Training Course
Syllabus:
COSO Framework for Internal Controls, Risk Assessment and Financial Statement Audit: 2-Day In-Person Seminar By: Robert K Minniti, President at Ombu Enterprises, LLC
Course Description: This course will address the procedures for conducting a risk assessment for errors and fraud. It will review risks for financial statement preparation, operations, and compliance. Methods for designing and assessing the effectiveness of internal controls, including the importance of monitoring the controls, will be discussed. Further, the instructor will review the COSO framework for internal controls and provide examples of how to implement the framework. Examples of preventive and detective controls will be illustrated and he will review the importance of internal controls and how they can reduce the time and cost of financial statement audits and reduce the risk of fines from compliance audits. A few key areas of focus in this two day training will include: Internal controls designed to prevent errors and fraud Internal controls designed to detect errors and fraud Designing a good risk assessment Conducting a risk assessment Monitoring internal controls Using good internal controls to reduce audit costs Internal controls for operations Internal controls for compliance Learning Objectives: How to conduct a risk assessment Designing internal controls Evaluating and assessing internal controls What are key preventive controls What are key detective controls How good internal controls can reduce audit costs How good internal controls can reduce the risk of penalties in compliance audits Course Outline: Day One (8:30 AM – 4:30 PM) Registration Process: 8:30 AM – 9:00 AM Session Start Time: 9:00 AM Review the COSO Framework for Internal Control Control Environment Control Activities Risk Assessment Information & Communication Monitoring Conducting a Risk Assessment Identifying financial statement misstatements due to errors Identifying financial statement misstatements due to fraud Identifying compliance risks Identifying operations risks Evaluating Risks of Misstatement Risk assessment checklist Assessing the severity of the risk Assessing the likelihood of the risk Risk in Large Organizations vs Small and Medium Sized Entities Day Two (8:30 AM – 4:30 PM) Designing internal controls Internal controls for financial reporting Internal controls for compliance Internal controls for operations Different types of internal controls Preventive controls Detective controls Mitigating and compensating controls Evaluation of the internal controls Evaluating and assessing internal controls Key preventive controls Key detective controls The importance of monitoring controls Cost effective internal controls Using good internal controls to reduce audit costs Cost vs Benefits analysis of controls Using internal controls as part of the enterprise risk management process |