The Alaska Chapter

of

The Institute of Internal Auditors

presents

COSO 2013: Implementing the Framework

Progress through Sharing

COSO 2013: Implementing the Framework

COSO 2013: Implementing the Framework
Course Description
The COSO Internal Control–Integrated Framework is the original framework that has gained broad acceptance and is widely used around the world. In the 20 years since its inception, business and operating environments have changed drastically (i.e., more technologically driven, more global, more complex), which has driven the need for an updated Framework.
This course examines how a principles-based approach can be used to design, implement, maintain, and evaluate a system of internal controls. You will have an opportunity to discuss the implications that the updated Framework presents to the internal audit profession and to individual internal audit activities. You will also identify opportunities for using the updated Framework in your internal audit process and increase the value of your assurance and consulting services.
COSO has universal applicability, regardless of industry, sector, department size, etc. We recommend auditors and key management stakeholders attend. This course is appropriate for a variety of audiences who have an interest in learning about the 2013 Framework.
PLEASE NOTE:
This course is designed for someone who has a good practical understanding of what internal control is and how to apply it. It is helpful to have an understanding of the original (1992) COSO Internal Control–Integrated Framework and how it applies to assessing controls in terms of the COSO categories of objectives and the five internal control components (shown in the COSO cube). We will be reviewing what is new in the updated version and how it impacts your internal control system. At the end of the class, you will prepare an outline to develop your own action plan to assist you in evaluating your internal control system against the new Framework.
This course is primarily designed to address the full COSO IC–IF. It does not address Sarbanes-Oxley, ICEFR, or SEC ramifications or is there an emphasis on financial reporting.
The IIA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website at
Course Duration:2day(s)
CPE Hours Available:16
Knowledge Level:Intermediate
Field of Study:Auditing
Prerequisites:
Prerequisites
Ideally, participants will have familiarity with the original (1992) COSO Internal Control–Integrated Framework and how it applies to assessing controls in terms of the COSO categories of objectives and the five components.
Advance Preparation:
Advance Preparation
​None
COSO Internal Control – Integrated Framework (IC-IF)
  • Discuss the attributes of internal control as it relates to COSO.
  • Discuss the three categories of objectives for internal control.
  • Describe the requirements for effective internal control.
  • Describe the key components, principles, and points of focus in the COSO Internal Control – Integrated Framework (IC-IF).
  • Review a supplemental resource that can be used to determine implications for internal auditors.
Risk Assessment
  • Compare and contrast the COSO IC-IF with the COSO Enterprise Risk Management (ERM) – Integrated Framework.
  • Describe the key concepts of the four risk assessment principles.
  • Evaluate controls related to the risk assessment principles.
  • Determine whether the principles related to the risk assessment component are present and functioning.
  • Discuss risk assessment implications that internal auditors should consider when planning and conducting audits.
Control Environment
  • Describe the key concepts in the five control environment principles.
  • Evaluate controls related to the control environment principles.
  • Determine whether the principles related to the control environment component are present and functioning.
  • Discuss control environment implications that internal auditors should consider when planning and conducting audits.
Control Activities
  • Describe the key concepts in the three control activities principles.
  • Evaluate controls related to the control activities principles.
  • Determine whether the principles related to the control activities component are present and functioning.
  • Discuss control activities implications that internal auditors should consider when planning and conducting audits.
Information & Communication
  • Describe the key concepts in the three information and communication principles.
  • Evaluate controls related to the information and communication principles.
  • Determine whether the principles related to the information and communication component are present and functioning.
  • Discuss information and communication implications that internal auditors should consider when planning and conducting audits.
Monitoring Activities
  • Describe the key concepts of the two monitoring activities principles.
  • Evaluate controls related to the monitoring activities principles.
  • Determine whether the principles related to the monitoring activities component are present and functioning.
  • Discuss monitoring activities implications that internal auditors should consider when planning and conducting audits.
Using the COSO Internal Control Integrated Framework
  • Clarify the implications that the updated COSO IC-IF presents to the internal audit profession and individual internal audit activities.
  • Identify examples of how COSO-based questions can be used to add value during audit engagements.
  • Demonstrate how COSO-based practices can be used during internal audit engagements.
Wrap Up
  • List major concepts, techniques, and skills learned during the course.
  • Develop an outline for an action plan to apply select concepts, techniques, and skills.
  • Identify opportunities to use the updated IC-IF in your internal audit process and increase the value of your assurance and consulting services in your organization.
  • Identify opportunities to support management in its efforts to maintain a strong internal control environment

About the Instructor

MIKE JACKA

CIA, CPA, CPCU, CLU, FCLS

Mike Jacka, CIA, CPA, CPCU, CLU, FCLS, worked for 30 years in internal audit for Farmers Insurance out of Phoenix, Arizona. During that time he was responsible for projects as far-ranging as development of fraud investigation procedures for a 100-person audit shop, overseeing 30 people as head of Western Regional Auditing Operations, and designing a new auditor training program for a global organization of 200 staff members.

Upon his release in January, 2012, he helped found Flying Pig Audit, Consulting, and Training Solutions (FPACTS) where he is Chief Creative Pilot. FPACTS is a group dedicated to working with internal auditors and all professionals to improve their departments, their organizations, and their profession.

Jacka is the co-author of Business Process Mapping: Improving Customer Satisfaction, now in its second edition, and the accompanying workbook. He is also co-author of Auditing Social Media: A Governance and Risk Guide, and The Marketing Strategy: A Risk and Governance Guide to Building a Brand, both published by the IIA.

He has been responsible for the Lighter Side articles which appear in Internal Auditor magazine. Not learning their lesson, the magazine has now made him responsible for the column "The Mind of Jacka". He also writes the associated blog “From the Mind of Jacka”. He holds a Bachelor of Arts in archaeology and a Bachelor of Science in accounting from Arizona State University.

Seminar information

Location:Providence Transitional Care Center

Commons Building, Multipurpose Room (to the left of the reception desk)

910 Compassion Circle

Anchorage, Alaska 99504

Parking: Please park in the staff parking lot to the east of the building. Parking for this conference is not allowed in the visitor spots near the front of the building.

Date:November 18 – November 19, 2014

Time:Registration and Continental Breakfast: 7:45 a.m. – 8:30 a.m.

Training: 8:30 a.m. to 4:30 p.m.

Lunch: 12 p.m. to 1 p.m. (provided)

CPE:Seminar,16 hours

SEMINAR COST

Members:$400

Non-Members: $650

The registration deadline is October 17, 2014. Admission will not be available “at the door”.

REGISTRATION FORM

Registration Fee: $400 members / $650 non-members

If you do not need an invoice, please complete this form and mail it,along with your check payable to IIA Alaska Chapter,to:

Alaska Chapter of the IIA

P.O. Box 232125

Anchorage, Alaska99523-2125

EIN: 92-0094776

If you need an invoice, please complete this form and e-mail it to . An invoice will be emailed back to you. Print the invoice and mail it along with your check to the address above.

Your payment must be receivedbyOctober 17, 2014to guarantee placement in the training.

To register, please provide the following information:

  • Name of Attendee(s)
  • IIA Membership ID Number(s)
  • Organization Name
  • Job Title(s)
  • Address
  • Phone Number
  • E-mail Address
  • Special Dietary Needs/Allergies