Webcast: Critical New COSO Internal Control Framework Concepts (XSCOS4117)
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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 updates to the original 1

7/19/2017
When: 07/19/2017
8:00 AM until 11:30 AM
Where: Webcast
Surgent
COS4-2017-01-WEBNR-200-01
United States
Presenter: Jen Louis, CPA


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Acronym XSCOS4117
CPE 4 hours
Vendor Surgent
Category
Accounting & Auditing
Level Intermediate
Prerequisite Experience with designing, evaluating, or monitoring internal controls
Adv Prep None
Yellow Book? No
Designed for Accountants both in public and private practice responsible for designing, evaluating, and/or monitoring internal controls over financial reporting
Registration
Member $139
CPA Non-Member $189

The Member rate applies to LCPA members, other state society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Course 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 updates to the original 1992 Internal Control - Integrated Framework to better manage the unique and challenging risks of today’s entities.

Objectives

  • Explain the evolution of internal control concepts since the origination of the 1992 version of COSO’s Internal Control-Integrated Framework, including important new concepts contained in the updated 2013 version
  • 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

Topics

  • Important differences between the 1992 version of the framework and the 2013 COSO guidance
  • 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