Internal Control and COSO Essentials for Financial Managers, Accountants, and Auditors

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6.0 Credits

This CPE course gives you a solid understanding of systems and control documentation. After an overview of the latest COSO guidance on the components and principles of effective internal control, this course introduces you to basic tools used to document an accounting process. You will then identify the risks of errors and fraud in the accounting system and the presence (or absence) of compensating controls. Finally, you will practice identifying key controls and control weaknesses.


  • Describe factors that an auditor should consider when obtaining an understanding of the entity and its environment.
  • Identify keys to success in designing a control environment with strong internal controls.
  • Explain the steps required as part of management’s documentation of control activities.
  • Describe tools that can assist in the documentation of internal controls.

Major Topics

  • Fundamental components and principles of internal control
  • Integrated framework
  • Management responsibilities vs. auditor responsibilities
  • Common significant accounting processes
  • Fraud risks for major classes of transactions
  • Tools and techniques used for internal control documentation
  • Estimating the cost and benefit of remedying a control weakness
  • The seventeen principles contained within the COSO Internal Control - Integrated Framework underlying each component of internal control

Designed For

Auditors, managers, supervisors, accountants, and others with duties critical to the system of internal control in business, government or nonprofits

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