COSO Control Activity

Focus on the Control Activity CPE = 1

It's been more than 28 years since the Committee of Sponsoring Organizations of the Treadway 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 Control Activity component and the three separate principles that support this component.
Control Activity is named as the third component within COSO 2013. Control Activities are actions defined through policies and procedures that help ensure management directives to mitigate risks to the achievement of objectives are carried out. Control activities are performed at all levels of the organization and at various stages of business processes and technology.
  • The organization selects and develops control activities that contribute to the mitigation of risks to the achievement of objectives to acceptable levels.
  • The organization selects and develops general control activities over technology to support the achievement of objectives.
  • The organization deploys control activities through policies that establish what is expected and procedures that put policies into place.
Management and the external auditors must understand each of these principles and be able to adequately support that they exist, 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 three principles and important concepts that companies need to understand and support in order to provide that the principles are in place and functioning. We also discuss concepts related to mapping the principles to controls within the organization.
Learning Objectives
  • Define the Control Activity component for COSO 2013
  • Examine the three principles supporting the control environment.
  • Analyze sixteen points of focus that supports the three principles of control activities.
  • How to utilize these points of focus most efficiently in your transition process.
  • Design of principles vs. execution – understanding the critical difference.
  • Proper mapping for control activities.


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 Control Activity
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