Improving Internal Controls Under the New COSO Framework

Meeting Stricter Principles-Based Standards and Identifying Material Weaknesses

Recording of a 110-minute CPE webinar with Q&A


Conducted on Tuesday, February 24, 2015

Recorded event now available

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Program Materials

This webinar will prepare audit professionals to operate under the new COSO Framework for Internal Controls, by detailing the change to a principles-based approach to audits of a company’s system of internal control.  The webinar will also detail the new areas of emphasis in the Updated COSO Framework, and will offer examples and best practices to improve future audits of internal controls.

Description

Auditors and Audit Committees are faced with a rapidly-changing landscape of increasing standards and heightened enforcement than in previous years. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued its new framework, which includes tools for assessing the effectiveness of internal controls. Companies subject to SOX must use a recognized framework to evaluate their system of internal controls, thus requiring the new COSO framework, effective for audits beginning after December, 2014, which changed the focus of internal control audits to a principles-based approach.

The new COSO framework emphasizes the 17 principles that must be present in an effective system of internal control, and lists 81 points of focus related to those principles. Officials of the SEC have publicly questioned whether auditors are identifying material weaknesses in all appropriate cases, and have indicated that regulators will be taking a more aggressive tone in evaluating the effectiveness of internal control audits. Auditors must evaluate deficiencies by determining whether the principles are functioning, and whether any deficiencies in these principles indicate the presence of a material weakness.

To perform accurate and complete audits of internal controls, audit professionals must leverage the latest insights from the COSO guidance and understand the framework’s new areas of emphasis. These new areas include risk assessment, information technology and outsourced service providers.

Listen as our panel of experienced professionals reviews the new COSO framework principles, and offers practical solutions and strategies for conducting internal control audits.

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Outline

  1. Review of COSO 2013 framework and 2014 implementation
  2. Five components of internal control framework
  3. 17 principles — fundamental concepts of internal controls
  4. Areas of focus
  5. Integration of principles and risk assessment
  6. Auditors’ role in management implementation of controls systems

Benefits

The panel Expansion of the reporting requirements:

  • The codification of the principles supporting the five components of internal control;
  • Applying the 17 principles to an integrated internal control system;
  • Expansion of the reporting requirements

Faculty

Lorraine Kelly
Lorraine Kelly
President and Chief Executive Officer
Delaney Consulting

Ms. Kelly's has wide-ranging executive experience in internal controls and corporate governance.  She has...  |  Read More

Kim Mobley
Kim Mobley

Partner
Johnson Lambert

Ms. Mobley focuses her practice on information technology auditing, security, risk management and advisory...  |  Read More

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