It's been more than 20 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 Risk Assessment component and the four separate principles that support this component.
Risk Assessment involves a dynamic and iterative process. It considers changes in the external environment/business model that may impede achievement of objectives. Every entity faces a variety of risks from both internal and external sources. Risk assessment forms a basis by which risk will be managed.
- The organization must specify objectives with sufficient clarity to enable the identification of risks relating to the objective.
- The organization identifies risks to the achievement of its objectives across the entity and analyzes risks as a basis for determining how the risks should be managed.
- The organization considers the potential for fraud in assessing risks to the achievement of objectives.
- The organization identifies and assesses changes that could significantly impact the system of IC.
Management and the external auditors must understand each of these principles and be able to adequately support that they exist and 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 four principles and important concepts that companies need to understand and support in order to provide that the Risk Assessment principles are in place and functioning. We also discuss concepts related to mapping the principles to controls within the organization.
“Citations of information on the COSO framework, principles and points of focus mentioned through this course are directly worded from the COSO literature and relayed here with the permission of COSO.org as a training mechanism related to their framework. The full document of the Framework can be found at COSO.org”.
Prerequisites
Prerequisite: Exposure to risk management
Advanced Preparation: None
Learning Objective
- Defining Risk Assessment component for COSO 2013
- Examining the four principles supporting the risk assessment component.
- Articulation of the 32 Points of focus that supports the four principles of the risk assessment component.
- Utilizing these points of focus most efficiently in your transition process.
- Design of principles vs. execution – understanding the critical difference.
- How the Risk Assessment component connects to the other four components of COSO.
Last updated/reviewed: March 14, 2024
(143) Reviews
(95 rating)
This was a very interesting and relevant course. Internal Audit funcitons often face navigating the pull from management to engage in fraud investigations and that must be balanced with other Internal Audit activities, with the support of the Audit Committee.
Thanks, great training with updated samples and explanation, thanks.
Ethical issues are sometimes downrated, what is not correct. Great presentation.
It was good overall. Question #2 on the Final Exam has 2 of the same answers as choices.
It is a great course. However, needs to be updated as the statistics in Report to the Nations can vary at times.
Great information about useful tools. Didn't know there were so many plugins available
It's hard to distill the entire history of ethical thought down into a 2 hour business course, but I give credit to the instructor for making the effort.
Great course, well structured and good content!!!!
Course was easy to follow. Concepts were explained well.
Very interesting course! ..................................................................
The excitement of the content combined with the enthusiasm and insight of Mr. Wasny make this course, along with those he presents on AI, the most inspiring and motivational I've experienced on this platform.
The course is well organized and easy to understand!
Great course on ethical and regulatory considerations for remote employees. This will interest you!
Focuses a lot on higher level IA positions, not necessarily the entire IA dept. as a whole.
The material was well presented but surprise by the level of difficulty of the questions.
Excellent course! I love how so much material is covered especially the case examples.
A great review of what communication really is. Highlights ideas that are not intuitively known.
Great course with good examples of important aspects of the profession and certification.
Exam was helpful in understanding the importance of a top-down risk assessment. Thank you.
The course covers a significant amount of material that is often uncommon such as disposal of divisions and going concern treatments. It's well done and interesting.
Concise review of journals, ledgers and GL. Good use of examples. The PDFs are extremely helpful as I listened to the recording.
Materials need some improvement. They are just bullet points without any context. That's good for normal presentations, but won't be useful if trying to use as a guide later on when the information is not fresh in our minds.
Great course covering many important concepts and history behind evolution of current accounting standards
Good overview of 2023 fraud trends and beyond, how account takeover happens, including the detection and prevention strategies for account takeover.
Thorough, accurate and helpful to meet CE requirements.
This is a very detailed and informative course and clearly set out the differences between both areas.
Enjoyed the course which Is exactly what I was seeking to begin educating myself about SOX and how SOX relates to EA/IA. Thanks for sharing your knowledge and expertise, Lynn!
Very comprehensive and helpful course I highly recommend it
Good overview and introduction in the terms of fraud, comprehensive slides
Your courses always provide helpful insight and practical tips.
provided good information in a platform to engage the parties taking the course. Provided helpful ideas and processes..
