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Key COSO Concepts: Managing Risk to Achieve Your Business Objectives (COS4) (SUCOS402)

 
Date:Tuesday, October 15, 2019
Time:9:00 AM - 12:30PM
(Registration at 8:30 AM)
Facility:Webcast or Webinar, Online
CPE Credit:4.0 Accounting and Auditing
Instructor: Jennifer F. Louis
Vendor:Surgent McCoy
Course Level:Intermediate
Early Bird Price:$139.00 FICPA Members, $199.00 Non-Members

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.

Objectives:
  • 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


Major Topics:
  • 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


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

Prerequisite:
Experience with designing, evaluating, or monitoring internal controls

Advanced Preparation:
None

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Registration Status: OPEN