise-wide risk management will be discussed in accordance with COSO's Enterprise Risk Management - Integrated Framework.

Highlights

  • The evolution of internal controls theory and practice, including emerging guidance specific to smaller entities
  • Key components of internal control per the COSO Integrated Framework, and the significant role each plays in reliable financial reporting
  • Key concepts of the COSO Enterprise Risk Management Framework that expands on internal control, providing a more robust and extensive focus of broader risk management and alignment of strategy and enterprise-wide risk management
  • The critical role of information technology (IT) controls in reliable financial reporting, including both general and application controls, and the latest on the AICPA Cybersecurity Risk Management Framework
  • Evaluating the design and implementation of an entity’s design on internal controls, focusing on smaller businesses, and the resulting impact on risk of material misstatement in financial statements
  • Testing controls for operating effectiveness and determining the appropriateness of the nature, timing, and extent of control testing
  • Considerations related to the use of outside service organizations
  • Differentiating an auditor’s responsibilities under various professional and regulatory standards
  • The financial statement auditor’s responsibility for evaluating and communicating deficiencies in internal controls over reliable financial reporting        

Designed For

Accountan

Course Pricing

WYOCPA Member Fee

Applicable if you are a WYOCPA member in good standing.

$125.00
Non-Member Fee

Applicable if you are not a WYOCPA member.

$125.00
Your Price $125.00

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