COSO's Internal Control Framework Essentials

Overview

COSO framework overview

Gain an overview of COSO's internal control framework comprising five components and their related principles. Learn how to evaluate the control environment, risk assessment, control activities, information and communication, and monitoring activities at your or your client's entity.
Through real-life examples, enhance your understanding of how to apply the framework as it relates to financial reporting whether you are an auditor or entity management.

Prerequisites

None

Objectives

• Recall key points related to the components of internal control and related principles and points of focus.
• Identify applicable professional standards that address each component of internal control.

Highlights

Components and principles of internal control Concepts associated with the COSO framework Management responsibilities versus auditor responsibilities Common significant accounting processes Tools and techniques used for internal control documentation