COSO Framework for Internal Controls, Risk Assessment and Financial Statement Audit

This course will address the procedures for conducting a risk assessment for errors and fraud. It will review risks for financial statement preparation, operations, and compliance. Methods for designing and assessing the effectiveness of internal controls, including the importance of monitoring the controls, will be discussed.

Further, the instructor will review the COSO framework for internal controls and provide examples of how to implement the framework. Examples of preventive and detective controls will be illustrated and he will review the importance of internal controls and how they can reduce the time and cost of financial statement audits and reduce the risk of fines from compliance audits.

A few key areas of focus in this two day training will include:

• Internal controls designed to prevent errors and fraud
• Internal controls designed to detect errors and fraud
• Designing a good risk assessment
• Conducting a risk assessment
• Monitoring internal controls
• Using good internal controls to reduce audit costs
• Internal controls for operations
• Internal controls for compliance

• How to conduct a risk assessment
• Designing internal controls
• Evaluating and assessing internal controls
• What are key preventive controls
• What are key detective controls
• How good internal controls can reduce audit costs
• How good internal controls can reduce the risk of penalties in compliance audits

• Certified Public Accountants
• Certified Fraud Examiners
• Internal and External Auditors
• Chief Financial Officers
• Controllers
• Accounting Managers
• Public and Private Accountants
• Consultants
• Risk Officers
• Compliance Officers