COSO Control Environment

Obtain a basic understanding of the concepts, and changes from the 1992 framework and the key COSO components and related principles. 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 became 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
Each component is now defined by separate principles that underlie the component. 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 Control Environment is defined as the overall attitude, awareness and actions of directors and management (i.e. "those charged with governance") regarding the internal control system and its importance to the entity. The Control Environment is named as the first component within COSO 2013.
This course is designed to focus on the Control Environment and the five separate principles that support this component.
  • The organization demonstrates commitment to integrity and ethical values.
  • The Board maintains independence from management and exercises oversight of internal control.
  • Management establishes structure, reporting lines, and appropriate authority and responsibility.
  • The organization demonstrates commitment to attract, develop and retain competent individuals.
  • The organization holds individuals accountable for internal control responsibilities.

Lesson Objectives
  • Defining the Control Environment for COSO 2013
  • Examine the five principles supporting the control environment.
  • Discuss points of focus that support the five principles of the control environment and how to utilize these points of focus most efficiently in your transition process.
  • Design of principles vs. execution – understanding the critical difference.
  • How the control environment sets the “tone” for the remaining components.

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 Environment
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