COSO 2013 Control Environment Compliance
- 4.2
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Brief Introduction
This course explores the 5 basic principles for dealing with Control Environment of COSO 2013.Description
It's been more than 20 years since the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released its Internal Control—Integrated Framework (the original framework). The new framework will become effective in December 2014. Professionals must first obtain a basic understanding of the concepts, principles and potential impact, including changes from the 1992 framework and the key COSO components and related principles.
COSO 2013 maintains the same five components previously identified within the 1992 framework. These include:
Control Environment
Risk Assessment
Control Activities
Information & Communication
Monitoring
Each component is now defined by separate principles that underlie the component. Management and the external auditors must understand each of these principles and be able to adequately support that they exist, are appropriately designed and functioning. In addition, the components must effectively work in combination to provide for a positive attestation to internal controls.
The Control Environment is defined as the overall attitude, awareness and actions of directors and management (i.e. "those charged with governance") regarding the internal control system and its importance to the entity. The Control Environment is named as the first component within COSO 2013.
This course is designed to focus on the Control Environment and the five separate principles that support this component.
The organization demonstrates commitment to integrity and ethical values.
The Board maintains independence from management and exercises oversight of internal control.
Management establishes structure, reporting lines, and appropriate authority and responsibility.
The organization demonstrates commitment to attract, develop and retain competent individuals.
The organization holds individuals accountable for internal control responsibilities.
If you would like Continuing Education Credit (e.g. CPE, CE, CPD, etc.) for this course, it is available if you take this course on the Illumeo dot com platform under course title: COSO 2013 Control Environment Compliance. Illumeo is certified to provide CPE in over two dozen different professional certifications covering finance, accounting, treasury, internal audit, HR, and more. However, in order to receive CPE credit the courses must be taken on an ‘approved-by-the-governing-body’ CPE platform, and for over two dozen corporate professional certifications, that is the Illumeo platform. Go to Illumeo dot com to learn more.
Requirements
- Requirements
- Prerequisite: Exposure to risk management
- Advanced Preparation: None
Illumeo Learning
4.2 Raiting
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- 4.1
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This course examines the COSO attributes and 17 components and speak to what procedures need to be considered. Much has changed since 1992 when the COSO Framework was originally issued....
COSO 2013 Requirements and Implementation Overview
- 4.3
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This course provides an overview of the important concepts of COSO 2013. Since then, technology has drastically changed the business operating environment and the associated risks....
COSO 2013 Control Activity Compliance
- 4
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This course teaches the 3 basic principles of Control Activity component of COSO 2013. The new framework will become effective in December 2014....
COSO 2013 Complying with the Information & Comm. Components
- 4.1
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This course focuses on the Information and Communication component and the three separate principles. Communication is considered a continual and iterative process of providing, sharing and obtaining necessary information....
