Catalogue

Description

This course will be an overview of:

• The Committee of Sponsoring Organizations (COSO) of the Treadway Commission Study established internal control to be a process with five interrelated components.
• Learn how the far-reaching COSO principles enable compliance with the stringent requirements of the watershed Sarbanes-Oxley Act of 2002 .
• Review the Internal Control framework as developed in the COSO study.
• Understand how the COSO ICF enables compliance with the requirements of the Sarbanes-Oxley Act.
• Summarize the Acts effects on the components of an entity’s internal control system.
• Summarize the Acts effect on the control environment, including the audit committees role and the rules governing public accounting firms;
• Discuss the Acts effect on risk assessment and how it is important to the management certification of the internal control system;
• Describe the Acts effect on control activities, focusing on the assessment, documentation, testing, and materiality of control activities;
• Summarize the Acts effect on monitoring, information, and communication.

After completing this course, the learner should be able to:

• Recognize the purpose and definition of internal control.
• Recognize the objectives of a system of internal controls, the five components of internal control, and the three dimensions of the internal control relationship.
• Identify the principles that underlie the five components of internal control.
• Recognize the different categories of internal control over information systems.
• Define and recognize deficiencies in internal control.
• Recognize the roles and responsibilities related to internal control.
• Recognize the effects of Sarbanes-Oxley on internal control.