Evaluation of Internal Control Systems Using COSO FrameworkLeadership and management

In any city around the world 00447455203759 Course Code: N2024/4/1

Course Description

Including:
Pick up and return back to the airport, 5 days meeting rooms training  and workshops, course material booklet with a bag for trainees   

Introduction:
In today's dynamic business environment, organizations face increasing scrutiny and regulatory requirements regarding their internal control systems. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) provides a comprehensive framework for evaluating and enhancing internal control effectiveness. This course aims to equip participants with the knowledge and skills necessary to assess internal control systems using the COSO framework, ultimately enhancing organizational governance, risk management, and compliance practices.

Objectives:

  • Understand the fundamentals of internal control systems and their significance in organizational governance.
  • Gain proficiency in applying the COSO framework to evaluate the effectiveness of internal control systems.
  • Learn practical techniques for identifying control deficiencies, assessing risks, and implementing remedial actions.
  • Develop the ability to communicate assessment findings and recommendations effectively to key stakeholders.
  • Acquire insights into emerging trends and best practices in internal control evaluation and compliance.

Target Group:
This course is designed for professionals involved in internal auditing, risk management, compliance, finance, and corporate governance. It is suitable for individuals seeking to enhance their skills in evaluating and improving internal control systems within organizations of various sizes and industries.

Course Outline:

Unit 1: Fundamentals of Internal Control Systems

Introduction to internal control concepts and objectives.
Overview of the COSO framework: history, components, and principles.
Understanding the role of internal control in organizational governance, risk management, and compliance.
Case studies illustrate the importance of effective internal controls in preventing fraud and financial misstatements.

Unit 2: COSO Framework Overview

Detailed exploration of the COSO Internal Control-Integrated Framework.
Examination of the five components of internal control: Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring Activities.
Practical examples and exercises demonstrating the application of COSO principles in different organizational contexts.
Discussion on the evolution of the COSO framework and recent updates.

Unit 3: Assessing Internal Control Effectiveness

Techniques for assessing the design and implementation of internal controls.
Conducting risk assessments to identify control deficiencies and vulnerabilities.
Best practices for testing the operating effectiveness of internal controls.
Interpretation of assessment results and prioritization of control enhancement initiatives.

Unit 4: Communicating Assessment Findings

Strategies for effectively communicating assessment findings and recommendations to management and stakeholders.
Tailoring communication approaches to various audiences, including executive leadership, board members, and regulatory bodies.
Developing clear and concise reports summarizing assessment results, control deficiencies, and remediation plans.
Case studies and role-playing exercises to enhance communication skills and stakeholder engagement.

Unit 5: Emerging Trends and Best Practices

Exploration of emerging trends and challenges in internal control evaluation and compliance.
Discussion on the integration of technology, data analytics, and automation in enhancing internal control effectiveness.
Examination of global regulatory developments and their implications for internal control practices.
Best practices for continuous monitoring, evaluation, and improvement of internal control systems.