This course provided an excellent overview of the risk assessment steps and criteria to complete the process. I especially appreciated the sample documents provided by the instructor. Also, this instructor was very clear, concise and provided very meaningful examples of this topic. She is an excellent communicator. I enjoyed this class and would highly recommend it.
Great! Thank you for another useful and interesting course. Awesome summary.
Great. Perfect. As usual. I really like this trainer. Clearly presented.
This is a good ESG overview. I removed a star because the pace was too slow for me. It's important to watch this on a PC or iPad so that you can watch at 1.5x speed.
Great real-life applicable content. I enjoyed this course!
Material and review/exam content was not crisp and clear. Review question & answers were not accurate. Exam questions and answers were confusing and subjective.
very relevant topics to a critical aspect of every working day.
This is an excellent course from Lynn Fountain! The real-life scenarios and current event considerations bring life to the topic.
This is a high-level overview of how to organize data analytics efforts and sell these services to the business.
I dont think you needed to get political with your exam question. Especially since its opinion. It seemed a bit unethical.
A good course and easy to understand, organizations should focus on continous improvement.
Very interesting study. Clearly stated and kept my interest
Good review of various types of audit reports that can be issued. However, this course did not cover the dating of the report or the auditor's responsibilities for reporting of subsequent events.
Challenging and an excellent course, it expanded my knowledge.
The course is too long for just 1 course, it should at least be sectioned. Audit planning itself has various sections, in this way it may be less tedious.
This course provides a good understanding of fraudulent disbursements.
Clearly a very thorough series of courses and the speaker brought a lot of personal experience to the courses. A young grad wishing to climb the ladder would benefit from this series. I wish the final exam could have been taken in pieces as I progressed through the series as opposed to doing all 61 questions after listening to the 8 courses.
Excellent course! Recommended for everyone who wants expand his knowledge of Power BI.
This was a course on Internal Controls! More words are needed to make it informative to my peers.
This was a very confusing one. I finally passed when I answered one question which seemed again what the material and I understood. It was question six. I disagree that it should be answer A. A going concern is considered when a company has issues about going a year from the opinion letter date.
Great addition to illumeo. Really helps keep up with the Ethics requirement in a timely manner.
One of the presentation sections was not included, but rather a repeat presentation of the previous section.
This course was well developed and well presented. Good coverage of the subject.
Great course of audit committee effectiveness in the aftermath of 2007
Good review course. This was a solid refresher for something I have been away from for some time.
One word- Interesting? This course is general motivational info, not necessarily related to COVID. There were a couple of good stories:)
Good basic introduction to inventory fraud with a lot of possibilities and scenarios provided.
great course...........................................................................................................
Recommend Audit Engagement Planning as an excellent course.
This instructor courses are always very helpful and are well thought out. I always look for her courses on-line as I always learn something new and interesting from her classes.
I enjoyed this course although I am very green when it comes to fraud risks and mitigation. I found it kept my interest and was easy to understand.
Interesting content, very useful. Plan to implement with staff
This course helped me strengthen my understanding of IA fundamentals.
An important aspect that companies forget to look at because cyber attacks are seldomly experienced by them. Great refresher on how to react to cyber attacks
Great overview of cybersecurity. Linkage to NIST was clear. Slides were clear.
This was one of the best courses I took - I really liked the fact that you could follow along with the instructor using the worksheets provided!
This was a thorough and comprehensive overview of ERM. I look forward to the next series of instruction.
Good course. The course could be expanded to look at the culture in other countries in comparison to the required corporate culture and how to deal with the higher inherent risk of operating in high CPI countries.
CISA and CPA's would both benefit. I learned a lot about ERM and why it is very important for an organization.
very good high level information for lending business details
The material is useful but the instructor is monotone,which makes it difficult to stay engaged.
Great overview. Good explanation about different types of controls.
I like how the instructor takes you through specific cycles to demonstrate proper SOD and problems if there is a lack of SOD.
Many supporting materials didn't open. Many supporting materials didn't open.
I highly recommend this course to anyone working in accounting. The class material is filled with lots of examples. Great class.
Interesting course with a lot of good information.
Overall I liked this course. Im not involved with cash flow with my current job but it was a very informative course to take for someone like myself. I would recommend to anyone looking to gain a greater understanding of cash flow forecasting.
great overview. educational Bruce obviously speaks from experience.
