IMPLEMENTING THE FRAMEWORK

Transcription

1 ý Marketing Partner Content Partner IMPLEMENTING THE FRAMEWORK IIA GL BAL TRAINING MATERIAL Bengaluru 23 Nov HOURS

2 A bout This Course Course Description The COSO Internal Control Integrated Framework is the original framework that has gained broad acceptance and is widely used around the world. In the 20 years since its inception, business and operating environments have changed drastically (i.e., more technologically driven, more global, more complex), which has driven the need for an updated Framework. This course examines how a principles-based approach can be used to design, implement, maintain, and evaluate a system of internal controls. You will have an opportunity to discuss the implications that the updated Framework presents to the internal audit profession and to individual internal audit activities. You will also identify opportunities for using the updated Framework in your internal audit process and increase the value of your assurance and consulting services. COSO has universal applicability, regardless of industry, sector, department size, etc. We recommend auditors and key management stakeholders attend. This course is appropriate for a variety of audiences who have an interest in learning about the 2013 Framework. Note: This course is designed for someone who has a good practical understanding of what internal control is and how to apply it. It is helpful to have an understanding of the original (1992) COSO Internal Control Integrated Framework and how it applies to assessing controls in terms of the COSO categories of objectives and the five internal control components (shown in the COSO cube). We will be reviewing what is new in the updated version and how it impacts your internal control system. At the end of the class, you will prepare an outline to develop your own action plan to assist you in evaluating your internal control system against the new Framework. This course is primarily designed to address the full COSO IC IF. It does not address Sarbanes-Oxley, ICEFR, or SEC ramifications or is there an emphasis on financial reporting. Course Objectives Ÿ Describe the key components, principles, and points of focus in the COSO Internal Control Integrated Framework (IC-IF). Ÿ Compare and contrast the COSO IC-IF with the COSO Enterprise Risk Management (ERM) Integrated Framework. Ÿ Discuss risk assessment implications that internal auditors should consider when planning and conducting audits. Ÿ Evaluate controls related to the control environment, control activities, information and communication, and monitoring activities principles. Ÿ Demonstrate how COSO-based practices can be used during internal audit engagements. Ÿ Identify opportunities to use the updated IC-IF in your internal audit process and increase the value of your assurance and consulting services in your organization.

3 C ourse Topics COSO Internal Control Integrated Framework (IC-IF) Ÿ Internal control attributes Ÿ Three categories of objectives for internal control. Ÿ Requirements for effective internal control Ÿ Key components, principles, and points of focus in the COSO IC-IF Ÿ Implications for internal auditors Risk Assessment Ÿ Comparing COSO IC-IF and COSO ERM Ÿ Key concepts of the four risk assessment principles Ÿ Controls related to the risk assessment principles Ÿ Principles related to the risk assessment component are present and functioning Ÿ Risk assessment implications that internal auditors should consider when planning and conducting audits Control Environment Ÿ Key concepts in the five control environment principles Ÿ Controls related to the control environment principles Ÿ Determining whether the principles related to the control environment component are present and functioning Ÿ Control environment implications that internal auditors should consider when planning and conducting audits Control Activities Ÿ Key concepts in the three control activities principles Ÿ Controls related to the control activities principles Ÿ Determining whether the principles related to the control activities component are present and functioning. Ÿ Control activities implications that internal auditors should consider when planning and conducting audits Information & Communication Ÿ Key concepts in the three information and communication principles Ÿ Controls related to the information and communication principles Ÿ Determining whether the principles related to the information and communication component are present and functioning Ÿ Information and communication implications that internal auditors should consider when planning and conducting audits Monitoring Activities Ÿ Key concepts of the two monitoring activities principles Ÿ Controls related to the monitoring activities principles Ÿ Determining whether the principles related to the monitoring activities component are present and functioning Ÿ Monitoring activities implications that internal auditors should consider when planning and conducting audits Using the COSO IC-IF Ÿ Implications that the updated COSO IC-IF presents to the internal audit profession and individual internal audit activities Ÿ Using COSO-based questions to add value during audit engagements Ÿ Using COSO-based practices during internal audit engagements

4 S peakers RAMA RAO RAYAVARAPU Partner, Singhvi, Dev & Unni, Chartered Accountants Secretary IIA India Ramarao specializes in Risk management, Business processes and internal control areas. He worked with an Information Technology company and for a reputed accounting firm as Manager for their Bangalore branch before joining SDU. He is a Certified Information Systems Auditor (CISA) and is one of the founder members of the Bangalore Chapter of Information Systems, Audit & Control Association (ISACA). He is the Secretary of the Institute of Internal Auditors. ADITYA KUMAR.S Partner R.G.N. Price & Co. Experience in Statutory Audits / Limited Reviews / Internal Audits of listed and unlisted companies (including subsidiaries of Fortune 500 companies) in various industries including Engineering, Auto and Auto components, Pharmaceuticals, Electronic Parts, IT / ITES, Plantation, Iron & Steel, Sugar, Hospitality and Education. Ÿ Extensive hands-on experience in implementing and advising clients on Ind AS Transition including listed entities having overseas presence and maintaining accounts on different GAAP to meet the local geographical regulations. Ÿ SOX Testing and implementation of COSO 2013 of a large multi-national computer accessories company. Ÿ Experience in special assignments in the nature of investigation of fraud in a listed entity, due diligence of companies, formulation of accounting and information system for a new business segment of an IT Company, benchmarking accounting policies for a large microfinance company,

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