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.