Very good course, he takes you through every step beforehand, and then performs the steps after. Useful pro tips, I liked the part on how excel data is linked into Word, I used to do it a little differently and it was no where as good. Futher, the Microsoft Query as an alternative to links was quite useful as well....useful pro tips!
GREAT synopsis for documenting internal controls. This course really refreshed some points that I am pursuing in my organization.
This course should be required viewing by anyone involved in risk or assurance functions!
Includes fraud not just by employee but also by customer. Includes not just cash but also effect on inventory. A good case for decreasing cash transactions.
Good insight in personalities and leadership. Excellent explanations of human behavior
This is an interesting and complex topic. I would have liked to see a longer, more indepth session.
Great course that makes me want to read more about the topic.
Interesting and easy to follow. Taught some topics that I had doubts on.
Really liked discussion around the two types of leadership and the characteristics of each. Good guidance from presenter in terms of focusing on one of two qualities to improve over the next 6 months. Overall a very practical session that anyone can benefit from.
Great course. Good instructor. Would definitely recommend.
This was a good overview of the internal audit function, with all relevant parties and within the department.
A useful and technical course topic which was presented in a clear and concise manner.
Some more error rectification technique may be included in this course.
Excellent course for finance professionals.
A very interesting topic, another one they don't teach you in school.
Very informative
I really appreciate the examples, thanks!
Very comprehensive and extremely thorough.
Very informative!
It is a little challenging to listen to this presenter. She seems very repetitive. I also was discouraged that every time she referred to a leadership position, she used the term "he."
pretty good course, a little dry for my taste
Excellent - gave me a good understanding of SOX by providing the history and timeline of the changes.
Good overview of 606.
I liked the course it was very informative.
Clear and concise - great examples provided. A great course for any experienced auditor.
Good introductory course to the topic
Good
good review material
Good finance intro
Excellent course!! Learn many new features of Excel that I haven't seen anywhere else. Well presented training, nicely put together and easy to understand!! Highly recommend this training and all classes provided by this facilitator!
Questions are vague
The course is so easy to understand.
Excellent course
I liked that the instructor included a video of herself with the slides and she did not just read from the cards.
Very detailed and easy to follow.
Did not like questions about Apple. Numbers not in front of me.
It was a very good course
Drag and drop. Task features and categories that interact with emails.
Good point
excellent refresher
Excellent instruction and course. Very articulate, avoids technical language, good foundation.
Excellent Course!!
Great tips! Thank you!
Excellent course for a macro overview of the treasury management process
common sense
Bullet points - not the entire conversation or presentation - Please!!!!
Great course. PDF is great for a review tool before final exam.
Very comprehensive presentation.
Done
I really like Lynn's systematic explanations, as she explores every facet of every skill needed in today's internal auditor.
l like learn about this course and subject We will follow full courses for an intense love thank you very much
It would be better if the items were shown in motion (vs. the slide with numbers). Also the sound quality was a bit poor.
Very basic information. Good information for non-accountants
great overview.
The history of ethics violations was very interesting and demonstrates the importance and relevance in the business world!
The course was excellent. It met my expectations.
You will learn about how operating lines of credit works and what to watch out for. Very informative & reference material.
Well organized presentation of a very important topic
This course provided more in-depth and hands on job information as compared to the COSO series.
Very helfpful for future financing avenues and IPO considerations.
Every company out there should make the effort to do a Fraud Assessment as it is not a matter of IF Fraud will happen at your company - but when (or has it already happened?). Lynn provided a great background on what companies should do to get the ball rolling.
A tough subject made much easier to comprehend through incremental learning and great real-life examples.
very usefull.Thank you !
good overview
Lesson Questions and Answers0 Questions
INTRODUCTION AND OVERVIEW
Risk Assessment Principles and Components
- Principles and Components of Risk Assessment 14:52
- A Closer look at Principle 6 16:04
- A Closer Look at Principle 7 8:28
- A Closer Look at Principle 8 10:05
- Principle 9 and Course Summary 10:21
CONTINUOUS PLAY
SUPPORTING MATERIALS
BONUS MATERIAL
REVIEW & TEST
- REVIEW QUESTIONS quiz
- FINAL EXAM exam
Ask the instructor a question about this lesson