COSO Internal Control: Mastering Self-Assessment Tools for 2023
This comprehensive course is designed to provide participants with a deep understanding of the Committee of Sponsoring Organizations (COSO) internal control framework and the skills to master self-assessment tools for effective risk management and control. Upon completion of this course, participants will receive a certificate issued by The Art of Service.Course Features - Interactive and engaging content to enhance learning experience
- Comprehensive and up-to-date materials covering the latest COSO framework and self-assessment tools
- Personalized learning experience with expert instructors and peer-to-peer interaction
- Practical and real-world applications to reinforce learning
- High-quality content with actionable insights and hands-on projects
- Flexible learning options with lifetime access and mobile accessibility
- Community-driven learning with discussion forums and live webinars
- Gamification and progress tracking to motivate learning
Course Outline Chapter 1: Introduction to COSO Internal Control Framework
Topic 1.1: Overview of COSO Framework
- History and evolution of COSO framework
- Key components and principles of COSO framework
- Benefits and limitations of COSO framework
Topic 1.2: Understanding Internal Control
- Definition and importance of internal control
- Types of internal control: preventive, detective, and corrective
- Internal control objectives: financial reporting, operations, and compliance
Chapter 2: COSO Framework Components
Topic 2.1: Control Environment
- Definition and importance of control environment
- Key components of control environment: tone at the top, organizational structure, and human resources
- Assessing control environment: surveys, interviews, and observations
Topic 2.2: Risk Assessment
- Definition and importance of risk assessment
- Types of risk: inherent, residual, and control risk
- Risk assessment techniques: qualitative, quantitative, and hybrid
Topic 2.3: Control Activities
- Definition and importance of control activities
- Types of control activities: manual, automated, and IT-dependent
- Designing and implementing effective control activities
Topic 2.4: Information and Communication
- Definition and importance of information and communication
- Types of information: financial, operational, and compliance
- Effective communication: reporting, feedback, and escalation
Topic 2.5: Monitoring Activities
- Definition and importance of monitoring activities
- Types of monitoring activities: ongoing, separate, and ad-hoc
- Designing and implementing effective monitoring activities
Chapter 3: Self-Assessment Tools and Techniques
Topic 3.1: Self-Assessment Overview
- Definition and importance of self-assessment
- Benefits and limitations of self-assessment
- Self-assessment objectives: risk management, control evaluation, and process improvement
Topic 3.2: Self-Assessment Tools
- Surveys and questionnaires
- Interviews and focus groups
- Observations and walkthroughs
- Documentation review and analysis
Topic 3.3: Self-Assessment Techniques
- Risk assessment and prioritization
- Control evaluation and testing
- Process mapping and analysis
- Gap analysis and remediation planning
Chapter 4: Implementing and Sustaining Self-Assessment
Topic 4.1: Implementing Self-Assessment
- Developing a self-assessment plan and schedule
- Assigning roles and responsibilities
- Providing training and support
Topic 4.2: Sustaining Self-Assessment
- Monitoring and evaluating self-assessment effectiveness
- Continuously improving self-assessment processes
- Maintaining stakeholder engagement and support
Chapter 5: Case Studies and Group Discussions
Topic 5.1: Case Study 1 - Implementing COSO Framework in a Small Business
- Background and context
- Challenges and opportunities
- Solutions and outcomes
Topic 5.2: Case Study 2 - Conducting Self-Assessment in a Large Corporation
- Background and context
- Challenges and opportunities
- Solutions and outcomes
Topic 5.3: Group Discussion - Challenges and Best Practices in Implementing COSO Framework and Self-Assessment
- Facilitated group discussion
- Sharing experiences and insights
- Developing solutions and recommendations
Certificate of Completion Upon completion of this course, participants will receive a certificate issued by The Art of Service. ,
Chapter 1: Introduction to COSO Internal Control Framework
Topic 1.1: Overview of COSO Framework
- History and evolution of COSO framework
- Key components and principles of COSO framework
- Benefits and limitations of COSO framework
Topic 1.2: Understanding Internal Control
- Definition and importance of internal control
- Types of internal control: preventive, detective, and corrective
- Internal control objectives: financial reporting, operations, and compliance
Chapter 2: COSO Framework Components
Topic 2.1: Control Environment
- Definition and importance of control environment
- Key components of control environment: tone at the top, organizational structure, and human resources
- Assessing control environment: surveys, interviews, and observations
Topic 2.2: Risk Assessment
- Definition and importance of risk assessment
- Types of risk: inherent, residual, and control risk
- Risk assessment techniques: qualitative, quantitative, and hybrid
Topic 2.3: Control Activities
- Definition and importance of control activities
- Types of control activities: manual, automated, and IT-dependent
- Designing and implementing effective control activities
Topic 2.4: Information and Communication
- Definition and importance of information and communication
- Types of information: financial, operational, and compliance
- Effective communication: reporting, feedback, and escalation
Topic 2.5: Monitoring Activities
- Definition and importance of monitoring activities
- Types of monitoring activities: ongoing, separate, and ad-hoc
- Designing and implementing effective monitoring activities
Chapter 3: Self-Assessment Tools and Techniques
Topic 3.1: Self-Assessment Overview
- Definition and importance of self-assessment
- Benefits and limitations of self-assessment
- Self-assessment objectives: risk management, control evaluation, and process improvement
Topic 3.2: Self-Assessment Tools
- Surveys and questionnaires
- Interviews and focus groups
- Observations and walkthroughs
- Documentation review and analysis
Topic 3.3: Self-Assessment Techniques
- Risk assessment and prioritization
- Control evaluation and testing
- Process mapping and analysis
- Gap analysis and remediation planning
Chapter 4: Implementing and Sustaining Self-Assessment
Topic 4.1: Implementing Self-Assessment
- Developing a self-assessment plan and schedule
- Assigning roles and responsibilities
- Providing training and support
Topic 4.2: Sustaining Self-Assessment
- Monitoring and evaluating self-assessment effectiveness
- Continuously improving self-assessment processes
- Maintaining stakeholder engagement and support
Chapter 5: Case Studies and Group Discussions
Topic 5.1: Case Study 1 - Implementing COSO Framework in a Small Business
- Background and context
- Challenges and opportunities
- Solutions and outcomes
Topic 5.2: Case Study 2 - Conducting Self-Assessment in a Large Corporation
- Background and context
- Challenges and opportunities
- Solutions and outcomes
Topic 5.3: Group Discussion - Challenges and Best Practices in Implementing COSO Framework and Self-Assessment
- Facilitated group discussion
- Sharing experiences and insights
- Developing solutions and recommendations