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

Seminar Summary:

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. (see full course description)

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