Why are COSO standards and trainings important?
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) was created in 1985 to investigate the causal factors that lead to fraudulent financial reporting. Five major professional organizations (the American Accounting Association, the American Institute of Certified Public Accountants, Financial Executives International, the Institute of Internal Auditors and the Institute of Management Accountants) sponsored the National Commission on Fraudulent Financial Reporting and continue to provide thought leadership and training on enterprise risk management, internal control, and fraud deterrence. Knowing and upholding standards set forth by this group demonstrates your ability to safely and effectively conduct business operations on a global scale.
- Internal Control and COSO Essentials for Financial Managers, Accountants and Auditors
- Are you able to identify departmental policies and procedures that function as the primary controls against errors and fraud?
- Starting with an overview of the COSO guidance on the components and principles of internal control, this CPE self-study course will introduce you to basic tools used to document processes and controls.
The course covers:
- The responsibilities of management versus those of the auditor;
- Identification of risks of errors and fraud and consideration of the presence (or absence) of related controls; and,
- How to interpret and evaluate management’s documentation of accounting processes and controls for auditors performing field work
- Recall factors that an auditor should consider when obtaining an understanding of the entity and its environment, including internal control.
- Identify keys to success in designing a control environment with strong internal controls.
- Recall internal control objectives, components, and principles.
- Identify tools that can assist in the documentation of internal control.
- Identify ways to obtain efficiencies and effectiveness in internal control in various types of smaller entities.