This COSO training is designed to help some users to gain the benefits of and understanding the practical implementation techniques for monitoring internal controls over financial reporting using the new COSO Monitoring Guidance.
Why should you Attend:
Effective monitoring occurred in certain areas, but many continue to under-utilize the results of that monitoring to support their conclusions about the effectiveness of internal control, most notably conclusions related to the effectiveness of internal control over financial reporting. Instead, redundant (often unnecessary) internal control evaluation procedures were evaluated by management. Other organizations were not making the best use of ongoing monitoring procedures, or lacked necessary monitoring procedures altogether, which forced them to implement inefficient year-end evaluations to support their conclusions about the effectiveness of internal control.
This course is designed to help some users to gain the benefits of and understanding the practical implementation techniques for monitoring internal controls over financial reporting using the new COSO Monitoring Guidance. By reviewing examples attendees should gain a more complete understanding of how monitoring might be applied in different situations. This material is designed to be useful to those seeking to apply internal control monitoring techniques in both smaller, non-complex organizations and others that are larger, more complex entities.
Areas Covered in the seminar:
- Practical Examples of Establishing a Foundation for Monitoring.
- Tone from the Top
- Organizational Structure
- Baseline Understanding of Internal Control Effectiveness
- Practical Design and Execution of Monitoring Procedures.
- Understand and Prioritize Risks
- Design of Controls
- Understand the Internal Control System and Identify Key Controls
- Identify Persuasive Information
- Implement Monitoring Procedures
- How to Assess and Report Results
Who Will Benefit:
This webinar will provide valuable assistance to all professions involved in the evaluation of internal controls over financial reporting including Controllers.
- CFOs
- CPAs
- Board members
- Audit Committee
- Corporate Governance Professionals
- SOX Coordinators
- General Counsel
Instructor Profile:
Bob Benoit, President of Lord & Benoit, a SOX Consulting and Research Firm, and contributor to the development of this COSO Monitoing Guidance. Bob participated on the COSO Project Taskforce.
