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Training for Business Professionals

Who Should Attend?
Accounting and other business professionals that would like to have an understanding of the most oft utilized internal control framework 


Area of Study:
Accounting


Level:
Intermediate


Credit:
2 hours

Prerequisite:
An understanding of internal control concepts


Advance Preparation:
None

Type:
Group Internet Based


Date Available:
June 1

Course code:

OCCFW

The most prominently used internal control framework used in business today is the one outlined by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). This model, which was updated in 2013, defines internal control processes, sets forth fundamental concepts, explains the importance of three categories of control objectives and defines five key components of Internal Control. This session examines the key elements of the COSO framework and shows how they can work together to help create a strong system of internal control.


 Learning Objectives:

Once participants have completed this session they should be able to:

     - List the five key components of internal control
     - Understand key internal control concepts, including the four types of internal control: preventive, detective, deterrent and
       compensating
     - Explain how controls fit into the management structure of organizations
     - Explain the importance of the control environment  

Course Highlights:
This session is taught via the use of case studies adapted from real world examples. The topics discussed in this session include:

     - COSO Model Components
     - Understanding the importance of Control System Structure
     - An Overview of Control Objectives and Types

  An Overview of the COSO Internal Control Framework