Operationalizing COSO

A Discussion Far Beyond Financial Reporting CPE = 3

When the Committee of Sponsoring Organizations (COSO) released the COSO 2013 Framework, they specifically stated their intent that the framework be utilized for more than just Internal Control Over Financial Reporting (ICFR). Many companies have undergone and completed the mapping processes for the 17 principles to the ICFR controls. They must now examine how the framework can move into the operational stage.

Much has changed since 1992 when the COSO Framework was originally issued. Market globalization has become the norm, expectations for governance and risk management have soared in the wake of corporate scandals such as Enron and WorldCom, and laws, regulations and standards for conducting business have increased exponentially.
While the 2013 COSO Internal Control Framework retains the core components you are familiar with there is an increased focus on non-financial controls and reporting objectives. No longer is it acceptable to ignore operations in regards to the COSO framework. Today, the concepts and principles of COSO 2013 must be applied across the entire organization. However, applying these concepts across operations and compliance has proven to be very challenging for many organizations.


Learning Objectives

  • Explore the driving force behind the 2013 Committee of Sponsoring Organizations (COSO) Internal Control Framework and suggested applications beyond Internal Control Over Financial Reporting (ICFR).
  • Discover the benefits of applying the COSO framework to the entire organization.
  • Identify each of the COSO attributes and principles and recognize their application to operational and compliance processes.


Field: Auditing
CPE: 3
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


  Operationalizing COSO
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