Sunday, November 19, 2017

Focus & Features

The COSO Internal Control–Integrated Framework is the original framework that has gained broad acceptance and is widely used around the world. In the 20 years since its inception, business and operating environments have changed drastically (i.e., more technologically driven, more global, more complex), which has driven the need for an updated Framework.

This course examines how a principles-based approach can be used to design, implement, maintain, and evaluate a system of internal controls. You will have an opportunity to discuss the implications that the updated

Framework presents to the internal audit profession and to individual internal audit activities. You will also identify opportunities for using the updated Framework in your internal audit process and increase the value of your assurance and consulting services.

COSO has universal applicability, regardless of industry, sector, department size, etc. We recommend auditors and key management stakeholders attend. This course is appropriate for a variety of audiences who have an interest in learning about the 2013 Framework.Specifically the program will focus on the following objectives:

  • Discuss the attributes of internal control as it relates to COSO.
  • Discuss the three categories of objectives for internal control.
  • Describe the requirements for effective internal control.
  • Describe the key components, principles, and points of focus in the COSO Internal Control – Integrated Framework (IC-IF).
  • Review a supplemental resource that can be used to determine implications for internal auditors.

What You Will Learn

COSO Internal Control–Integrated Framework (IC-IF)

  • Discuss the attributes of internal control as it relates to COSO.
  • Discuss the three categories of objectives for internal control.
  • Describe the requirements for effective internal control.
  • Describe the key components, principles, and points of focus in the COSO Internal Control – Integrated Framework (IC-IF).
  • Review a supplemental resource that can be used to determine implications for internal auditors.

Risk Assessment

  • Compare and contrast the COSO IC-IF with the COSO Enterprise Risk Management (ERM) – Integrated Framework.
  • Describe the key concepts of the four risk assessment principles.
  • Evaluate controls related to the risk assessment principles.
  • Determine whether the principles related to the risk assessment component are present and functioning.
  • Discuss risk assessment implications that internal auditors should consider when planning and conducting audits.

Control Environment

  • Describe the key concepts in the five control environment principles.
  • Evaluate controls related to the control environment principles.
  • Determine whether the principles related to the control environment component are present and functioning.
  • Discuss control environment implications that internal auditors should consider when planning and conducting audits.

Control Activities

  • Describe the key concepts in the three control activities principles.
  • Evaluate controls related to the control activities principles.
  • Determine whether the principles related to the control activities component are present and functioning.
  • Discuss control activities implications that internal auditors should consider when planning and conducting audits.

Information & Communication

  • Describe the key concepts in the three information and communication principles.
  • Evaluate controls related to the information and communication principles.
  • Determine whether the principles related to the information and communication component are present and functioning.
  • Discuss information and communication implications that internal auditors should consider when planning and conducting audits.

Monitoring Activities

  • Describe the key concepts of the two monitoring activities principles.
  • Evaluate controls related to the monitoring activities principles.
  • Determine whether the principles related to the monitoring activities component are present and functioning.
  • Discuss monitoring activities implications that internal auditors should consider when planning and conducting audits.

Using the COSO Internal Control Integrated Framework

  • Clarify the implications that the updated COSO IC-IF presents to the internal audit profession and individual internal audit activities.
  • Identify examples of how COSO-based questions can be used to add value during audit engagements.
  • Demonstrate how COSO-based practices can be used during internal audit engagements.

Wrap Up

  • List major concepts, techniques, and skills learned during the course.
  • Develop an outline for an action plan to apply select concepts, techniques, and skills.
  • Identify opportunities to use the updated IC-IF in your internal audit process and increase the value of your assurance and consulting services in your organization.
  • Identify opportunities to support management in its efforts to maintain a strong internal control environment.

COURSE PREREQUISITES: 

  1. Participants should already have good working knowledge of the original COSO 1992 as applied in the internal audit process, and some familiarity with COSO 2013.
  1. Documentation and Presentation of your organization’s current COSO-Based Auditing Process, Tools & Techniques
  • Strategic, Business & Annual Audit Planning Processes
  • Internal Audit Risk Assessment Process
  • Mapping of Current Internal Controls into the COSO 1992 Components
  1. Audit Engagement Process – Planning, Fieldwork, Communicating, Monitoring, & QAIP
  1. Pre-work required:
  • Participants identify a Business or Functional Unit actual audit engagement which they can use as their “live case study” for purposes of illustration:
    • Mapping controls into the COSO Components, Principles & Points of Focus
    • Evaluating Internal Controls
  • The following information should be available for discussion at the Entity/Corporate, Business/Functional Unit, and Process Levels
  • Objectives, Risks & Controls

Who Should Attend

This professional seminar is ideal for all auditors

Facilitator: Ms. Edna G. De Leon, CPA, CIA, CISA
                 
  Consultant for Risk, Control & Governance

                    Rustan Commercial Corporation

Schedule: 29 November & 1 – 2 December 2017
Time:
 8:30am – 5: 00 pm

Venue:  St. Giles Hotel, Makati Ave., Makati City

 

Seminar Investment: 

Member’s Rate: Php13,500

Non-Member’s Rate: Php18,000

No. of CPE Credits : 27*

* IIA Certifications

*BOA Accredited CPD Provider

 

Seminar Inclusions:

  • Seminar Kit
  • Certificate of Participation
  • AM & PM Snack, Buffet Lunch

 

How to Enroll:

  •  email at training@iia-p.org or fax to 325.0414
  • call us at 238-8888 loc 8962 and look for Sheena Malapitan or  Thei Mendoza
  • Click here to register online