COSO 2013 Risk Assessment Component

Risk Assessment component and the four separate principles that support this component CPE = 1

Commission (COSO) released its Internal Control—Integrated Framework (the original framework). The new framework will become effective in December 2014. Professionals must first obtain a basic understanding of the concepts, principles and potential impact, including changes from the 1992 framework and the key COSO components and related principles.

COSO 2013 maintains the same five components previously identified within the 1992 framework. These include:
  • Control Environment
  • Risk Assessment
  • Control Activities
  • Information & Communication
  • Monitoring


This course is designed to focus on the Risk Assessment component and the four separate principles that support this component.
Risk Assessment involves a dynamic and iterative process. It considers changes in the external environment/business model that may impede achievement of objectives. Every entity faces a variety of risks from both internal and external sources. Risk assessment forms a basis by which risk will be managed.
  • The organization must specify objectives with sufficient clarity to enable the identification of risks relating to the objective.
  • The organization identifies risks to the achievement of its objectives across the entity and analyzes risks as a basis for determining how the risks should be managed.
  • The organization considers the potential for fraud in assessing risks to the achievement of objectives.
  • The organization identifies and assesses changes that could significantly impact the system of IC.
Management and the external auditors must understand each of these principles and be able to adequately support that they exist and are appropriately designed and functioning. In addition, the components must effectively work in combination to provide for a positive attestation to internal controls.
The course dissects the four principles and important concepts that companies need to understand and support in order to provide that the Risk Assessment principles are in place and functioning. We also discuss concepts related to mapping the principles to controls within the organization.
Learning Objectives
  • Defining Risk Assessment component for COSO 2013
  • Examining the four principles supporting the risk assessment component.
  • Articulation of the 32 Points of focus that supports the four principles of the risk assessment component.
  • Utilizing these points of focus most efficiently in your transition process.
  • Design of principles vs. execution – understanding the critical difference.
  • How the Risk Assessment component connects to the other four components of COSO.


Field: Auditing
CPE: 1
Delivery Method: Self-Study
Format: Video




Your Instructor


Lynn Fountain
Lynn Fountain

Consultant, CPA, CGMA, CRMA, MBA, Past Chief Audit Executive
Business Consultant, Trainer, Author

Ms. Fountain has over 40 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 currently performs consulting for companies on internal audit, risk management, internal controls, SSAE 18, financial reporting and accounting along with performing training. She has also been instrumental in the establishment of ERM, Sarbanes-Oxley and Governance frameworks.

Ms. Fountain has authored a publication for the Institute of Internal Auditors Research Foundation (IIARF) titled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. The publication will be released April 20, 2015. In addition, she is authoring a publication for Auerbach on “The Realities of performing the Chief Audit Executive Role”. The publication will be released in the Fall 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. She has active, current CPA, CGMA, and CRMA credentials.


https://www.lynnfountain.net/


Course Curriculum


  COSO 2013 Risk Assessment Component
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