Focus on Internal Control - Is your Company Ready for the New COSO?

Why Should You Attend:

The new COSO framework will be released in early 2013 and will turn up the focus on how its guidance should be used by companies and auditors when evaluating processes for Sarbanes-Oxley and other control requirements. It is imperative that management, compliance professionals, legal professionals and audit professionals all become intricately familiar with the new COSO framework and the impact it will have on how companies as well as external auditors approach compliance evaluations for not just Sarbanes-Oxley but all regulatory and legislative initiatives. It is also imperative that management learn and accept their critical role as it relates to the management and monitoring of internal controls.

This webinar will focus on the key changes within the COSO 2013 framework and will analyze how this may impact overall compliance efforts. It will explore how COSO 2013 may ultimately impact changes to corporate strategic initiatives and regulatory processes. In addition, it will link the PCAOB’s identified deficiencies of audit firms ICFR to aspects of COSO 2013. Finally, the instructor will discuss the COSO Foundation’s new templates and tools and analyze how these can integrate into your processes.

Areas Covered in the Webinar:

• Key changes between COSO 1992 and the proposed 2013 COSO draft
  • Implications for Sarbanes-Oxley compliance and Section 404 and 302 attestations
• Analysis of how those changes will impact compliance efforts requirements
• Understanding the new tools and templates provided by the COSO foundation
• Benefits and challenges of the new framework
• Management's requirement for understanding COSO 2013
• Review of PCAOB December 2012 report on its review of Public Firms and their work on internal control over financial reporting
  • Implications for Sarbanes-Oxley compliance

Who Will Benefit:

• Board members
• Management
• Risk  and legal Professionals
• Internal auditors
• Compliance Professionals
• Process improvement Professionals

Instructor Profile:

Ms. Lynn Fountain, CGMA, CRMA, MBA, has over 30 years of experience in the business profession, which includes public and industry accounting and over 20 years within internal and external auditing combined. She is a nationally recognized trainer and speaker and also a published author. She is a subject matter expert and specializes in Internal Audit, Sarbanes-Oxley, Enterprise Risk Management, Fraud, Governance and Compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. She has also been instrumental in the establishment of ERM, Sarbanes-Oxley and Governance frameworks.

Ms. Fountain has developed and delivered leading edge training sessions on the new COSO framework and has assisted companies in identifying risk gap analysis in their individual processes. She currently executes two highly recognized e-workshops for the Institute of Internal Auditors, one on Fraud and the second on Ethics. Both workshops have incorporate aspects of COSO 2013.

Ms. Fountain is in the process of authoring a publication for the IIA Research Foundation on aspects of fraud auditing. The publication is due out in 2015. In addition, she has performed as an adjunct instructor for the School of Business for Grantham University and the School of Business at the University of Kansas.

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas.

Topic Background:

The COSO foundation will be releasing their 2013 internal control framework in the coming months. The framework will replace the 1992 version and includes critical guidance company’s should be using when applying COSO within their Sarbanes-Oxley compliance as well as within their operational efforts. Training for the new framework is predicted to be critical to successful application of the guidelines. The new COSO Framework clearly outlines the importance of understanding all aspects of internal control and ensuring elements are properly working together in an effective and cohesive manner in order to affirm Internal Control over Financial Reporting (ICFR).

In today’s business world, the term, internal control, is assumed to be a well-known and understood concept. The issue has come to the forefront as the COSO Foundation is about to release the revised version of the COSO 1992 internal control framework. Companies who indicate they utilize the COSO framework for their evaluation and compliance processes will be expected to employ the concepts imbedded in the current draft. Prior to executing on that task, management must re-evaluate their position on internal controls and how they employ the roles and responsibilities related to internal control within their environments. This may be a significant task for many companies and will include re-evaluation of their current compliance and internal audit programs as well as the organizational alignment of these functions.

Predicating this release is the PCAOB’s December 2012 report on their review of the adequacy of public firm’s application of ICFR. The PCAOB identified multiple deficiencies within audits that will ultimately impact how firms approach their compliance steps for Sarbanes-Oxley and their integration of COSO 2013. Adding to the mix will be the manner in which each company transitions their compliance efforts from COSO 1992 to COSO 2013.

Follow us :